P
LOCATION:
Phoenix, Ariz.
COMPANY:
Whiterock Capital, Inc.
CONTACT:
Richard Edrosolin or
Clarence Eleccion
(888) 289-0221
Market Spotlight: Phoenix, AZ
eople in California are used to
commuting long hours for work,
but one investor is adding more
miles than usual on his odometer.
Richard Edrosolan, CEO and
founder of Whiterock Capital, leaves his golf
course estate near the Pacific Ocean (in Ven-
tura County) to go to a red hot market: Phoe-
nix, AZ. “I’m doing four rehabs there right now,” says the 30-year
real estate vet- eran. Richard works short sales, REOs and trust
deeds.
He has experience in buying at both the California and Arizona
auctions. “I just finished three rehabs
in California and I’m doing two more
as well. ”He has rehabbed properties
throughout Southern California, includ-
ing Los Angeles, Ventura and San Ber-
nardino counties.
The reason the California rehabber
went out of state is purely financial.
“The price points are so different here,”
he says during a telephone interview.
“A house that in California would be
about $700,000 will cost around $175,000 here,” he says. “You
can make 18% to 20% return without batting an eye.”
Edrosolan was also lured to Arizona by cheap labor and supply
costs. “I can get a whole house done for under $8,000,” he ex-
plains. The master rehabber has worked multiple markets around
the nation, including: Georgia, Utah, Texas, Washington, Nevada,
South Carolina and Hawaii.
His quest for cash flow and diversification led him outside of
his home state early on. “I realized early on that it was foolish to
only work the California market because it was foolish to tie up so
much money just in one deal. Phoenix is great because California
investors can go back and forth easily.”
One of the Richard’s niches is to find absolutely discounted
deals for himself as well as the investors that entrust him with the
privilege of expanding their portfolios.
Another of Richard’s niches is to find absolutely discounted
deals, which are purchased for cash. The properties are then resold
to locals at market value, with seller financing in place. The new
buyers happily pay him a large cash down payment and they are
willing to pay higher interest rates in exchange for the opportunity
to own a home.
Richard can find investors solid rentals in the $20,000 to $70,000
range, generating anywhere from $650 to $800 month in rents.
Typically, he likes to buy in working class areas and his bilin-
gual skills serve him in dealing with his mostly Spanish-speaking
Arizonian retail home buyers.
Currently, he is picking up as many rentals as he can for himself
Realty411Guide.com
and his clients.
He recommends
that other inves-
tors start or ex-
pand their port-
folio by adding
in some Arizo-
na rentals. For
clients who are
not interested
in landlording
but are looking
for passive in-
come, He has a private lending program where investors receive
10% interest on their funds, secured by a first position title on the
property. He says “We can customize an investing plan for any-
one!” Arizona is providing Richard and his investors with such
great cash-flow that he plans on “bouncing back and forth” for a
long time. He adds: “I have great people around me. I have a great
team and we work hand in hand.
Richard’s quest for rock-bottom deals and passive income for
himself and his clients has taken him to many places around the
country, yet Arizona’s close proximity and high returns will make
him a part-time Phoenix resident for years to come.
PAGE 35 • 2011
reWEALTHmag.com