Our Tempe, AZ real estate investment rehab / flip home was finished today, 8/31/2008:  717 W. Manhatton Dr. Tempe, AZ 85282 This house has been staged and is ready to be listed on the market. We're currently reviewing market comps to determine the list price (most likely 250k) for this home. Please find links to pictures of the finished project below: Click Here To View The Pictures!Our thanks to Joyce Hazen with Chariot Home Staging! Joyce Corsi Hazen, HSR Certified Professional Home Stager & Redesigner Chariot Home Staging, LLC.....Your Home Staging Coach Expert Tel: (602) Chariot (242-7468) www.ChariotHomeStaging.comUpdate September 9, 2008: We listed the home for sale at $250,000. Despite the higher price point associated with this house, we have had modest interest in the home. Home for sale in Tempe, AZ! Labels: AZ, flip, For Sale in Tempe, home for sale in Tempe, investing, real estate, rehab, Tempe Home For Sale
Today we purchased another residential real estate investment house in the Phoenix, AZ metro area. This home is in the sought after "Ahwatukee" neighborhood. "Ahwatukee (formally "Ahwatukee Foothills Village") is an L-shaped neighborhood of Phoenix, Arizona bordered on the north by South Mountain Park and Baseline Road, on the east by Interstate 10 and the cities of Chandler, Guadalupe, and Tempe, and on the south and west by the Gila River Indian Community. It is the southernmost of the city's 15 urban villages. As of 2000, the 35.8 square-mile (92.7 km²) village has a population of 85,000." - Ahwatukee Information Source: Wikipedia 14863 S. 46Th St. Phoenix, AZ 85044 As with the Tempe, AZ house, this home was purchased at the public Trustee's auction as well. The budget for this house is roughly 15k and we will be looking to resell the home for near 250k. Labels: Arizona, flip, investment, Phoenix, real estate, rehab
Our Tempe, AZ real estate investment rehab / flip project is nearing completion. Construction clean-up will be taking place this evening, Thursday (8/28/2008). Upon completion, we will be listing the home for sale! On this rehab, we expanded the budget and the renovations to make this a higher-end remodel. As a result, we are having the home professionally staged to create a strong visual presence for potential buyers! Coming Soon - Tempe, AZ home for sale! Labels: AZ, flip, home for sale in Tempe, investment property, real estate, rehab, Tempe Home For Sale
We just purchased (8/14/2008) another real estate investment home in Tempe, AZ from the public Trustee auction: 717 W. Manhatton Dr. Tempe, AZ 85282 Before listing this Tempe, AZ home for sale, the house will require a light rehab (landscaping, interior painting, new bathroom counter tops, and updated fixtures) and is currently in the process of being rehabbed. The project, if it remains on schedule, should be completed before September 1st, 2008. The budget for this home is roughly 15k, plus Realtor commissions, auction fees, utilities, and holding costs. Upon completion, we will be listing the remodeled home for resale within the next two weeks! We will be looking to resell this property for roughly 250k. Updates will follow! Labels: Arizona, flip, investment, real estate, rehab, Tempe
Per our second Engineering Inspection today (8/22/2008), the two small cracks in the basement wall ended up being a structural issue requiring a minimum of 10k worth of work, if not more, to properly repair the problem. As a result, we terminated our agreement with the bank in regards to purchasing the home. With the high inventory levels, there are still too many opportunities available for it to make sense for us to take on this complicated project even if the bank was willing to compensate us for the necessary work to shore the foundation. On to the next one! Labels: flip, investing, investment property, Missouri, real estate, rehab, St. Louis
We have been working to purchase a residential real estate investment rehab home in the general St. Louis metro area. We have an accepted offer on a home and are completing our due diligence during our five day inspection period. There is one item that may be a potential deal killer ... two small vertical cracks in the basement wall. We're having an engineering inspection today, 8/20/2008, to assess the problem to determine whether this is a major or minor foundation issue. Depending upon their recommendations we may have to terminate our contract or attempt to renegotiate terms with the bank. Labels: flip, investing, investment property, Missouri, real estate, rehab, St. Louis
As expected, the Fed held steady keeping the central bank's short term interest rates at 2%. The Fed warned that the inflation outlook remains "highly uncertain" but also indicated that problems in the credit and housing markets, as well as high energy prices, are likely to hurt economic growth over the new few quarters. The Fed also dropped language that it used in its last statement about downside risks to the economy. In June, the Fed said those risks "appear to have diminished somewhat." Some economists saw the absence of that phrase in Tuesday's statement as a sign that the central bank is growing more concerned about a deeper-than-expected recession.
-Money.cnn.com
With the housing market turmoil, high oil prices (even though there has been significant downward pressure on pricing per barrel over the past week), and inflation worries, I believe the Fed will not take any drastic measures for the foreseeable future. Labels: economy, fed, fed funds rate, housing market
Share with us the different real estate markets that you are working in and why. Let us know the different real estate investing strategies that you are having success using. We are currently focusing efforts on light rehab projects in the greater Phoenix, AZ market. Due to large inventory levels, values are becoming increasingly attractive and, aggressively priced, these homes are attracting buyers. Update August 24, 2008: We purchased another real estate investment home from the public Trustee auction. This rehab project should be completed and ready to be listed by September 1, 2008! In the near term, we believe real estate investment opportunities will continue to exist in the greater Phoenix, AZ area since there are many bank owned homes and foreclosures still to work through. As a result, this continued pressure will force sellers to be aggressive with their pricing especially if their home needs work. We also believe that the sharp price declines that have been occurring over the past year will begin to slowly equalize. Take your time finding the right investment opportunity. They're definitely out there! Update September 21, 2008: We continue to believe, despite the current financial crisis, that the sharp price declines will continue to slow. We also feel that you should continue to take your time looking and evaluating real estate investment opportunities as the markets try to workout the turmoil. There are great opportunities but there is no need to rush as strong opportunities should continue to be widely available over the next year! Labels: fed, fed funds rate, investment, real estate, rehab project
I believe the Fed will indeed hold tight, neither raising nor lowing rates, since they are caught between inflation and further economic pressures to control a steadily weakening US economy. Update August 24, 2008: It now looks like real estate is going to remain challenging in many markets through the remainder of 2008 and through at least the beginning of 2009. Fannie and Freddie are at all time lows in regards to their price per share. With the current economic challenges and an election year upon us, I still believe the Fed will not adjust the Fed Fund's Rate leaving it at 2.00%. Labels: economy, fed, rates, real estate
 Update August 24, 2008: The fed remains between the proverbial "rock and a hard place" in regards to the rates as there continues to be downward pressure on real estate, further deterioration of the overall US economy, and inflation is beginning to rear its head! Update September 9, 2008: Jobless claims continue to rise. The unemployment rate rises to 6.1%. Labels: economy, fed, fed funds rate
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