All Forum Posts by: Dalton Kiley

Gotcha, hopefully you'll be able to solve this quickly and get another good tenant back in your rental.

Hopefully, they're gone by now?  Also, where is this townhouse located?

Hi @Account Closed, sorry to hear you got laid off but at the same time, congratulations on saving up money (smart move!) and making your first step in REI! Now, not all hard money lenders require experienced investors - you'd have to find one that would finance, however you'll get hit with a higher rate than normal.

To answer your semi related note question, I strongly recommend getting financed before making an offers.  If you make an offer prior financing, you'd have to put in a contingency on financing and that makes your offer far less favorable to sellers.  Hope this makes sense.

There are great rental opportunities in Scottsdale as well as other areas here.  Let me know if you need any assistance, would love to help you get started in AZ.

It depends on your goals with REI - do you want all your rental units in one area (four-plex), or want to spread out within PHX/Scottsdale (individual)? There are other questions you'd have to ask yourself in terms of your REI goals. As these guys have pointed out, one of the biggest areas you'd need to know before buying any condominiums are the HOA's and it rules for renting, maintenance, etc. It sounds like this is your first time investing real estate?

Absolutely, that is a good point.  I see - out of curiosity, was she trying to sell her home before she saw your mail & contacted you?  The wood floor looks killer in that home by the way.

Congratulations on your first flip!  First is always the hardest, but now that's under your belt - it'll give you more confidence to do bigger jobs and do more flips.

Question - how were you able to purchase at that price of $62K?  Did you negotiate directly with the homeowners?

Good morning @Edmundo R.,

If you would like to try the broker route first, I'm happy to connect you with a professional that specializes in selling lots & land in your area.  Is that something you'd be interested?

Let me know, let's connect.  Thanks!

Hi Colby,

Yes, it is still a seller's market here because the inventory is still incredibly low as well as the mortgage rate (although it has risen slightly).  I would be happy to help you find a potential rental place to add to your investment portfolio.  Let's connect and talk?

@Shiloh Lundahl

I just quickly read through this thread and wow, unreal.  At least you know what to look for in a real estate partnerships when it comes to investing properties (fix & flips and/or long-term rentals on multi-family residences, etc.).  Sometimes we all go thru these kinds of experiences to become better and more knowledgeable real estate investors - unfortunately, some very expensive ones.

The way I work as a real estate professional working with investors, I always tell them upfront about everything (comps, market values & condition, estimated rehab budget, estimated ARV, etc.) when it comes to any investment properties (both buy and sell) like if I were to do it myself. In my opinion, communication is one of, in not, the major key(s) in any real estate transactions.

Even though you may be taking a bit of a loss, it could have ended much worse if you had to hire an attorney and take it to court.  So, I'd say you did a good job minimizing your potential loss.  

Best of luck to you moving forward.

Hi @Joe Manfredi,

First, congratulations on getting married next year!  If you are comparing your home to your neighbors, apple to apple in terms of same sq ft, layout, style, etc. - then I would imagine you'd get more than $280K with nice upgrades... BUT I don't know your market and how much upgrades can really help you.  As far as getting qualified for a home in Arizona, I can have one of my best lenders give you a call if you're interested.  He'll be able to help you and answer all the questions you have.

Let's connect and chat a bit more about your situation!