All Forum Posts by: Dustin P.
Dustin P. has started 17 posts and replied 523 times.
Post: Should I use a 1031 to get into MF?
- Realtor
- Tempe, AZ
- Posts 541
- Votes 442
If you have a few deals in mind I think you should go for it. I've been looking at similar options on a few I have where my ROE is looking low as well
Post: Supply chain and state of the market (flipping)
- Realtor
- Tempe, AZ
- Posts 541
- Votes 442
Your concerns about labor costs and the market are definitely valid, but I think flipping works in any market. You'll just have to be more critical about the deals you buy
One thing I would say though is I wouldn't quit your job just yet. Flipping is pretty erratic and if you have a good source of study income I would keep it until you really have a good handle on real estate
Post: Seller increasing asking price by 8%, calls it CPI
- Realtor
- Tempe, AZ
- Posts 541
- Votes 442
If you think it's too high, counter him at the price you're willing to pay where the deal makes sense for you
Post: How’s people finding reasonably priced help to work on rehabs
- Realtor
- Tempe, AZ
- Posts 541
- Votes 442
We have a decent crew with one main guy and a bunch of subs under him but it's definitely tough finding good guys that aren't overpriced. We probably try out at least one new trade each rehab
Post: Was the Sellers Agent Ethical or not?
- Realtor
- Tempe, AZ
- Posts 541
- Votes 442
Quote from @Catherine R.:
Quote from @Dustin P.:
It sucks but like others have mentioned, the property didn't close because of you. You couldn't get your lender to come to the table and close on time as per the contract. I would have done the same thing as the seller and wanted you to use a legit lender the 2nd time around. They didn't have to give you another chance
The seller probably didn't think so. They wanted a lender who was going to shoot them straight on whether or not this loan was going to close or not. I don't think you're seeing that they were under no obligation at all to extend with you. They could have cured you the minute it didn't close per the contract and then went with a new buyer. Maybe you thought Amerisave was great but obviously the seller didn't see it the same way. They lost something too, they lost valuable days on market during a hot time.
You could have had the house if you closed on time per the original contract, but you didn't.
Post: Was the Sellers Agent Ethical or not?
- Realtor
- Tempe, AZ
- Posts 541
- Votes 442
It sucks but like others have mentioned, the property didn't close because of you. You couldn't get your lender to come to the table and close on time as per the contract. I would have done the same thing as the seller and wanted you to use a legit lender the 2nd time around. They didn't have to give you another chance
Post: Cost of Replacement of HVAC in Phoenix Area
- Realtor
- Tempe, AZ
- Posts 541
- Votes 442
Quote from @Brett Tvenge:
Replaced a 3 Ton Goodman in December for 5k. Replaced a 3 Ton Trane last month for 6700.
These are good prices!
$9800 is unreasonable yes
Post: Getting ARV Without Renovated Comparables
- Realtor
- Tempe, AZ
- Posts 541
- Votes 442
Quote from @Marc Izquierdo:
Ideally, you don't want to over improve. If nothing that has sold has been updated, then I'm assuming they've at least been clean with maybe some fresh paint and new carpet? Sounds like, if you can get it for a good price, there wouldn't be much to do to get it to sell for top market prices. You could add some small upgrades to help it stand out from the competition when you sell but you definitely don't want to spend more money than you have to. I think you can flip anything in any market as long as you can get it for the right price.
The other houses that have sold, did they have stuff like a newer roof, newer HVAC, newer hot water heater, etc? You could have an outdated looking house with all new/newer systems and mechanicals. Those might be the areas requiring improvement rather than the stuff we all traditionally think of like kitchens and baths.
I agree with this. If you just need paint/carpet run that as your rehab and see if the deal makes sense. You could potentially have a "wholetail" deal on your hands (Retail quality house at a wholesale price)
Post: Installation Questions - Still learning the costs
- Realtor
- Tempe, AZ
- Posts 541
- Votes 442
All the quotes are pretty reasonable, even a little low I think on electrical. Doors may actually be a little high but nothing crazy
Post: In your opinion Is EMD a scam?
- Realtor
- Tempe, AZ
- Posts 541
- Votes 442
Quote from @Jeremy Marquez:
@Ranjit Sandhu What is the standard emd I should put in my offer for a $470,000 purchase in CA?
WHat is the standard expected time to have it into my title company?
I agree with Ranjit, 1% is pretty standard, I typically put $5k to $10k on all my contracts
You should have it to the title company within 1-2 business days. There is no set time unless specified by the contract, here it just states within a "reasonable period of time", but a day is usually plenty