All Forum Posts by: Tracy Royce

Hi Blake tread lightly in these situations. It can work and I've done it, but the property is titled into a trust with outlining trust docs and partnership agreement. Be very explicit on your terms and agreements.

There was an article posted recently on the BP blog about partnership agreements, written by an incredibly smart author (ok ok it's my post) In any case hope this helps:

http://www.biggerpockets.com/renewsblog/2013/01/10/real-estate-partnership-agreements/

Welcome to BiggerPockets Paul. Good to see another Phoenician joining. Cheers -

Craig is spot on, it's insane here, like I mentioned in my post. "Lazy" is generous, but I'll reserve my comments to myself.

Thanks for the further insight Mark H.. "They probably left a lot of money on the table if they sold in the past few years." - agreed. "allowing their agent to post rentals on mls with no pics, or only one pic taken at 50 mph.." - ;) good one. Pet peeve of mine.

And @Joel Owens is right, properties in that price range have gone up 60% over the last year.

Hi Ben, here's some info I just posted on my facebook page from the Cromford report, a local and trusted source on the arizona real estate market and economy.

"*Arizona Phoenix Metro Single Family Rentals* - Inventory Update

There are 5,797 active single family rentals on ARMLS (Arizona multiple listing service) representing 73 days of inventory.

Last year on this date there were 4,997 representing 66 days of inventory.

Average lease prices through ARMLS were 67.1c per sq. ft. over the last month, up slightly from 65.3c per sq. ft. one year ago.

Two years ago we had 58 days of inventory (3,757 homes) leasing at 65.5c per sq. ft. We may be seeing the first tentative signs that the supply of rental single family homes exceeds the demand.

However, average days on market is 43 at the moment, down from 44 at this point last year, so any imbalance is not serious just yet.

Given the large scale conversion of owner-occupied single family homes to rentals, it would seem to be inevitable that the supply will exceed the demand at some point.

If the days of inventory of single family rentals goes above 90, then that situation will have arrived. At that point we would expect the average days on market to head north too."

As well, trying to find properties under 100K is a sport here at the moment. Happy Hunting

HAHA @Joshua Dorkin thanks for sharing that in an open forum (BLUSHING!)

Yes I've already met a few investors/newbies here and am glad to be growing my network that much quicker now.

Glad to see other BP's members use this great feature and hit the ground running. Happy Birthday to the GROUND! ;) (couldn't resist).

I've found it helpful to meet local investors and see what others in my area have to say. Helps make connections much faster!

Yep, we're celebrating here in Phoenix short sale land :) Although, Arizona has some pretty specific exclusions for how non-recourse debt is forgiven, most homeowners do not understand it's implications and were relying on this Act to expunge taxes owed (on forgiven debt). Either way, hopefully it will lead indecisive sellers to once again be motivated to short sale.

Silver why not just save your time and effort and network with people that are tied to the business already? (cleaning companies, etc). Just let them know your referral program, spending some time dropping off flyers about it, follow up every month. Just a thought...