My name is Brandon and I play baseball professionally with the Dodgers organization. I’ve been mulling this over the past couple of months and have finally nailed down my business plan for a property.
Every year, minor and major league players, and staff are put into hotels for months on end. However, we have the option to find our own housing, and we receive a stipend to help pay for that housing, typically around $1400/month.
The problem that we usually run into is housing on Airbnb is too expensive, or not available, or too far away.
Another problem we have is we could be sent to a different city at any moments notice, which makes signing a lease impossible.
What I want to do is purchase a home near the facilities and rent out rooms on a pro rated monthly basis to my teammates/colleagues.
Rent money will never be a problem because of the housing stipend we receive and finding tenants will never be a problem as anyone who is staying in the hotel would rather be in a house and keeping some of their stipend.
There are potential renters from February through October (spring training through instructional league). November has renters for the Arizona Fall League, December is off, and January people start filtering back in.
With the exception of a few weeks here and there, there are always potential renters.
In those few weeks, I’d like to rent out the property short term on Airbnb or vrbo as the property I’m looking at is walking distance to the Cardinals Football Stadium.
The property needs as many bedrooms as possible to put more players into the house, and the one I’ve found is 4 bedrooms.
Need help polishing up this idea. Would love feedback.
A little more about me, I just bought my first deal, a house hack in Las Vegas, where my tenants rent covers all of my payment and utilities, and then some.
@Brandon Wulff : these house hacks and STRs have generally performed very well here in Phoenix - especially near popular locations like the stadium! It’s a great idea, and I’m happy to answer any questions I can about the specifics.
I'm a Phoenix investor and Realtor in North Scottsdale. Sounds like you have an awesome plan that you're ready to proceed on... the rental return should be really good for you. My initial suggestion would be to consider properties with no HOAs as many have rental restrictions in their cc&rs. That-being-said, gated communities do offer additional privacy that may be of importance to you. It all comes down to the kind of property and features you have in mind. How close to the facilities are you hoping for? Widening your search within a 15-20 minute commute would definitely open up the options for you. I'd be happy to set you up with a search and answer any questions you may have.
I actually own two properties in Scottsdale which we rent to MLB players for spring training and I'd echo Amber's comment above. Our HOA killed our original plan to provide STRs, so I'd strongly recommend finding a property where you won't have to fight this battle, because it only takes one person in the community to kill the plan (we use some creative ways to get around our rules, but DM me if you'd like to know those). We can't utilize it for events like the Waste Management Open, the Fiesta Bowl or the Super Bowl, so we likely leave another $10K on the table for those events.
We work with a woman who represents a few different players on different teams and they do like the appeal of Scottsdale, even when it means a longer commute to the training facility, so you may want to consider the "brand name" vs. Convenience. Even Arcadia would be a good consideration.
As for your plan, we make half our mortgage payments for the year in February and March, so price accordingly. We have had some players come and rent October-January, so the market is solid then as well, but at roughly half the rent we get per month in the true high season.
The plan is good, but my personal opinion is the better location is the more critical piece as it sounds like you already have the have the contacts to pull from.
@Jeff Slusarz the property I'm looking at has no HOA. I'm mostly looking for a way to fund the project or partner with someone who can help fund it. Scottsdale is nice, but it's also 45-60 minutes away and making that commute every day for a month is tough.
@Brandon Wulff , The more bathrooms the better. Ideal would be a private bathroom for each bedroom plus a guest bathroom in the common area. Also be sure to hire a cleaner to come in weekly.
@Brandon Wulff I am a realtor and an investor in the Phoenix market. I'm looking to JV with some folks on a few deals in niche markets. Being connected to the baseball world definitely makes yours a niche market. If you want to chat about some options I'm open to it. I have 2 other rentals that I did a JV on with my brother here locally. We can run through specifics if you're up for it on a DM?