Jim O'Dell
Queen Creek, AZ (USA)
Role(s):
Founder/Owner/Principal
AIP Investments
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Startup
Location:
Queen Creek
Industry:
Real Estate
Year Founded:
2003
Number Employees:
1-10 people
Description:
AIP Investments LLC:
Started in 2003 with the mission to make passive income in the Phoenix, Arizona real estate market. We found our first piece of property in the summer of 2003. It was a SFR in pre-foreclosure. We were able to negotiate a price with the owner that allowed them to pay off their mortgage and the back payments. We were unable get financing so we brought in a partner. It was a 50-50 arrangement. We sold the property under a lease option agreement two years later with each partner netting over $30,000. During this time frame we only acquired one other piece of property. This too was a SFR in pre-foreclosure. Here we were able to negotiate a short sale with 2nd mortgage company ($20,000 to $2,000). However after doing so the property still wouldn’t have positive cash flow, so we assigned the contact to another investor for $2,500.
After the property sold in the summer of 2005, we were unable to find any other profitable property. The market in the Phoenix area was experiencing huge appreciation in property values. We weren’t sure how long this was going to last and didn’t want to chance buying high. The market corrected in 2007 and still is now in 2008, however at a much slower rate.
At the beginning of 2008 we decided to start looking into the real estate market again. This time with our objective to look at multi family property. After much research we decided to be coached by one of the best, Robert Kiyosaki. The coaching has taught us many things with the most important thing being, we need a good team to be successful. We have also learned that we will most likely need investors and or partners to finance the deals due to our limited finances. We look forward to working with investors and or partners to take advantage of this buyers market in Arizona.