All Forum Posts by: Noah Corwick

Welcome Asher! You're going to do great my friend! 

Hi Christina!

I applaud you for being vulnerable regarding this topic. It's easy to let pride get in the way sometimes. 

1. Really understand your finances will help lead you in the direction you should take. For example, are you able to afford to purchase in the area/city that you are targeting? What type of property makes sense (SFH, Townhouse, etc)? Are you able to comfortably afford any hard money/private money that you might need to take out for the property?

After mapping these out, do you have enough in the budget for a rehab, or do you need to purchase turn key? 

2. A STR might be a great way to get started. Fix and flips can be a monster of a first project, especially if you do not have the trusted people or processes set up before hand. The BRRRR market is a bit odd right now due to the the high rates. STR has the potential to cash flow (even if it's minimally) right away and potentially not having to rehab very much if you buy turnkey. The barrier to entry could also be significantly lower if you house hack it, or live in the home for a year then rent it out.

Hi Ryker!

My advice would be:

-Don't believe the myth that you have to put at least 20% down on a property. You can acquire properties for much less (this is what kept me out of investing for years)

-House hacking is your best friend. It kills 4 birds with 1 stone. It provides you with a place to live, others help you pay the mortgage, it can eventually turn into a full blown rental property, you can pull cash out once you have enough equity in it to purchase another property. 

-Maximize your W2. Receiving financing is a billion times easier if you've had a W2 for at least 2 years. 

-Don't try to time the market. A great deal is a great deal, regardless of where the market is (assuming it's financially feasible for you of course). Don't sit on the sidelines. 

I believe it depends on the area (city/state) and price point for the project. 

Like others have pointed out, here in AZ, it is significantly noticeable if there are no ceiling fans since it's hotter than hades in the summer. So not having them is a big turnoff.

However, you can likely get by depending on the price point of the house if selling it. From a flip standpoint, if the house is anything around $550k and up or is a luxury house, they should probably be installed. With anything less, you might be able to get away with it. But considering the total fan cost will be $500-$800 + install for a 3/2 home, I believe the ROI is worth it when looking at this decreasing your days on market and upping your closing percentage.

Hey Carter! Love the goal and putting it on here so that it's out in the world.

I think Josh's comment is spot one. Getting lending is a billion times easier if you have a W2 job. I believe the strategy of purchasing a home (that you have calculated that you'd be able to comfortably afford despite financial setbacks), then leaving your job might be a route to consider. 

In the meantime while you are still at your job, you can take your RE courses online and work towards getting your license. 

The AZ market is still hot for sure. However I personally don't believe AZ will go back to the way it was price wise. Maricopa area is just not cheap to live in any longer. 

I'm sorry to hear that your father is having a difficult time finding a new home. It will be tough to find a house that fits your criteria, but I can try to keep my eyes out for you and your father. I'll shoot you a PM. 

Hi Mark, 

That's an exciting project! 

Are you looking in the PHX area?

Hello BP!

I am on a mission to find a reliable and easy to communicate with Home Warranty company for my clients. In my experience, most home warranty companies are a pain to work with and their customer service is extremely poor. 

Does anyone have any recommendations? I've heard Old Republic Home Warranty is a good option. 

Thanks in advance!

Hi Jimmy, 

On market SFHs for under around $350k in PHX are slim pickings unfortunately.

Working with a Wholesaler or an agent who works with off market properties, or cold calling yourself will likely be your best bet.  

What are you looking to do with this property? Flip it? BRRRR it? Are you looking at traditional financing for purchasing it?

Got it. Grayhawk is regarded as the all around better area. But it all depends on what you value. As they keep expanding City North, getting a home near it might be a smart appreciation/investment play + you'll get more sq/ft and lower HOA fees.

But if you are looking for a more prestigious area, Grawyhawk wins. 

You honestly can't go wrong in either area though in my opinion. It's more of a personal preference and status choice.