All Forum Posts by: Sheryl Griffin

@Nick J.  Thank you for your help!!  Do you know of a good Lease/Option agreement that fits AZ or does it really matter?  Does it need to be notarized or done with an attorney?  Also, someone else had mentioned a Land Sales Contract should suffice, any thoughts on that?

That's actually what I had in mind thinking along those same lines.  Just not sure what a good Lease/Option agreement is to use in AZ.  The owner found one at Office Max, but it didn't seem like it protected the buyer much as far as insurance, etc. goes - very basic.  Do you know of a good Lease/Option agreement that fits AZ or does it really matter? Also, someone else had mentioned a Land Sales Contract should suffice, any thoughts on that?

I'm looking at a property of which will be my primary residence, to buy and hold in AZ, but cannot find the answers for Arizona real estate law anywhere here on BP or online.  Hoping someone here can help.

I am trying to devise a way to take control of this property, fix it up a bit to force its appreciation, then possibly seek a loan or pay it off after 1 - 2 years.  The owner lives in Australia, is tired of landlording and just wants to sell.  

Owner Carry Terms:

• Seller Owes:  95K
• Purchase Price:  120K
• Updates/Repairs:  15k
• ARV: 210K

He will carry for as long as needed - basically a wrap.  It mostly needs updates (flooring, paint, kitchen cabinets), no major rehab.  Unfortunately, he went the old method to a Title Company to do the wrap (we did not do sub2), and they wouldn't touch it (Title Co. reasons:  Due on sale clause, Dodd-Frank, etc).  I've gone to my attorney, but probably won't hear back for a couple days since he's out of town.  I just don't know what the laws in AZ are or where to look.  Owner decided we could maybe do a Lease Option with up to 5 12-month renewals.

I've done Sub2's in New Mexico and Nevada without issue, but not sure what to do with new laws in 2014.

What would be the best route to go here?  Any advice would be sooooo appreciated!!

Hi Jennifer.  Welcome to BP!!  With little cash, you might try starting out with mobile homes.  If you get to know this market, you'll start finding deals well within your price range, and turn around and sell for a profit.  It does take some effort in getting to know that niche, but once you do, it's easy and profitable.  I've found mobile homes for as little as $5,000.00 and turned around and sold for $12,000.00.  Just an example, but gives you an idea.  Check out some BP forums on Mobile Homes and blogs from @John Fedro.  He has a good podcast (#75, June 19) to listen to here on BP where he'll give you some good insight.  

Happy investing!

Sounds like an amazing deal.  I was looking at one similar (almost identical on 19th Ave/Peoria) in north central phoenix last week.  If this is your first deal - congratulations!  You got a good one!!  

Did you post this because you have some mobile homes/land for sale?  If so, where are they located?  Pictures?  Price?  Possibly interested - a little more info please....

I went to Ron LeGrand's boot camps back in 2002-2003, and actually learned alot! He is definitely the best I've experienced in Wholesale education, and I gained considerable knowledge from the Pretty House and Lease/Options bootcamp, too. I went home and took off running, purchasing 17 properties within the next 36 months - everything from wholesale deals, pretty houses, lease/options and notes. He provided CD's and forms with his training back then, and while driving around looking for "houses" I was educating myself in the car. I did what he taught and did not try to reinvent the wheel. Of course I invested in the program(s), but made that back in my first couple of deals. I've been to many "guru" trainings and his was the one that got me the most motivated, educated and "bang" for my "buck. There actually was training - not upsell - at his Boot Camps then, so I can't speak for today, but I highly recommend getting hold of his materials, even if on eBay.