All Forum Posts by: Matt Morgan

Hey Eric,

Congrats on wanting to get after it early in life, that's awesome.

As far as banks go, they will lend on either the purchase price or the appraised value, whichever is lower. So that means you're not going to be able to use built in equity as a down-payment. 

As an 18 year old, it's going to be difficult to have the credit necessary for banks to want to lend to you. I think an even bigger hurdle than that is going to be having provable income. Banks like to see 2+ years of tax returns from a consistent employer. 

I'm not saying that what you're trying to do is impossible, but be aware of some of the hurdles you'll face. Talk to a lender and have them evaluate your standing as a buyer and give you direction on where to improve. You could also try go the creative financing route and either have seller's finance you or even find people in your sphere of influence who may want to help you invest.

Good luck!

Welcome @Steve Lynch!

I'm formerly in the food and beverage industry as well and right up the road in Old Town Scottsdale. Feel free to reach out if you need any help or guidance!

2010 may as well have been 1910 as far as real estate is concerned. The landscape not only in Phoenix, but nationwide, has changed dramatically. 

Just in the last year, active sub-100k properties on the MLS declined 60%. Inventory was already nearly non-existent before that. You more than likely don't want to touch these homes unless you are very experienced or have a high risk tolerance.

I would recommend using hard money to leverage the cash that you do have and get you to a higher price point. Rates and terms are becoming very favorable as competition among lenders increases. Shoot me a PM and I'd be happy to point you in the right direction.

Good luck!

I wholesaled a flip recently that had an all-in number of about 110k, but it was in a very sketchy neighborhood and would definitely require a certain risk appetite and a lot of micro-management. 

Phoenix is extremely competitive and you're going to need to get creative if you want to find a decent deal in a B neighborhood. Expect to be over $200k all-in depending on area and size of home.

Sounds like your deals just continue to get better. Congrats!

@Arthur Banks Yes you did.

@Linda Labbe Yes it is.

Hey Al, thanks for reaching out. 

You are correct. The tenant's pay for all utilities, lawn care, and snow removal on the single families. I pay water on the duplex which is about $1000/year. 

Feel free to contact me through private message if I can answer any other questions for you.

Emails and colleague requests sent.

Updated pictures and major price reduction! Looking for ONLY $23,000.