All Forum Posts by: Mike Dmuchoski

Hi @Micki M. .  I am a local focusing on flips.  I admit I wasn't super impressed when it popped up in the marketplace but if you want to PM me the details (address and some pics), I'd be happy to have a closer look.

Thanks, Mike

@Justin S. Great news!  Can you explain why the 90 day deed restriction?  I thought that was applicable to Fannie / Freddie REOs, not necessarily short sales.  

@Adam West 

We have a thorough website here in Maricopa county so the tax info is pretty good for anyone to view.  However when you have a RE license, you also have access to more in-depth info.

For indirect marketing, I developed a website and puts ads on Craigslist, Backpage, and Ebay.  Those are all pretty cheap or free.  For direct marketing, I've done a few yellow letters.  

All have generated callbacks but no deals yet, however I have to say I may have bitten off a little more than I can chew.  It's very time consuming to generate the marketing and follow up on the calls.  I've surely left some deals on the table.  I suggest setting aside a monthly marketing budget, stick to it EVERY month, and be prepared for people to call.

Good luck with Rezamp.  If it's not in your area yet, I'm sure it will be shortly!

And thanks for the kind words on the rehab.

Thanks @Nicole Grant For comping, I mostly use a combination of the MLS, tax data, and Rezamp software (not a plug, just answering a question). For leads, I use MLS, Rezamp, wholesalers, and some direct & indirect marketing.

Best of luck to your fiancée when she goes for her license. I firmly believe it will be time well spent.

@Justin S. Well done and good luck on the appraisal.

Thanks, guys! 

@Adam West I do have my real estate license so access is easy.

Impressive, @Brian Larson !  I like that you're already scaling up. Best of luck and keep u us posted.

After months of searching and about 70 offers, I finally had my first flip underway in September. I got it under contract as soon as it hit the MLS, and was lucky enough to close even though there were several other, supposedly higher priced offers, behind me. Here are the highlights and a few photos...

Acquisition: MLS, via Rezamp notification

LP / SP: 175k / 165k 

Location: Phoenix, Arizona

Rehab, initial / final: 25k / 25k (stayed on budget!)

Rehab was mostly cosmetic and was performed by a combination of subcontractors, a handyman, and myself

Timeline, initial / final: 4 weeks / 5 weeks

LP is 254.9k and hoping to profit 20-30k 

Before

After

I'll keep you posted on the progress

Another great remodel and good luck on the sale, @Justin S. !  Couple questions for you:
+ How long were you under contract until the bank closed?

+ How long did the rehab take?

+ What kind of wood floors are they?  They look great.  

Thanks, Mike

@Carlos Urresti I agree with the others that an investor-friendly agent with some time on their hands may be more beneficial than a top agent.

There are AZREIA meetings every month that include a market update, guest speaker, vendor trade show, and time for networking.  Additionally there are also subgroups within AZREIA, e.g. the new investor group, that also meet once a month.  

Or, you can gather up a bunch of local BP folks to have an informal meetup.

Or, you can grab coffee with another local investor and bounce strategies / ideas / wants / needs off of each other.  I'd be happy to help :)