All Forum Posts by: Mike Imbriglio

@Marc Martinez yes totally agree with all of that. My plan is to continue talking with the seller and build that trust while also bringing up our concerns with the property. Thanks, for all of your insight. 

@Wes Blackwell thanks for your follow up. Here's what I found from the home inspection report the previous investor had done:

1) Plumbing outside seems to be ok

2) Inspection says Arch Fault Circuit Interrupters need to be added around the house. Was not required by code when the house was built but is now required for safety of inhabitants.

3) There's various cracks in the stucco and the inspector recommended sealing them up.

4) It looks like facia around the house is pretty deteriorated from weather and should probably be replaced

5) Some electrical and breaker box outside around patio area are not done well and may need to be re-done. Light on exterior of the house needs to be fixed, that's minor.

6) Recommends anti-siphon valves be added to the hoses, hose valve damaged

7) Locking mechanism on exterior door is missing and needs to be fixed

8) One window has frame missing the bottom section of the frame. Some window and door screens need to be replaced

9) Substantial damage to the tile on the back patio

10) Detected mold-like substance in laundry room and bathrooms. Should be evaluated by specialist.

11) Water staining present on the ceiling in family room in main house where the roof seam meets between the main house, and un-permitted area

12) A few closet doors have been damaged and need to be replaced.

13) Another window needs to be serviced because it won't shut

14) Need to add fire alarms to bring up to code

15) Looks like the kitchen needs to be re-done

16) Bathroom repair- fix some slight leaks, a couple toilets, re-do caulking in tubs, re-do flooring and base moulding

17) Recommends replacing water heater, and HVAC. Think they are the original units from when the house was first built

18) Mice Feces present

19) Roof inspection- recommends to cap sheet the roof. According to roof inspection, the shingle roof over this home is not a serviceable roof. There are exposed fibers and granule loss throughout the shingle roof. Roof is in poor condition. 

Long story short, it seems like the house is in need of a lot work and could be a nice flip project for a Tucson investor. Any thoughts?

@Marc Martinez Thanks for the insight Marc. I spoke to the seller this afternoon and here is what I found out:

1) The un-permitted area that was built was actually done by one of the project managers of the original homebuilders, and is done very well and would have passed the permitting process but he never pulled a permit, according to the home owner. Obviously I'd want to have someone check this out.

2) I've seen some pictures on Zillow and it looks in good shape inside but they were taking about 3 years ago. He did have an investor before and they were supposed to close May 31, but the investor backed out. The client sent me the home inspection report that the previous investor got. I am working on going through the today. 

3) The house has the ability to add an extra room or bathroom for someone who may want to flip it.

4) Everything is set up with the title company and he even gave me the contact at the title company. 

5) He is getting older and is motivated to sell. Doesn't want to deal with managing the property or any of the fix up.

He said he wants to get $170,000-$180,000, and the comps in the area are $220,000- $240,000. Could be a good rental opportunity for an investor, and maybe minimum fix up. We are going to try and get one of our connections to go take a look at it as soon as we analyze it. 

Any further thoughts or advice would be appreciated. Thanks. 

@Wes Blackwell thanks for your insight. All good things to consider. I'm working on hard on analyzing deals. I'm a little new so it's a process but the only way you learn is through experience and failing forward. 

Hi BP Tucson,

I hope all is well, and that you are staying safe out there. I'm somewhat of a newbie in the REI game and the strategies I've focused on are wholesaling to find deals and network, and buy and hold. Anyway, I'm an out-of-state investor and I super interested in the Arizona market as I'm only one state over.

Last night I had in seller from Tucson reach out to me via one of my ads. He seems motivated, and owns the house free and clear. He has renters in there but they move out at the end of April and he's looking to sell fast. This would be a wholesale deal for me, and I wanted to get your input on if you think. I crossed referenced his info on PropStream as well and he is in fact the owner of the property. Here are the property stats:

1) 2082 sq ft, zillow says 3 bedrooms, 2 bathrooms (he didn't give me the amount of bedrooms and prop stream didn't have it either). He stated there is a 500 sq ft addition but it wasn't permitted. Is that going to be a problem?

2) Estimated value is $220,000-$230,000. He said he's willing to take considerably less for a fast cash offer. 

3) From what I gathered, rent in the area is about $1,400-$1,600.

4) Still need to run my comps

5) He said it only needs a little work, and the pictures on Zillow look like the house is in pretty good shape.

My business partner and I have boots on the ground in Tucson which is good. We obviously need to analyze the deal a little more and see what we can do for an offer. Do you guys have any feedback on a deal like this? Do you think it's worth pursuing? Any good title companies you can recommend in the Tucson area? Any and all advice is greatly appreciated. Thanks all!

@Alex Olson thanks for the follow up. Would definitely like to connect. I'll send you a DM, thanks. 

Hey all, great thread here. Would definitely like to connect with some local investors out in KC to learn more about the market. Looking forward to chatting with you guys.

Hey I'm interested in talking to someone that has a good contractor in Detroit. I have boots on the ground there but if someone has a legit contractor I'm always interested. I work in construction so I can talk shop with these guys. Feel free to DM me, let's connect. 

Hey guys this is a great thread and all the insight is great. My business partners and I live in San Diego, but one is from Detroit. We are seriously considering BRRRRing in Detroit and it would be great to connect with some investors, property managers, general contractors, lenders, and title companies in the area. We are always willing to return the favor as well. I'm looking forward to discussing the city with everyone. Thanks!

Hi @Twana Rasoul it's great to connect with you. I definitely agree with what your saying. My main focus is BRRRR, but I want to know how to find deals, analyze deals, and know the ins and outs of rehab costs. That's why I have an interest in wholesaling and construction- finding deals and analyzing deals. It would be great to connect. If there's any way I can help you out too I'm always happy to lend my services for free for a chance to learn. Thanks again!