All Forum Posts by: Doug McVinua

@Dee Bowers Sorry to read of your results in the Phoenix market! We have not been experiencing the same. We are in/entering the prime season for Phoenix/Scottsdale. Something is causing them not to sell?

Rental: The Phoenix/Scottsdale rental market has been good. We have 1 rented for $3800 per month, unfurnished, 2-year lease. Had lots of interest, filtered extensively to obtain a quality tenant that would maintain the property. 

I wouldn't always recommend high-end rentals because the return is generally lower than the lower side of the price spectrum. Your situation is a little different in that its not returning anything for you at this time.

We have a high end furnished rental that we have had corporate clients in on long term lease and the results are good. However, it was also already completely furnished as a vacation home.

Short term rentals are an area I have largely stayed away from, some have success it's just not our thing. The long-term corporate above I mentioned was a short term rental with another management firm until a tenant did $60,000 worth of damage to it during spring training. (Professional ball Player)

Your results are not common, sorry to read!

@Daniel Sluder Welcome to Bigger Pockets, a great site with a wealth of knowledge at your disposal.

Have you considered a multi-family unit and you live in 1 of the units? You can obtain owner occupied financing at great rates and only 3.5% down payment. Very attractive way to enter the world of investing and also build further resources for your next investment. Might be some personal sacrifice re living space/conditions but it's a really great way to start your portfolio. 

Welcome!

@Edgar Rosales The posts above are great and I would concur. In summary, it's generally pretty disruptive to normal life, will take longer than you projected, will cost more than you budgeted and unexpected obstacles will likely surface. (My morning motivation) lol

OK, the flip side: you can generally purchase as an owner occupant (better terms), purchase under market, make the choices, do much of the work yourself, complete the projects over time and have a significant increase in property value!

Understand your skills and be prepared to hire out what you aren't good at!

We have done multiple major live-in renovations over the years and really have fond memories for the most part! The projects turn out great, sure moments were challenging but overall it can be tons of fun!

Welcome to Bigger Pockets @Brandon Brown ! Great site with a wealth of knowledge at your fingertips.

Apache Junction under market property as seller wants to wholesale versus deal with retail market. Needs paint, carpet, and a few minor repairs. HVAC system was recently completely replaced. Lots of tile in the house, carpet is only in the bedrooms. Retail value is approximately $150,000. Repairs and updates should be less than $5000. HOA is $33 per month and taxes are $840 per year.

Rental value should be approximately $1000 per month.

Any interest? 

@Craig Lessler  It looks like you are an agent, why not use the Arizona Association of Realtor forms as a basis?

@Logan Rants Welcome to Bigger Pockets and AZ!

Always open to connecting with locals!

@Paul Fagot I did some review, the parcels seem to be in use at this time? 

Have you viewed these recently? Maybe a lease exists for use of them?

Seeking to understand more details!

Welcome to Bigger Pockets and the Real Estate industry in AZ!

Doug

@Mason Aitken

I manage some Tempe rentals and would be glad to provide a look at the Rental opportunity for the property if another opinion on that would be helpful.

Tempe rentals have done well, the demand is high. Depending on the area of Tempe students are often interested so be prepared for that element of applicant to be in the mix. Students aren't all bad, just needs a little more filtering and a watchful eye.