Updated about 2 years ago on . Most recent reply
#1 Innovative Strategies Contributor
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- The Woodlands, TX
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My LIMITED experience with MTR
#1 Innovative Strategies Contributor
- Lender
- The Woodlands, TX
I emphasize LIMITED because the only experience I have is five high rise condos I owned in the Phoenix area 2012 - 2021
Phoenix is famous for rental demand Oct - March, and little demand April - Sept (120 degree heat may have something to do with it). I was actually able to earn more income, with lower expenses as a fully furnished rental for 6, 9 or 12 month leases. Had one tenant who paid premium of fully furnished (down to towels, sheets, silverware, etc.) and stayed 6 years!
- Don Konipol
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@Don Konipol so it wasn't the year round unit that made the major difference in your profit, I was only asking given the seasonal aspects in Phoenix. Although I hear often that in midterm even in Phoenix there are still summer renters. A smart move to furnish them because I think half the turnover wear and tear on a mid term unit comes from all that furniture moving. Condo not being loan able that's interesting, too many rental units I suppose.
Sounds like it was a great move for you.