All Forum Posts by: Justin Caputo

Whens the next event? 

Hello! I just bought my BP Tickets and thought it would be awesome to network with other Short Term Rental experts. Let me know if you'd like to connect! Hope to see you all there!

Justin Caputo

 Hey Lane! Would love to connect. I'll send you a message

 It's been great for a long time but "luxury" is subjective. The most affordable house in Scottsdale with a pool that's turn key won't sell for under $1M.. which might mean luxury to some people. I have partners that only buy 6+ bedroom homes in Scottsdale for 2.5-4M and some do very well, others not so great. I bought a house for $500k a year and half ago that generates more than some of their $2M homes. In the event of a downturn, I know my expenses is going to be a fraction of what their $2M home will be so I'll be able to charge a lot less and still be good. 

The majority of my business is STR properties in Scottsdale and I sell about 2-5 STR homes per month and own about a dozen myself. I have put together a spreadsheet of all the best neighborhoods and the returns for which each are getting which has been a huge help for clients. The returns have been astronomical for awhile but the market has started to shift this last year into different areas and surprisingly Old Town has seen the biggest decline. Super interesting to watch the numbers change month over month.

Let me know if you're still looking, I'm happy to help! 

@Lacey Daebel

Thanks Lacey! I close on mine tomorrow.. I never saw your PM, do you mind sending it over? Thanks!

I close tomorrow on my first AZ rental, yay! I bought a SFR in Scottsdale from a wholesaler at $399k and used a hard money lender to lock it up at 9.9% with $60k down. Rehab costs will be out of pocket. My plan is to rehab it for under $30k and move in around December and live in it for the first 6 months - a year, and then do a cash out refi in 6 months, (minimum 6 month requirement) to move to the next one..

so my question is....should I do a rate refi immediately after I close to get out of the 9.9% rate and into a 2.75% to lower holding costs or wait 2 months when the rehab is done? Then I plan to do another refi to pull cash out as soon as I can at the 6 month mark.

I'm kicking myself for doing the hard money in the beginning but I had to in order to lock it up. The $60k down took a lot out of my rehab budget so that's a bummer. Still debating on making this a STR as it would double the income, just need to look into it more. This sounds so much easier on podcasts lol

So please let me know what you think, ANY suggestions, tips are highly encouraged!

Thank you!

@Brian Ellwood

Yes Tucson is an amazing market! Low prices, high caps and good university town. I have several clients buying great deals there and getting extremely good cash flow!

@Ralph R. I have 8 units for sale in Portland Oregon haha!