All Forum Posts by: Bob Okenwa

With the mailing address from the county assessor, you can direct mail the owner or use a skip trace service to try and find a phone number and make a call.

@Keith Doe

There are SFR's out there in B & C neighborhoods/suburbs that may need a little rehab. James Wise has a neighborhood map to help you learn the areas, but be aware that many of the suburbs there have POS (point of sale) inspections that require the seller or buyer (in just about every case the buyer) to pick up the tab on the city-required repairs. You can learn more about that here: https://www.systemtosell.com/p...

BRRRR will require extra due-diligence as rates may keep going up and values may decline so you have to be extra careful on that ARV and anticipated interest rate 6 months from now to ensure you can still hit your target cash flow numbers.

@Michael Nahm

You need to tighten up your processes. Time is money. After two attempts, that person should be informed that you have moved on to other worthy candidates and they are no longer in consideration to be leased to. Even if they did come around and begin communication with you again, the fact that you were ghosted at a point when they should have been on their best behavior is a huge red flag to me.

I understand that life happens, but two no-shows/no-calls now means you'd probably be seeing the same thing when it comes to rent being paid. Lack of communication during this process should be your stop sign for any applicant. 

@Rick Stevens

What is your credit score requirements and what price point are you at?

People are hurting right now with the costs of goods and services and I'm seeing a major uptick in Phoenix evictions. Eviction filings have hit a 13-year high in Phoenix so it' could be that a glut of moratorium-era evictions have finally come through, people are getting priced out, or a combo of both and other factors I haven't named.

Job loss isn't rampant across all sectors, but those in the real estate and tech industries have seen a decent amount of layoffs, but nothing to the point where you'd see an eviction spike. 

Is there anything going on with your local economy or politics that can be a contributor to what you're seeing?

@Keith Doe

Am I being too strict? Yes you are being too strict. If you want a duplex with light to no rehab, it'll cost closer to 120k

Is my price point too low? See point #1.

Turnkey costs money so you'll be paying at or slightly above market rates to get everything on your wish list in an area you'd be comfortable investing in.

@Yeshua Williams

I think you're putting the car before the horse. You'd want to know what the property will rent for before you buy the house. Talk with an experienced realtor that understands the local investment market to get a sense of rents in the area, and also talk to a few property managers to gauge their estimates so you have a range of what to expect.

BP has a rent estimator and rentometer.com is pretty decent for attaining rough numbers, and many others have used sites such as Zillow, Realtor.com, Trulia, etc. to gauge the market as this is where renters are looking so anything sitting on the market for a long time would be overpriced and anything being rented out in less than 2 weeks would make a for a good comp.

One of my all-time favorites...

2016 - Is real estate going to crash? Should I buy now?
2017 - Is real estate going to crash? Should I buy now?
2018 - Is real estate going to crash? Should I buy now?
2019 - Is real estate going to crash? Should I buy now?
2020 - Is real estate going to crash? Should I buy now?
2021 - Is real estate going to crash? Should I buy now?
2022 - Is real estate going to crash? Should I buy now?

This shows that strong marketing and unsuspecting consumers are a match made in heaven for unscrupulous business practices. By marketing "fast and easy" as the staple of their business, consumers bought in and didn't do enough due diligence to see what was really happening. 

Even with all of the information at or fingertips that should help limit this kind of activity, people are still being taken for rides and it costs them money. Wholesalers (not all of them, but a decent amount nonetheless) also pitch "fast and easy" transactions and they too have been known leave their sellers worse off than if they had just listed on the market, especially the last two years until late spring this year.

@Luis Ramirez

1956 isn't too ancient, but you do run the risk of dealing with asbestos and lead. There may or may not be galvanized plumbing but an inspection should catch most things that would cause headaches. 

I don't know anything about where you're purchasing at, but newer=more expensive and not always better depending on who built the home. The same can be said for a renovated property. I've seen my fair share of pigs with lipstick...

@Joe Cunningham

You should have only reminded them once and moved on. After they blew you off after sending the reminder, your next text should have been "Thank you for submitting your rental application for 123 XYZ St. Due to the inability to conduct a background and credit check, we have decided to move forward with other applicants."

Wash your hands of this applicant and find someone better.