All Forum Posts by: Robert L.

I've had my CA license for 10 yrs and never bothered to hang it with a brokerage. At that time my wife and I considered KW, but at that time there were some ridiculous startup fees they wanted, so we walked away. I'm not looking to be a full time agent. I'd like to obtain MLS access and be my own buying agent. I would also like to learn and do market research. Right now I am working a full time job that I do enjoy and make a good living at. If there are any brokers in the area willing to accommodate, I would appreciate it. Thanks

Michael M. Hey Michael, Not sure if you're open to a commute to Ventura. I do know of an opening in our Graphics/Document Management department at the County of Ventura. Keep watch at governmentjobs.com The General Services Agency at the County of Ventura is a great place to work. The department I mention is part of our agency. We have people who commute from all around to work in our agency. One guy commutes from Palm Springs! The drive may not be desirable, but I love who I work with and for. It's a great place to be employed, while I build the RE business on the side. Let me know if you do have an interest in the position I mention and I can get you for info. I'm not sure if the manager has the position opened, but I can have him let me know when he does. All the best to you and yours.

For anyone interested in the Ventura, CA property. Let me know if you need boots on the ground here. I can help, if you need it.

The property is in our high-end area, which appears to be priced well. Those houses are selling for $1M+ these days, especially if it has a nice view.

@Bob E. Hi Bob, thanks for the reply.

Maybe 13 cap for the slum lords.?. Of which I do not wish to be.

This is one of those learning experiences that I'm glad I walked away from before it was too late.

And ironically, the owner did not show up for the REI Club this month. But, he's been advertising this property there the last few months. Maybe hoping to get someone new, like myself, to go into it and not know any better. Idk

@Matt Morgan Hi Matt, Thanks for the insight. I believe you are spot on.

Due to the situation on this one, I chose to back off from this one.

I should have done so when I found out that it was falsely advertised.

Streets: N 59th Dr & Mc Lellan Rd

Address: 6601 N 59th Dr #7, Glendale, AZ 85301

Beware: I have also heard someone else found there is as much as $100,000 worth of rehab needed.

@Jonathan Orr and @Keith Carson Hey guys, Thank you for your responses.

Year: 1953

There's another property down the street that claimed to have 14.5% cap rate. But, I believe that one is already more up-to-date.

Yeah, Jonathan, I think you may be right about the failure to pay. One out of three anyways, has not paid for two months.

We were able to bring the price down to $167,500, but after a lower offer post walkthrough (our wholesalers did the walkthrough), which got rejected. There was this follow-up offer of $167,500 that got countered at $170,000 if we could close with cash on Friday. We asked for more time and were presented with $167,500 if we could close with cash on Friday.

Maybe I'm making a bad decision by going through with this in such a short timeframe, but I spoke with a HML in Phoenix, Arizona. He hasn't had a change to look at the contract, yet. We are actually awaiting the addendum from the realtor, which will state me as the buyer, instead of the wholesalers.

We worked out with the wholesalers to pay them after closing, since at one point we all felt that it may be easier that way.

INTERESTING part is that the realtors did a Reply All and I've found out that the seller is the attorney who attends our REI Club. Which we'll be attending on Thursday.

This whole time, I've been thinking about what he said at the last REI Club meeting. That when a wholesaler brings you a deal, take it, or you'll get bumped down their buyers list. Though, it wasn't exactly like that, they had this posted in a forum and I got attracted to the numbers. I've been to the Phoenix, Arizona area and after working on this, I could see us investing there for buy & hold.

Hello fellow BP members, I'm looking for other eyes on this deal;

4-Plex that is two separate buildings. single story has 2 x 1bd/1ba and two story building has 2 x 2 bd/1ba. Both 1bd, rent is $500/mo. and both 2bd is $700/mo. So, total of $2,400 gross rent.

ARV = $194,167 based on the comps from the listing agent.

Listing was at $180,000

Asking price, from wholesaler: $177,500 (which the wholesaler is asking for less from the seller after walking/inspecting the property).

Taxes: $1,053/yr.

Insurance: $734/yr.

Advertised 13% cap rate

Leases are 1yr. and currently all occupied, though, one tenant says they are leaving in 2 months and another tenant's lease is up in 6 months. One of the 1bd tenants says he has no plans of ever leaving.

I do have a money partner to help with the down payment of 25%, I otherwise can come up with $36k on my own, which I would likely put into closing costs and the minor rehab needed.

It is out of state for me, as you may notice that I'm in Ventura, CA and this is in Glendale, AZ. I do not mind the occasional drive to visit the property, which is an 8hr drive. Otherwise, I would factor in the cost of a property management company.

Thanks for any input!

I'll mention Duane Gomer. Both my wife and I have taken his courses, for getting and renewing our licenses. I wish I kept the info of a 2 or 3 day cram session course we had taken a week before taking the exam. It was excellent and helped both of us pass the first time.

Welcome Kamil, all the best to you. I wonder if Jo-Ann meant 'Good' return and 'tree' ended up being a spelling correction of some sort.

You build it and they will come! And you and those at BP have built it well. Congrats!