Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 9 years ago on . Most recent reply

User Stats

83
Posts
59
Votes
Craig Lessler
  • Investor
  • Scottsdale, AZ
59
Votes |
83
Posts

First Deal in Arizona - A Bulk Purchase of 16 Condominiums

Craig Lessler
  • Investor
  • Scottsdale, AZ
Posted

I recently sold my interest in an out of state property (a syndication and did a 1031 exchange into 16 condominiums in Phoenix. The units were mismanaged, rented substantially below market, had a few vacant units, had significant deferred maintenance and were in need of cosmetic improvements. The units are in a desirable location, have a low and stable HOA fee and have rented easily following renovation.

I have already improved the vacant units and rented them, removed the problem tenants and am quickly bringing the other units up to par and closer to market rents.

Even with factoring in the cost of the property manager and allowing for a vacancy factor and a budget for repairs and future capital expenses, the property has a solid 8% CAP with the increased rents.

I am hoping to do another 1031 exchange in the not so distant future from another out of state property into a bulk purchase in the Phoenix valley.

Reading the BP posts and listening to the podcasts and webinars is giving me more inspiration.  The support that the BP members give each other is also encouraging.

  • Craig Lessler
  • Loading replies...