All Forum Posts by: Noah Corwick

Hi Armando!

Sorry that I'm late to the party. 

A huge part that I feel is missing in your project description is what is your end goal? Are you ultimately trying to build your dream home for you and your wife to live in and then stop all real estate activity? Or would you like to keep your real estate ventures rocking and rolling for years to come?

Another consideration for any custom home is build cost. Obviously I'm not sure on how large or high end of a house you intend to possibly build, but a lot of new construction custom homes could range from $250k-$350k (and possibly more). So this project will deplete all of your savings plus some, which I never recommend. I'd recommend using hard/private money so your savings stays in tact if you go this route. 

Overall I'd recommend reflecting on what you are trying to achieve and what you want to prioritize. This will be the foundational piece that will lay out a good plan of attack. 

Let me know if you'd like to brainstorm sometime!

Hi Josh,

Awesome approach and is definitely one that I am starting to use in my investment strategy as well. Once it makes sense to refi, I will be renting my current house hack out and will be buying another property, etc. 

Thanks for sharing your story! 

Hey Steven. Welcome to Phoenix! Hope the summer weather hasn't been too brutal for you. 

I'd agree with most on here in saying that jumping into a renal property in a place like PHX is risky unless you've done the proper homework and due diligence. Also with the high fluctuation in AZ, cash flow is much harder to come by than appreciation in my opinion. 

Because of this, I believe a great place to start is purchasing a house to call home base that you can eventually reposition into your first renal property. That way you get a stable place for you and you wife to live, you continue to learn the AZ market, start to form your team/go-to resources, build momentum and really plan your attack. Obviously I'd never recommend rushing into buying a home just for the sake of buying a home. But if there is an area you believe in/see potential in/love the numbers in/etc., maybe you target somewhere there. 

I'd love to chat about areas/cities that you and your wife have been eying. 

Overall best of luck with your endeavors! 

Great to hear Kelby, congratulations! I'm sure you are super excited. I'd love to connect. I'll send you a PM. 

 Hi Michael!

I think Josh is right on the money with everything he said. Keeping your emergency funds for an emergency (life can unpredictable sometimes) is probably the wisest thing. And in the PHX market, it'll be pretty hard to find an investment property (20%-25% down) that would make those numbers work anyways.

 If you don't mind having roommates, renting out rooms might be a really savvy idea. That way you are saving money every month for your next venture, others are helping pay down your mortgage, and will come even more ready after the year has completed!

Hey Kelby, 

Great to meet you! 

Sorry to hear that the inspection didn't come out like you had hoped it would. At least you learned this now instead of down the road though!

I'd love to help brainstorm on different areas to possibly look in to. 

Let's connect! 

Hi Eric. I would definitely be game for this! 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $375,000
Cash invested: $300,000
Sale price: $900,000

Complete luxury tear down fix and flip within the beginning and middle of Covid.