Sunday, August 1, 2021
Saturday, July 31, 2021
Why do old houses in Scottsdale fetch huge prices?
Why do old houses in Scottsdale fetch huge prices?
I always wondered why people pay huge prices for old junk. Old houses generally have low ceilings, inferior technology, choppy floor plans, etc. Today, I am sitting an open house at 5831 E Charter Oak Rd. Scottsdale AZ 85254. It’s a 1974 and it looks it. 2,580 sqft. 4/3/2. That means 4 bedrooms, 3 bath, 2 car garage. This is a pool house that needs a re-plaster.
I believe there are a few factors relating to this ridiculous pricing. 1. The California exodus. In CA, they often live in small and old houses. When they come here, they can buy bigger, pocket some money and to them it’s a huge upgrade. 2. Hot Zip Code, every building in 85254 is getting a rehab, pushed over to build a mansion or otherwise upgraded. And 3. Access to the best restaurants, shopping, downtown, airport, mountains, etc. This is just a great location.
It all comes down to location, location, location. This particular home is under contract at $950,000. I use a simple rule of thumb. For every 500k financed, your payment is roughly $3,500 PITI. Principle, Interest, Taxes and Insurance. If this home were 100% financed, it would cost roughly $7,000/month. Ouch. That means the Buyer would need to earn $14,000/month (assumes 50% taxation) just to pay the house note. Ouch, Ouch, Ouch.
The Californians don’t finance 100%, they sell their property in Cali and come here to pay cash. The interesting thing is that the Californians don’t seem to have any trouble selling their property for top dollar.
If you need to buy or sell a home, see us at www.5kflatfeelisting.com. We look forward to hearing from you.
Buyers get: Sellers get:
FREE Home Inspection 5k Flat Fee Listing
FREE Termite Inspection FREE Home Inspection
FREE Home Warranty FREE Termite Inspection
Best,
Geoff Nowlin, Phoenix Realtor Brett Young, Cleveland Realtor
480-466-3737 (216) 703-5740
www.5kflatfeelisting.com by56083@gmail.com
nowlin.geoff@gmail.com
Friday, July 30, 2021
Are there any basement homes in Scottsdale?
Expensive Basement House in Scottsdale
5436 E Sheena Drive, Scottsdale AZ 85254 is the hottest zip code in all of Phoenix. Homes in this zip code are going for an astronomical amount. This one is 4,300 sqft. 5/3.5/3 with a basement in a gated community. Basement homes are super desirable in Phoenix. 95% of this Valley is electric. This home is in the 5% as it has gas.
I am holding this one open and the neighbors tell me the owner’s dog died in the pool, so they removed the pool. Unfortunately, they also removed a fast sale and some equity. This home has been on the market for a month. Very unusual for this zip code.
Right now, appraisers are giving $11,000 for a pool. But Buyer’s give more and jump on pool homes during the summer. How much equity they gave away is uncertain? At 1.3Mil ask price and 30 days on the market, might be a high price.
There is a competitor selling at 1.2Mil with a pool, no basement and next to the busy road. If I were offering on this house, I would offer 1.2Mil and use the pool as the excuse for the lower price. The minimum pool will cost $50,000 anyway.
The high sale right now is 1.150Mil or $323/sqft. If that holds for my house, the sale price should be near 1.4Mil. This house at 1.1Mil is a bargain and should sell.
If you need to buy or sell a home, see us at www.5kflatfeelisting.com. We look forward to hearing from you.
Buyers get: Sellers get:
FREE Home Inspection 5k Flat Fee Listing
FREE Termite Inspection FREE Home Inspection
FREE Home Warranty FREE Termite Inspection
Best,
Geoff Nowlin, Phoenix Realtor Brett Young, Cleveland Realtor
480-466-3737 (216) 703-5740
www.5kflatfeelisting.com by56083@gmail.com
nowlin.geoff@gmail.com
Thursday, July 29, 2021
4 Ways to wholesale real estate
4 Ways to wholesale real estate.
This video goes into great depth to discuss 4 ways to wholesale. They are
Simple Wholesale
Wholesaling an REO or a Short Sale
The Double Close
Transactional Funding
You will need to setup your contract correctly in order to execute each of these. This 2.5-hour video will show you everything you need to know. Bring popcorn and a notebook. Then call me with questions, would love to hear your thoughts.
If you need to buy or sell a home, see us at www.5kflatfeelisting.com. We look forward to hearing from you.
Buyers get: Sellers get:
FREE Home Inspection 5k Flat Fee Listing
FREE Termite Inspection FREE Home Inspection
FREE Home Warranty FREE Termite Inspection
Best,
Geoff Nowlin, Phoenix Realtor Brett Young, Cleveland Realtor
480-466-3737 (216) 703-5740
www.5kflatfeelisting.com by56083@gmail.com
nowlin.geoff@gmail.com
Tuesday, July 27, 2021
Key Performance in Real Estate Investing
Key Performance Indicators in real estate investing.
A Key Performance Indicators are trackable events that can forecast success in any business. For example, when I ran my Information Technology Company back in the day, here were my KPI’s:
. 30 dials of the phone in 2 hours
. 28 voice mails
. 2 conversations
. of the 2 conversations, I got 2 appointments or 2 job orders or one of each
. for every 5 appointments, I could deposit a check withing 2 months
For the real estate investment business, each KPI depends on your “Finding Property” strategy. Here is how I would create my KPIs as a RE Investor:
. Finding Property Strategy
. # Dials/emails/Texts/Ringless Voice Mails
. # Conversations
. # Offers
. # Acceptances
. # Deals that deposit a check into your bank account
. Average check amount is _____________________?
Hope this will help you forecast your success for your business.
If you need to buy or sell a home, see us at www.5kflatfeelisting.com. We look forward to hearing from you.
Buyers get: Sellers get:
FREE Home Inspection 5k Flat Fee Listing
FREE Termite Inspection FREE Home Inspection
FREE Home Warranty FREE Termite Inspection
Best,
Geoff Nowlin, Phoenix Realtor Brett Young, Cleveland Realtor
480-466-3737 (216) 703-5740
www.5kflatfeelisting.com by56083@gmail.com
nowlin.geoff@gmail.com
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