All Forum Posts by: Melanie Johnston

Hi @Travis Henry! Remember when I came to town for that SDIRA conference? Of the two guys who ran it, one is a haole who grew up getting thrown off ships as a cast member at the Polynesian Cultural Center (he can explain it funnier than I can) and who is a CPA and Attorney and very smart. Looks like he is back in Hawaii for a Nov. 23rd event. I wholeheartedly endorse giving him a call to see if he can help your parents structure the right deal...from all angles. You can learn more about him at https://markjkohler.com/about/

And for anyone else out there, Mark, and his Scottsdale partner Mat Sorenson https://kkoslawyers.com/lawyers/mathew-n-sorensen/ are always the smartest guys in the room. 

@Justin Provo

Look up

SellWholesaleHouses.com

Tru Wholesale (DM me your email and I will get you added to the email list)

Buyazforeclosures.com

Melanie

@Justin Provo Welcome to AZ! You will definitely want to attend the monthly Phoenix REIA (phxreia.com) meetings as the room is packed with the top wholesalers in the Valley (which is the nickname for Metro Phoenix...The Valley of the Sun).

AZREI is much more established and is much larger. It attracts newbies and pros and everyone in between. Check out the tons of educational events on their calendar. Always insightful. In fact, at last Monday’s AZREI Meeting I interviewed a property manager who I had met at an AZREI bus tour of income properties. She is awesome. I asked her what out of state investors should look for. I will be editing this video, but here is the raw interview footage:

You might find it helpful. Sounds like you are off to a good start!

Melanie

@Owen Brown Congrats on the private sale! Reach out if I can help with Airbnb insights.

@Owen Brown I visited my real estate clients/friends in Kelowna and Vernon (and Chilliwack and Bowen Island) this summer. You live in an awesome place! As as an agent who also manages an Airbnb and has helped many Canadians buy property here, please let me know if I can help.

Are you seeking short-term or monthly rental income (always highest during season, of course) or do you want to rent unfurnished for 12-month minimum?

There are pros and cons of each strategy, of course. I would be happy to offer guidance, share why all Stratas or HOAs are not created equal and recommend some neighborhoods for best ROI, if you want to share your strategy and property parameters.

Wish I was back on Okanagan Lake right now!

Melanie

@Chand King I completely understand about protecting your personal space. Once you determine your price range you can explore all your options!

@Jason Breton I agree with @Ethan Cooke and @Andrew Myers.

I am in a hotbed market for Airbnbs, Scottsdale, Arizona. After just renting out STR for high season (Jan-April) I decided I could make the same rent and switch to minimum 1-month stays, giving me back a lot of time spent overseeing the multiple stays in a month. I am already booked for Dec-March at $5800/month.

Still flexible to switch to shorter-term stays, for times when monthly folks don’t appear.

Like Ethan, I Airbnb Arbitrage. I pay my friend $2000 in rent (I furnished and upgraded her house) and keep all the profits.

Renting out nightly sounds sexy, but renting by the month—for me mostly to retired doctors from the Midwest and Northeast—is much easier to manage. And they treat your place well because they aren’t there for a bachelor party.

If you’re curious, here’s my Scottsdale rental: www.evolvevacationrental.com/427526

I say go monthly, it will set you free!

Melanie

Another option, Chad, is to buy a 3-bedroom house and rent out the other two rooms. Tempe allows a maximum of 3 unrelated occupants in a home, FYI. Another option to consider alongside multi-family!

@Wilmer Pena

Congratulations on taking action!

As a realtor I think we often know the markets really well. But you know who may know the rental markets even better? A property manager who manages hundreds of rentals every month.

I know a PM who is whip smart and can tell you which Metro Phoenix neighborhoods to avoid—although they might look good on paper—because of her experience with tenants over many years.

I would be happy to set up a conference call so we can both share our recommendations with you.

Reach out to me if you like that idea.

Melanie

Https://www.azresidentialmgmt.com