Home Buying in Phoenix>Question Details

John  Doan, Real Estate Pro in Tustin, CA

CA Broker looking to purchase 4 plex's in Phoenix area

Asked by John Doan, Tustin, CA Tue Feb 5, 2013

Just like my headline says, I am looking to buy an investment property this Spring. I am looking to work with someone with experience that can help me out with my purchase. If you meet these requirements, leave me your information and I will contact you:

-Looking for agent who has more than 10 years of experience particularly in multi- family investment properties

-This agent needs to have bought/sold 12 multi units in the past 24 months

-This agent should have a good property manager that they constantly use or refer

-Lastly I need an agent who will put in the work. Being that I am in CA, I need someone who is willing to inspect the properties as if it was their own so that I can get a fair assessment of the property condition.

Please inquire if you meet these requirements. Sorry if I'm being too straight forward but I am a serious buyer and I just need someone competent in the investment property area to work with. Thanks.

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Answers

10
I am confused now.

Katherine, isn't having a "definite opinions about the best locations" called steering and isn't it illegal? I am surprised that an experienced professional will post that in a public forum.

Can agents inspect properties and provide "a fair assessment of the property condition"? I didn't know that agents could do this. I thought you needed a licensed inspector to do that. What are the liabilities for an agent who inspects a property and provide an assessment of its condition?

I am a seasoned investor and I agree with Craig. When looking for an agent I do not want the "discount" broker who will do a lot of work for free, with no guarantee of ever being paid. Only a desperate agent, with not much business will do that. I want an agent who values his time. That way I know I am working with a professional.

I am surprised at how many agents are here in Trulia offering their "expertise" for free. It is devaluing the worth of a Realtor. I do not see many other professionals giving their work for free. I have worked with many Realtors and a good one is worth his weight in gold, a bad one is worthless. At the end you get what you "pay' for.
1 vote Thank Flag Link Wed Feb 6, 2013
No, expressing opinions is not steering, it is counseling your client about the over all market and where the best values are. With 27 years as a Bay Area top producer my excellent reputation was gained not by steering but by counseling. I advise clients, not sell clients. If you want to check my reputation go to LinkedIn profile and search for Katherine J. Higgins PLLS. I thinik John's experience is CA is that many good agents take the time to educate the cient about the type of property the client is seeking. If the returns are not there or there is not enough upside, the client can make that decision with the proper information and education provided by the informed and experienced realtor.
Hope this helps!
Flag Wed Feb 6, 2013
Hi John,
I meet most of your criteria, except the 10 years in multi-family. If you can substitute it for quality work in a 7-year period, please email or call me. Craig has great thoughts below.

Steffy Hristova, MBA, SFR, Realtor®
HomeSmart
Tel: (480) 966-9353 Fax: (602) 507-3703
3131 E. Camelback Rd. #125
Phoenix AZ 85016
Web Reference: http://www.talktosteffy.com
1 vote Thank Flag Link Wed Feb 6, 2013
Hi John,

There are 79 quads on the Phoenix Market currently. With what you are looking for in an agent and the work you are asking them to do for you, I would suggest that you consider offering a retainer fee and a consulting fee since this is a lot of work you are asking for up front with lower potential of income for agents. My investors tend to do a lot of research before calling me, they know the numbers, demographics and everything looks good on paper before I schedule a preview of the home where I will take tons of photos and videos as well as create a report. I specialize in SFR homes as an investment so I don't meet your criteria, but trying to help you find an agent that will.
1 vote Thank Flag Link Wed Feb 6, 2013
Hi John...Good luck with your investment purchases in Phoenix. After you find your agent and are in the process, if you need a quality home inspection, we would be happy to work with you. We conduct inspections for out-of-state investors all the time. Our reports and detailed and include lots of photos. We then review our findings with you over the phone and are available for consultation any time after the inspections. Best Regards! Tim
0 votes Thank Flag Link Tue Feb 12, 2013
I can give you the contact info for the right person. Feel free to email or call me and I can give you his number.


Ryan Buckley Realtor®
Turning your Dream into an Address
Coldwell Banker Residential Brokerage
480-440-4541
ryan.buckley@azmoves.com
http://www.liveinscottsdale.com
http://www.facebook.com/rcoldwellbanker
twitter @rcoldwellbanker
0 votes Thank Flag Link Thu Feb 7, 2013
John, I am sure many here appreciate your clarification. But I was not referring to what you posted – although I was confused about the inspection request part. I do not blame you or anyone else for asking. It is up to each professional to value his or her work and time.

I am just surprised at how many agents offer their expertise for free on Trulia. They provide entire lists of properties for free, they advise on how to write a contract, explain each part of the contract, explain each additional document, help on how to negotiate the contract, what are the best areas in their opinion (which is illegal, and in reality they are just steering people towards the areas they prefer to work on), if someone gets in trouble they provide advice on how to fix the issue, etc… Anyone reading those posts will think that it is completely unnecessary to hire a Realtor – just use the free services agents provide on Trulia. Again, they are just devaluating the worth of their services.

The truth is that those providing their services for free have too much time on their hands and are, in many instances, not the best professionals. Their advice is many times wrong, which can not only hurt the person asking, but it can give all Realtors a bad name.

Trulia is supposed to provide very general information. But many inexperienced agents cross that line and turn Trulia into a substitute to hiring a good agent.

I am in fact a licensed Realtor, in a different state than the one I am conducting most of my business now. That is why I have decided to stop practicing and hire a local Realtor who knows the local market, its laws, etc… I do not even ask for a referral fee since I rather just have a really good agent. I do not believe that a Realtor can just move to a new location get a local license and claim to be an active knowledgeable professional in two markets at the same time.

Bottom line is that unfortunately there are many agents out there devaluating the worth of a good agent, and in many instances give a bad name to the entire profession. That's all!!!
0 votes Thank Flag Link Thu Feb 7, 2013
I have extensive experience with multi family properties and property management. I have had clients purchase multi family homes from me in the last several months, have homes under contract for them, and currently have transactions in escrow. I have many recommendations from my clients on my Trulia profile and you can review this by clicking on my picture to the right that will take you to my profile. I have an accounting background and have overseen multi family units for my clients from the purchase phase to property management. What are the criteria that you have for your purchase--cap rate, purchase price, financing, down payment amount, location, and goals are some of the topics that we would cover during our initial interview phone call.

I look forward to hearing from you soon!
0 votes Thank Flag Link Wed Feb 6, 2013
Sorry everyone there seems to have been some miscommunication here on my behalf. To start, I'm not trying to offend anyone and not looking for a "discount broker".

The point of my post is that I am looking for someone who has definite experience in investment properties. I put another post out in a different area and I was bombarded with replies from agents who have been licensed for less than a year.

June when I stated that I need someone to inspect the property for me, what I truly meant was I need some one who is willing and can view properties on my behalf. I believe inspecting and viewing are 2 different things so my fault for bad choice of words.

Again I was not trying to disrespect or degrade anyone's professionalism, I was putting up this post after I was bombarded by over 100 responses from many inexperienced agents in another market.
0 votes Thank Flag Link Wed Feb 6, 2013
Hi John,

I would stay clear of 4 family properties because all the inexperienced investors bid up the purchase prices and they don’t have the first idea how to properly evaluate cash flow. These buyers fall into the trap of determining the value by looking at what other people have paid for comparable 4-families to determine value, rather than doing a cash flow analysis to see how much money they’ll make at a particular purchase price.

Also, most agents that sell 4 family properties don't include other expenses you will need to pay and many inexperienced buyer don't include these additional expenses. As the owner, you will also have to pay for extermination, evictions, bank fees on business account, accounting fees to keep my taxes straight, turnover and advertising costs associated with those vacancies, and the all-important replacement reserves for items that wear out slowly, such as water heaters, roofs, and so on.

My suggestion is this: leave the 4-families to the under-educated and over-conservative, and focus on the slightly larger properties that small investors like yourself can both afford and actually make money on.

Please let me know if I can be of any further assistance.

Sean Heideman, Broker / Owner
Position Realty
Office: 480-213-5251
Fax: 866-232-2256
Web: http://www.PositionRealty.com
0 votes Thank Flag Link Wed Feb 6, 2013
John-I am a CA and AZ broker who specializes and owns multifamily. I have been doing this for 27 years, mostly buying and selling in Marin County, CA but now locatedin Scottsdale, AZ and assisting CA investors. I can arrange to view, secure financing and work with a property manager in your quest for a local 4 plex. I have definite opinions about the best locations and upside of each property.
Please find me on linked in-Katherine J. Higgins PLLC. That defines my experience and high profile in the multifamily industry.
My contact information:
Katherine J. Higgins
Realty Executives
6263 N. Scottsdale Road, #140
Scottsdale, AZ 85250
Call me on either Bay Area phone-415-302-7730 or AZ phone 480-710-2020.
Email: katherine@khiggins.com
http://www.khiggins.com
0 votes Thank Flag Link Wed Feb 6, 2013
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