Comments on: MLS Search Capability/Phoenix Update http://www.robchipman.net/mls-search-capabilityphoenix-update Thu, 11 Mar 2010 20:52:21 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Socal investor http://www.robchipman.net/mls-search-capabilityphoenix-update/comment-page-1#comment-124563 Socal investor Mon, 23 Nov 2009 23:33:03 +0000 http://robchipman.net/blog/?p=820#comment-124563 I have always bought off MLS.  My 4 recent purchases in SA I had to be real quick on one and the listing agent just pushed my offer and was accepted before they put the lkbx on the front door so I could see the inside.  Another fell out of escrow with a buyer who was getting financing so they called me up as I was paying cash.  Another was a short sale that I had to sway the listing agent to sell to me instead of other buyers and take both commissions (I am licensed and write my own offers most of the time).  The other one is just being in the right place at the right time and again a greedy agent wasn't looking out for the seller.  It has been the wild west down here with listing agents controlling the strings and not looking out for the banks that hired them.  My muli-family buildings were acquired just being fast, fast, fast.  Buying cheap, and adding value.  My best deal was a 12 unit 2 blocks from the beach in Long Beach for 370,500K in 12/01, (ages ago).   When buying I really analyzed the price per door (not cap rate or gross multiplier as those can be make believe) as in a non-rent controlled area you can change the rents/expenses/etc.  Also I'm correcting what my friend bought in the earlier posting-it was Lake Elsinore where there are smokin deals, not Temecula ( I just hate that area out there as a whole so I bunched the areas together). I have always bought off MLS.  My 4 recent purchases in SA I had to be real quick on one and the listing agent just pushed my offer and was accepted before they put the lkbx on the front door so I could see the inside.  Another fell out of escrow with a buyer who was getting financing so they called me up as I was paying cash.  Another was a short sale that I had to sway the listing agent to sell to me instead of other buyers and take both commissions (I am licensed and write my own offers most of the time).  The other one is just being in the right place at the right time and again a greedy agent wasn’t looking out for the seller. 
It has been the wild west down here with listing agents controlling the strings and not looking out for the banks that hired them.  My muli-family buildings were acquired just being fast, fast, fast.  Buying cheap, and adding value.  My best deal was a 12 unit 2 blocks from the beach in Long Beach for 370,500K in 12/01, (ages ago).   When buying I really analyzed the price per door (not cap rate or gross multiplier as those can be make believe) as in a non-rent controlled area you can change the rents/expenses/etc. 
Also I’m correcting what my friend bought in the earlier posting-it was Lake Elsinore where there are smokin deals, not Temecula ( I just hate that area out there as a whole so I bunched the areas together).

]]> By: steve http://www.robchipman.net/mls-search-capabilityphoenix-update/comment-page-1#comment-124509 steve Mon, 23 Nov 2009 17:00:35 +0000 http://robchipman.net/blog/?p=820#comment-124509 36 37 Socal thanks for the info. But traditionally if cap rate is below 10% is not worth looking at the property. Cap rates in California generally are below 6% for appartment buildings and less in the aeras you suggest. I dont know how you could find such great investments there, pls share your experience, what cap rates did you buy? 36 37 Socal thanks for the info. But traditionally if cap rate is below 10% is not worth looking at the property. Cap rates in California generally are below 6% for appartment buildings and less in the aeras you suggest. I dont know how you could find such great investments there, pls share your experience, what cap rates did you buy?

]]> By: Socal investor http://www.robchipman.net/mls-search-capabilityphoenix-update/comment-page-1#comment-124428 Socal investor Mon, 23 Nov 2009 06:14:13 +0000 http://robchipman.net/blog/?p=820#comment-124428 Also I have lots of investor friends that sold their choice coastal socal properties to buy huge (better returns on-paper) multi family properties  in places like Memphis, Kansas City, OK City, blah blah blah.  They now tell me as soon as they unload these they are coming back to Socal.  Real estate will always be location, location, location.  I bought buildings in Long Beach, CA in 01 for 30K a door when LA and the OC were 3 times that.  It doesn't take a rocket scientist to figure out which location is under valued.  I also bought buildings when everyone else was buying sfr's.  I bought sfr's now because the stupid banks are letting you steal them. Also I have lots of investor friends that sold their choice coastal socal properties to buy huge (better returns on-paper) multi family properties  in places like Memphis, Kansas City, OK City, blah blah blah.  They now tell me as soon as they unload these they are coming back to Socal.  Real estate will always be location, location, location.  I bought buildings in Long Beach, CA in 01 for 30K a door when LA and the OC were 3 times that.  It doesn’t take a rocket scientist to figure out which location is under valued.  I also bought buildings when everyone else was buying sfr’s.  I bought sfr’s now because the stupid banks are letting you steal them.

]]> By: Socal investor http://www.robchipman.net/mls-search-capabilityphoenix-update/comment-page-1#comment-124425 Socal investor Mon, 23 Nov 2009 05:59:41 +0000 http://robchipman.net/blog/?p=820#comment-124425 You're right  I don't get the Phoenix returns but I chose to invest close to my home and still didn't do to bad.  If I want the Phoenix returns close to home I would have gone to Temecula, CA.  A friend of mine who just bought 2 there paid 65 and 55 and everything else is about the same as Phoenix.  She actually turned down an unsolicited offer on her Santa Ana investment property she bought in Jan 09 for 240 for 350K (FHA loan so it probably would have had appraisal issues).  She was contemplating selling  Santa Ana and buying a bunch more in Temecula but I convinced her to keep it as Santa Ana is central and not out in the boonies like Temecula.  I know Santa Ana will go up quicker than Temecula.  I will buy anwhere I can get a steal.  Santa Ana was the best OC location, followed by Anaheim.  But the opportunities are being forced out to the outlying counties where I refuse to buy.  You’re right  I don’t get the Phoenix returns but I chose to invest close to my home and still didn’t do to bad.  If I want the Phoenix returns close to home I would have gone to Temecula, CA.  A friend of mine who just bought 2 there paid 65 and 55 and everything else is about the same as Phoenix.  She actually turned down an unsolicited offer on her Santa Ana investment property she bought in Jan 09 for 240 for 350K (FHA loan so it probably would have had appraisal issues).  She was contemplating selling  Santa Ana and buying a bunch more in Temecula but I convinced her to keep it as Santa Ana is central and not out in the boonies like Temecula.  I know Santa Ana will go up quicker than Temecula.  I will buy anwhere I can get a steal.  Santa Ana was the best OC location, followed by Anaheim.  But the opportunities are being forced out to the outlying counties where I refuse to buy. 

]]> By: steve http://www.robchipman.net/mls-search-capabilityphoenix-update/comment-page-1#comment-124421 steve Mon, 23 Nov 2009 05:46:26 +0000 http://robchipman.net/blog/?p=820#comment-124421 What will be the most desirable locations in OC in your opinion ? What will be the most desirable locations in OC in your opinion ?

]]> By: steve http://www.robchipman.net/mls-search-capabilityphoenix-update/comment-page-1#comment-124419 steve Mon, 23 Nov 2009 05:35:12 +0000 http://robchipman.net/blog/?p=820#comment-124419 33 Socal Investor I dont think the return is the same from properties in OC and Phoenix.  Prices in Santa Ana are not cheap at all by any measure, I dont know were you get your information. I also lookes at appartment buildings, you get very low cap rates in St Anna or LA aera for that matter (barely better than in vancouver) whereas in Phoenix you have appartment buildings with 15 to 30% cap rates. 33 Socal Investor
I dont think the return is the same from properties in OC and Phoenix.  Prices in Santa Ana are not cheap at all by any measure, I dont know were you get your information. I also lookes at appartment buildings, you get very low cap rates in St Anna or LA aera for that matter (barely better than in vancouver) whereas in Phoenix you have appartment buildings with 15 to 30% cap rates.

]]> By: Socal investor http://www.robchipman.net/mls-search-capabilityphoenix-update/comment-page-1#comment-124409 Socal investor Mon, 23 Nov 2009 04:53:43 +0000 http://robchipman.net/blog/?p=820#comment-124409 You can duplicate the Phoenix story in hundreds of locations in the US.  Since I'm an investor living in the OC you just go 5 miles east  to sunny Santa Ana, CA.  Just go to an area where all the fraud took place and your able to buy a home for 30 cents on the 2006 purchase price.  You have no problem renting them out and they pay the rent (just don't believe they are renting the place just for their family), heck you don't even get maintenance phone calls because the renters are handy themselves.  I'm thankful I bought  early enough in the game as everything I'm writing on now goes for 60K over list with 30-40 offers.  I quietly did my four purchases from Sept 08- Feb 09.  I focused on sfr's from 190K-240K, 3bed/2bath 1000-1100sq ft on 6-7K lots that will rent all day long for $1800. You can duplicate the Phoenix story in hundreds of locations in the US.  Since I’m an investor living in the OC you just go 5 miles east  to sunny Santa Ana, CA.  Just go to an area where all the fraud took place and your able to buy a home for 30 cents on the 2006 purchase price.  You have no problem renting them out and they pay the rent (just don’t believe they are renting the place just for their family), heck you don’t even get maintenance phone calls because the renters are handy themselves. 

I’m thankful I bought  early enough in the game as everything I’m writing on now goes for 60K over list with 30-40 offers.  I quietly did my four purchases from Sept 08- Feb 09.  I focused on sfr’s from 190K-240K, 3bed/2bath 1000-1100sq ft on 6-7K lots that will rent all day long for $1800.

]]> By: McLovin http://www.robchipman.net/mls-search-capabilityphoenix-update/comment-page-1#comment-124397 McLovin Mon, 23 Nov 2009 03:43:53 +0000 http://robchipman.net/blog/?p=820#comment-124397 Mainstream media is actually starting to get the message. Can the end be near? http://www.theglobeandmail.com/blogs/streetwise/why-home-prices-are-frothy/article1372885/   McLovin Mainstream media is actually starting to get the message. Can the end be near?
http://www.theglobeandmail.com/blogs/streetwise/why-home-prices-are-frothy/article1372885/
 
McLovin

]]> By: vomitingdog http://www.robchipman.net/mls-search-capabilityphoenix-update/comment-page-1#comment-124389 vomitingdog Mon, 23 Nov 2009 03:08:05 +0000 http://robchipman.net/blog/?p=820#comment-124389 HP,   Isn't that version of the Cave amazing? If only someone could have shown that to me when I was learning it the first time. Would have taken the struggle out of being a hormonal teenager and a struggling student. So, who on our political scene do you think is the Philosopher King?   Who  has seen the light? Who is still in chains?  The developers? The foreigners? The real estate agents? Us? Bob Rennie?   HP,
 
Isn’t that version of the Cave amazing? If only someone could have shown that to me when I was learning it the first time. Would have taken the struggle out of being a hormonal teenager and a struggling student. So, who on our political scene do you think is the Philosopher King?
 
Who  has seen the light? Who is still in chains?  The developers? The foreigners? The real estate agents? Us? Bob Rennie?
 

]]> By: beans http://www.robchipman.net/mls-search-capabilityphoenix-update/comment-page-1#comment-124382 beans Mon, 23 Nov 2009 02:33:38 +0000 http://robchipman.net/blog/?p=820#comment-124382 this blog seems to be getting quite tired. this blog seems to be getting quite tired.

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