All Forum Posts by: Denny Robert

It's a fast process in AZ. I haven't had to go through it yet, but I have spoke to friends who have.

You serve a 5 day notice any time rent it late. This could be on day 1 if you wanted. I know some of the larger apartment complexes do this. On day 6 you can file eviction with the court house. The court date will be fairly soon, within a week or two. They should be out within about 3 weeks of the 5 day notice.

I'm a licensed real estate agent in AZ with Go 4 Cash Flow.

MLS Listing: http://www.flexmls.com/share/bl8F/1964-E-LAGUNA-DR-Tempe-AZ-85282

I have a listing that is behind on payments, but is a solid home in Tempe. It is a 3 bedroom 2 bathroom with a den that could be converted to a 4th bedroom (just needs a door and closet). I have it listed on the MLS for $265,000, which is enough to break even on the loan and pay all closing costs on a traditional sale. There isn't much wiggle room. Comps for a fully remodeled home are around $320,000. There isn't really enough margin to be able to flip this home at that listing price.

However, the sellers are willing to sell to me "Subject to" the existing loan staying in place. I have a closing company lined up to do it. They owe the bank $240,000 and climbing, and are currently $30,000 behind in payments and owed taxes and insurance. This means taking over the loan would take $30,000, then the loan balance would be $210,000. The loan is 4 years old, and was originally $225,000 at 3.875% for 30 years. This makes the monthly mortgage payment $1058.03.

To get it flipped it would need a kitchen, 2 bathrooms, pretty much everything. To get it rent ready would take up to $10k in flooring, paint, and handyman work. It would rent for around $2000 to $2200.

I would love to not see this go to foreclosure, especially with the "Subject to" opportunity. If anyone would like to partner with me on this we would need to bring around $30,000 to the closing table to take over the payments on the loan. Then it would need up to $10,000 to get it rent ready. Contact me if you would like to partner.

I do not have approval to give the "subject to" deal to another party without me being in partnership. If someone would like to buy it out right it is for sale for $240,000 plus closing costs. I would negotiate a reduced commission just to get it sold and keep it from foreclosure. Contact me if interested.

Denny Robert

Cell: 480-479-1777

Email: [email protected]

Hi @Chelsea Garber, welcome to BP!

I live in Tempe and own rentals here as well. I'm sure with your experience you will be able to create some beautiful flips and remodels. Even if you have to use less expensive stuff for the some of the flips, your skills will make them shine in staging!

If you ever have any questions, don't hesitate to reach out to me personally and post on the BP forums. For flipping specifically I recommend J. Scott's The Book on Flipping Houses and The Book on Estimating Rehab Costs (https://get.biggerpockets.com/flippingbook/)

Christina Gazeley welcome to BP! I would start by recommending you listen to he BP podcasts. This will give you a vast scope of the possibilities in real estate, and a lot of great tricks of the trade. Now since you already have a property manager you like, it's just a matter of finding good cashflowing deals. You bought your first home at a great time in Arizona, so you're probably sitting on a ton of equity. You can use that to fund the BRRRR strategy if you can put together a reliable team. Might be hard from a distance. The next strategy would be just buying turnkey rentals. This would be the easiest strategy, but also the most expensive. BRRRR will let you earn some equity on the rehab if you buy right, and recycle your money. Turnkey won't give that to you, but you're less likely to have headaches from a distance. Good luck on your journey! If you have any questions don't hesitate to reach out.

Hi Deborah, welcome to BP! I haven't heard of that lease option program, but have encountered similar deals locally. Post your success stories!

Hi Dalton, welcome to BP!

And I would also add to this conversation, congratulations! If you persistently continue down this path you will find success.

Before you spend anymore money on courses listen to ALL of the Bigger Pockets podcasts. Then read ALL of the books recommended on the podcasts. By the time you do that you will know more then any course could teach you and the only thing next step after that is getting some real world experience.

The one and only question I have is what does the lease say? Is there a contingency in the lease for increasing the utilities fee? If there is then my guess is you would have to pay but if there is not then they cannot force you to pay more.

Hi @Jason Wilde, I haven't seen a turn key provider yet here in Phoenix, so I hope someone chimes in.

However, networking with good agents should be near turn key. A good agent has contractors, handymen, and property management solutions in their network.