All Forum Posts by: Doug McVinua

@Derek Okahashi $50k will get you a nice investment property in AZ!

@Gary Wiegand Tenant is responsible for damages beyond normal wear and tear. Get a couple of estimates, have the glass replaced and deduct it from the tenants deposits. #ActualDamages

@Hunter Fitch Good question and part of it may just come down to what relationship you want with this tenant?

Was the tenant informed and instructed at move-in on the proper method to shut the water off, drain pipes as needed etc to avoid the freezing pipe?

If you like the tenant overall and just had a bad situation arise because the tenant wasn't aware maybe you agree to split the bill with them. If the tenant was informed and just failed to do as instructed I would draw a much harder line.

Living in the Valley of Sun (Phoenix market) many people just plain forget that things do freeze around a house. Out of sight out of mind, I guess as we typically only deal with a night or two a year that temps get to freezing. In the valley a bath towel draped over the pipes outside will prevent the frost, takes more than that in the higher elevations.

@Carole G. Blue Sky Living, LLC, my company would be well suited to manage a Mesa 4-Plex. How could I help you?

@Cassidy Shoemaker Welcome to BP, the site offers a wealth of information.

Mesa offers some good opportunities for you to start out as well! 

Doug

@Nicholas D. How could we help you?

@Account Closed Most of the Builders in AZ will all but require you to use the in-house lender. They don't actually require but generally, the incentives are so high that it's hard to turn away from the in-house lender.

Does the builder have a preferred pool builder also? Sometimes we can roll in a pool by using the in-house lender and pool builder.

@Matt Dickens I run CMA's for my clients/customers often as we evaluate properties. One of them owns a couple of 4-plexs in the area you mentioned.

Glad to help you out anytime!

@Matt Dickens I find running comps just like a CMA to be the most accurate method. It's important to identify like properties or your analysis won't be on target. I just compared a property (2 bed condo) that just rented for $850 and a few sites stated $975 or more average for the area. The area might be $975 but this complex is not at that number! $125 a month at this price point is a big deal if your numbers are tight.

Do you have specific properties you want to look at for rents or are you just wanting a broad swath?

@Dylan Vargas I manage multiple properties in San Tan Valley and have found the results to be very positive. We have very low vacancy, rents have increased consistently and we also have had a high renewal rate on properties.

You do want to be a little careful as parts of San Tan Valley are less desirable, primarily due to commute times at the present time. Plans exist for significant road construction that will be changing the commute time in the not too distant future so depending on your aversion to short-term risk we could expand a little betting on the road construction.

We have been able to find some great 3/2 and also 4/2's that rent really well, are newer properties with low maintenance. I agree above and stay away from the huge sq ft as they just aren't going to perform as well given the higher acquisition cost for rentals however if you want to flip some of the larger ones may offer the margins needed.