Why Aren’t Sellers Selling?Several factors are driving the inventory drought which is dramatically changing housing markets, especially for properties under $200,000 in Western markets. HousingWire reported yesterday, for example, that Phoenix short sale prices rose 23 percent in June from last year, while foreclosures were up 36 percent and non-distress sales up 11 percent.Nationwide the drought helped push the average home sales-to-listing price ratio to 95.6 percent in June, according to … [Read more...]
Space Aliens, Ghosts and Shadow Inventory
June 29, 2012 By Leave a Comment
Space Aliens, Ghosts and Shadow InventoryWhat is it with this country and our morbid curiosity for the unknown, the mysterious and the enigmatic? We’re fascinated with space aliens, ghosts, zombies, vampires, a lone gunman on the grassy knoll, and Adele. Okay, maybe it’s just me that’s fascinated with Adele. It’s just that I’ve never heard a woman sing like that before.I guess this also explains why the mainstream media, bloggers and real estate pundits love talking about shadow … [Read more...]
The Unsustainable Wholesaling Business Model
June 21, 2012 By Leave a Comment
The Unsustainable Wholesaling Business ModelIt all started with a simple question. BiggerPockets.com founder Joshua Dorkin sent me an email with a link to the BiggerPockets property directory. It contained several wholesale listings in Phoenix. Joshua asked, “can you check them for me?”After searching the Arizona Regional Multiple Listing Service and tax records I didn’t find anything out of the ordinary. The person that posted these listings didn’t own any of the properties, but … [Read more...]
Fixing and Flipping: Determining Target Price Point
May 31, 2012 By Leave a Comment
Fixing and Flipping: Determining Target Price PointThe G.I. Joe Jet. Man, did I want that toy. I remember my friend Robby and I drooling over it at the department store the summer of 1984. Together we owned every other figurine and vehicle in the collection – from the Ninja to the Jeep. Unfortunately, we never acquired the Jet. At $20 the target price point was too high. By the time we had enough cash to buy it we had moved on to a more expensive hobby – BMX racing bikes.The cash in your … [Read more...]
Fixing and Flipping in Harold’s Hood
May 24, 2012 By Leave a Comment
Fixing and Flipping in Harold’s HoodHarold grew up on the southside of Phoenix. Give him an address in zip code 85041 and he can tell you the size of the house and the year it was built. Name a street corner or intersection and he’ll recite a historical event that took place there, back to 1950.Needless to say, Harold knows his neighborhood.After the market crashed in 2008, he started buying houses in zip codes, 85040, 85041 and 85042 for $20,000 – $30,000. These were major rehab projects, … [Read more...]
Phoenix Real Estate Investment Club
May 22, 2012 By Leave a Comment
Arizona Cash Flow ClubArea: Phoenix, AZWebsite: http://www.ArizonaCashFlowClub.comContact: Barbara AtkinsonPhone: (602) 323-4359Fax: N/AEmail: [email protected] Time: variesMeeting Location: Phoenix MetroAdditional Details: For-Profit Organization, Not a Member of National REIA Arizona Real Estate Investors AssociationArea: Phoenix, AZWebsite: www.azreia.orgContact: Alan Langston, Executive DirectorPhone: 480-990-7092Fax: … [Read more...]
A View from the Courthouse Steps On Auction Day
February 24, 2012 By Leave a Comment
A View from the Courthouse Steps On Auction DayA friend of mine is a professional auction bidder. Each morning he shuttles back and forth, from law office conference rooms to the steps of the Maricopa County courthouse. He is a professional trustee’s sale bidder for AZBidder.com.He attends trustee’s sales (commonly referred to as foreclosure auctions) all over the Phoenix metro area. They take place at 9a, 10a, noon, 12:30p and 2p. These auctions don’t just take place at the … [Read more...]
The Secret to Real Estate Investing Success
January 5, 2012 By Leave a Comment
I am about to reveal to you the secret to real estate investing, so pay close attention.I have two offices. One is located in a modest single-level building in downtown Gilbert, Arizona. The other has four wheels and smells like breathe mints (my daughter loves those things). Whether I’m at my desk or behind the wheel of my car you can bet I’m listening to local sports radio.This week, in between talk of the future of the Arizona Cardinals and the lousy Phoenix Suns basketball team, I … [Read more...]
Denial Blocks Real Estate Recovery
October 27, 2011 By Leave a Comment
Denial Blocks Real Estate RecoveryForeclosure, Bankruptcy vs Home Affordable Refinancing Program ( HARP).Kevin is not giving up without a fight. I know this because those words are written on a piece of paper taped to his front door. NOT GIVING UP WITHOUT A FIGHT! His house is scheduled to go to a foreclosure auction today.Kevin bought his home on July 8th, 2003 for $270,800. The real estate market here in Phoenix was stable at the time. The housing explosion was about 18 months away. … [Read more...]
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‘Property Wars’ Distorted View of Reality
‘Property Wars’ Distorted View of Reality I don’t watch much television. However, on the rare occasion I do sit down in front of the tube it’s unlikely my remote control will stop on a reality TV program. My beef with all of these shows is that they aren’t very realistic. Maybe it’s because, most of the time, reality isn’t all that exciting.The reality TV show formula is easy to dissect. Mix together a colorful protagonist and antagonist, a lot of yelling and screaming and, most … [Read more...]