All Forum Posts by: Tyler Clark

@Dallon Schultz - thank you - that’s very helpful and may be worth a call to the city.

Hello Friends -

I recently came across a 5-Unit property in Central PHX. The existing livable sq. ft. is 2,800 with the lot size being 19,500 sq ft. It is zoned for R-3 and there seems to be able space to add up to 4 more units.

Based on researching I’m seeing R-3 zoning should have no more than 5 units/acre, but I also see some resources stating it’s 12/acre.

Any experienced Multi-Family investors out there that have any feedback on how many units I may be able to get on the lot and if I can’t add any, what’s the process and cost of re-zoning in your experience?

Thank you!

In single family homes you can expect about .5% of rent off your market value in Scottsdale. In lower-income areas you mabe be able to get closer to 1%, but I would not expect to get $1000 rent/month for every $100,000 - it will take having a really good deal on the flip with your contractor. 

I would recommend looking at various wholesalers in the area, many have incredible deals and very tight ties to the local market.

The one issue is many wholesalers are not licensed and simply assign their contracts to a buyer, after charging insane assignment fees.

There are a few companies out here that only work with properties they have purchased under contract and double close when a buyer is successfully found. The one caveat with that is that these properties can sell in a matter of minutes and require you to be VERY ready to acquire.

Tyler Clark

Congrats on your first flip - I'm assuming you caught the Flip Bug. What are you planning for your next flip?

Hey Jack,

Welcome! I would recommend looking at various wholesalers in the area, many have incredible deals and very tight ties to the local market. 

The one issue is many wholesalers are not licensed and simply assign their contracts to a buyer, after charging insane assignment fees.

There are a few companies out here that only work with properties they have purchased under contract and double close when a buyer is successfully found. The one caveat with that is that these properties can sell in a matter of minutes and require you to be VERY ready to acquire. 

Tyler Clark

Double posted in error - sorry. 

Our office uses Tiago Title for all of our deals we close. They are very friendly and used to some of the nuances of wholesaling, etc. 

Hope this helps!

Note: I am not affiliated or a partner of Tiago Title or its affiliates. 

Tyler Clark

Congrats on your first flip - I'm assuming you caught the Flip Bug. What are you planning for your next flip?

Tyler Clark
Investment Real Estate Agent #SA690607000
New Western Acquisitions - Phoenix
3033 North 44th Street, Suite #140
Phoenix, Arizona 85018

As many other posters have mentioned, finding a wholesaler with properties under contract and DO NOT do assignments is key to finding the RIGHT wholesaler.

There are a lot of us out there, and many get away with not even having a Real Estate license, or shameless solicit other broker's properties. 

I promise there are amazing wholesalers across Phoenix. ;)
 

Tyler Clark
Investment Real Estate Agent #SA690607000
New Western Acquisitions - Phoenix
3033 North 44th Street, Suite #140
Phoenix, Arizona 85018