Flip Tip Summary
How many people do you know that have purchased over 7,000 houses? Spencer Caldwell of the Gentry Group, is the most dominant player in Arizona real estate auctions, and he’s sharing this FlipNerd.com Flip Tip to tell you how to get started buying at the Auction. Don’t miss this tip!
Flip Tip Transcript:
Mike Hambright: Hey, it’s Mike Hambright from FlipNerd.com and we have a quick VIP tip to share with you from Spencer Caldwell, who has bought over 7000 houses at the auction. He’s going to give us a tip on buying houses at the trustee sale in Arizona.
Spencer Caldwell: All right, so if you’re going to be buying trustee sales, or buying any type of real estate to flip, Arizona is the state to come in. And, Arizona is so friendly for trustee sales, unlike other states, Texas comes to mind, you have to pay all the cash when you buy it at auction. Well the cool thing about Arizona is, we actually only put $10,000 down today and we square up tomorrow. So you only have to come in with a lot less cash the day you buy it and it’s yours. But you still have to pay for it tomorrow, obviously, for it to be fully yours.
But, you know, another great thing is, Arizona has auctions Monday through Friday, so we’ve got a lot of inventory, a lot of things to choose from. Unlike a lot of other states that only have one auction a month. And it’s so hard at these other states, because you have to look at all those properties, right before the auction. So you’ve got a lot of time in Arizona to look at those auctions. So if you’re going to be buying at trustee sales, want to buy at auction, want to flip properties, definitely come to Arizona to do it, it’s a great state to flip properties. That would be a quick tip from me.
Mike Hambright: Thank you for joining us for another FlipNerd Flip Tip.
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Mike: Please note the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.