All Forum Posts by: Patrick Allen

Ding ding! You mentioned my hometown of Tucson! ;-)

Seriously though, Tucson is the little sister of Phoenix: we're an attractive rental market for all the same reasons as PHX, but lower price point (May Median: $232k) and less competition, though struggling with our own form of historically low inventory. Would be happy to chat about our market if you're interested!

Either way, keep researching and networking. Moving money out of your home state is super nerve-wracking, but it's definitely smart to increase your exposure to other markets as you grow. Help normalize the market shifts...

I second @Andrew Kiel's recommendation to check out AZREIA.org. Arizona is blessed to not only have one of the most prominent REIAs on the national circuit, but also the addition of a new associate director who is doing a lot to actively expand the reach in Phoenix and Tucson.

Shameless plug: if you consider yourself a new investor and would like to network with others who consider themselves the same, you should check out the New Investor's Subgroup of AZREIA. We meet the first Tuesday of each month, and will be getting together in a couple weeks. Event details can be found here, in the BP Events forum.

You're stepping into a super hot market, and one that's kind of fascinating to talk about. Happy networking!

For those of you tired souls who have resigned yourselves to wait out the hot Tucson summer, come on out to the next meetup of the New Investor's Subgroup of AZREIA! Register here via AZRIEA's Event Calendar

Just before we all skip town (or maybe just skip work...) for the 4th of July week we will serve host to an AZREIA favorite: Barbi Stewart of Fidelity National Title! Barbi & Eugene Moore (Marketing Rep for Fidelity) will be on hand to walk us through the AAR purchase contract as our first topic. No matter your niche (wholesale, flip or hold) the white-hot market we have in Tucson means it's never been more important to make sure your Purchase & Sale Agreement has the correct verbiage to ensure a smooth transaction. What do you need to make sure you have in your contract, before offering on a property? Barbi will be on hand to tell us!

Topic 2 will be on a topic I will be speaking on for the very first time: Bulletproofing the Mind: mental tips to deal with the struggles of REI. A little esoteric compared to our normal fare, but something I think it's important to discuss. How do you guard yourself against the constant rejection associated with making a lot of offers? How do you keep going after hours and months of effort with no immediately visible results? Looking for some tips & strategies to keep your motivation up, and continuing to work your plan fully to the success you want? Stick around & we'll talk about it!

Meeting in our normal location at River/Campbell, and starts at 6:00pm. Plan on wrapping up 7:30-8:00pm or so. See you there!

Tucson AZREIA New Investor Subgroup's vision is to get new investors into action: saving capital, learning the market and doing deals. To support you along the way meetings will include presentations on topics relating to the new investor, highly collaborative breakout sessions where you solve problems as a team, games and activities to instruct or facilitate conversation about RE and money, and a platform to crowd-source input from your peers about deals you're doing or problems you encounter on your journey into REI.

Please do note these meetings are not instructional: we are not presenting a step-by-step model on how to invest in real estate and we will not actively direct you on the path we (whoever "we" are) deem the best path for you. This is a chance to learn, talk with and get to know other investors around town.

This deal happens to be a 6-plex: two identical triplexes sold together for $235-250k. Not sure if they'd be willing to sell them separately, but they chose to list it as such to appear in the residential multifamily section of the MLS. Try running the numbers again with a gross rent of $3285 and you'll likely find more room.

That said, the agent mentioned they have an accepted offer on it; late last night or early this morning. Accepting backups, but it seems it's already off market.

So far as insurance, that can be very expensive for companies who don't insure a lot of rental property. Will PM you a couple options for REI-specific products (the mods prefer we not do so in the forums, lest they start getting cluttered with a bunch of "fan club" vendor recs) that will likely fit your needs better

Join the Tucson Chapter of ChooseFI for a one-night-only screening of the much-anticipated Playing with FIRE documentary, produced by Travis Shakespeare.

Buy your tickets through Tugg.com here, and click here to see the official PwF Trailer.

Playing with FIRE is the first documentary created to detail the lives of those who have achieved financial independence through strategic investing & frugal living, and follows the travels of Scott & Taylor Rieckens on their journey to explore and document the lives of those who have embraced the FIRE movement.

Join Scott & Taylor as they travel the country, conducting dozens of interviews of friends both known and unknown, attend & document mega events like FinCON, and otherwise explore the implications of what it is to achieve financial independence.
These are people who have been in the trenches and made it out the other side as 100% non-reliant on a "steady paycheck" to fund their lives. Was it worth it? Join us in August and find out, straight from the mouths of many former BP podcast guests (like Paula Pant, Liz Thames & Ryan Holiday)!

Event includes ~5 minutes of introduction before the screening and ~20 minutes of Q&A after the film. You do not need to be a member of of the ChooseFI Facebook group to view the screening, but if you're interested in joining click here.

The rest of the details:
This screening has been requested through Tugg.com: a platform for bringing lesser-known documentaries and films to theaters all over the USA. Seating capacity at the Loft is a mere 86 seats. Once we sell out, we're done; no second screenings anywhere in town!

Further, this movie is not commercially available. Eventually the aim is for the film to be featured on a premier streaming service like Netflix or Amazon Prime. The Tugg screening will do a lot of heavy lifting towards the film being picked up by such a platform, but until such time this is your only chance to watch it.

Share the info and help us make it a reality!

Hello again, fellow investors! The first Tuesday of the month is nearing us once more, which means it's just about time for another meetup of the New Investors subgroup of AZREIA! Whether this is your 5th time joining us in our continuum of learning to invest in real estate or your first visit, come ready to hear from two local market experts about how to effectively structure your first (or next) deal. And this month, neither of those experts are yours truly! ;-)

Last month we covered Buy & Hold investing: how to analyze deals, and what to look for in a Tucson-based property manager. Our June meetup will have a very similar feel:

Topic #1 will be: "How to Analyze Deals on Fix & Flip Properties, and will be led by Mark Steinbeck of Merchant's Funding in Scottsdale. Mark specializes in funding all kinds of real estate deals throughout Arizona, and will be on hand to talk through general and specific items to consider when offering on fix & flip opportunities in your local market. Come with all your questions about how to estimate repair costs and calculate MAOs (Maximum Allowable Offers) for your real-life deals, and you may just get a nugget of wisdom that ends of saving you thousands!

Our breakout session will be a surprise topic... no hints! (read: I'm not sure if my visual aids will arrive in time; you'll just have to come by to find out!). Rest assured: it will be a group activity, involve networking & sharing ideas with your peers, and for which there will be no wrong answers.

Topic #2 will be: "Property Walk-through Red Flags: A Fireside Chat with a Home Inspector," and will be led by Chad Casper of Pillar to Post Home Inspectors. Chad will be sharing his immense expertise on the very thing he does every day: walking through properties and identifying inefficient, outdated & outright unsafe components of homes in Tucson, AZ. What do novice flippers not understand about the structural health of rehabbed properties that end up costing them money? What fix-up projects make first-time home-buyers turn around and RUN from your rehabbed listings? What problems & opportunities do the specific climate & demographic profile of Tucson AZ offer Fix & Flip Investors? These are my questions... you need come come with your own!

Pre-Register here: registration link through AZREIA

As we always do, we will be getting together on the first Tuesday of the month to talk real estate and learn from one another. The meeting officially runs from 6:00-7:30pm, but folks are encouraged to come earlier or stay later for networking and to share recent success stories.

Tucson AZREIA New Investor Subgroup's vision is to get new investors into action: saving capital, learning the market and doing deals. To support you along the way meetings will include presentations on topics relating to the new investor, highly collaborative breakout sessions where you solve problems as a team, games and activities to instruct or facilitate conversation about RE and money, and a platform to crowd-source input from your peers about deals you're doing or problems you encounter on your journey into REI.

Please do note these meetings are not instructional: we are not presenting a step-by-step model on how to invest in real estate and we will not actively direct you on the path we (whoever "we" are) deem the best path for you. This is a chance to learn, talk with and get to know other investors around town.

Congrats on the deal and thanks for sharing. Cool to see my teammate Juan De La Ossa helped you find and structure it!

One highlight I wanted to point out to those who invest locally here in Tucson: he wasn't afraid to pay "essentially asking price" for it. According to the most recent MLS Market Stats home-buyers in Tucson paid, on average, 97.95% of list price for homes that closed in April. 97.5-98.0% has been holding pretty steady for quite a while, actually: which is to say in this market, statistically, if the deal is priced effectively such that it sells somebody is going to pay 98% of whatever it's being listed for.

A lot of investors want to come in and immediately negotiate a "minimum 20% discount" as part of their buying criteria. If that means primarily making offers at 20% off of list price in the Tucson market, it likely means a lot of time spent writing offers that have no chance of being accepted.

@Kao Saeteurn found a deal that made sense to him, that he could secure financing for, and met his minimum ROI goals. So he bought it. Nice job!

The AZREIA meetings are open to the public, but are a member benefit to being an annual member of AZREIA. 

Non-members can come to any AZREIA meeting by paying a guest fee of $20: that applies to all new investor subgroup meetups (the first Tuesday) as well as any other meeting held by AZREIA, including the "main" meeting (the second Tuesday).

You do NOT need to be a member to come to a meeting.

Let me know if you need one or several referrals for lenders based in Tucson @Kenneth Moerschel. 

Looking forward to adding you to the group soon, @Gregory Pleshaw! Feel free to reach out directly or in the forums if you run across questions or simply to network. As Richard mentioned, our local REIA is quite well established and provides not only a lot of high-quality content but hundreds of local investors to network with. An easy and effective way of plugging into the local market once you get to town.

Sent you a DM as well.