All Forum Posts by: Ryan Hoover

I have had good success finding properties on the MLS that already had tenants in place. The properties typically sit on the market for much longer, are in need of updates, and the current owner is tired of being a landlord, so more likely to come down in price. I find these SFH's for about 10-15% under current market value and already cash flow about $100 a month. If the tenant is good, I will renegotiate the lease and extend. When the tenant leaves, a $15-$20k renovation, depending on the property price point, usually nets an additional $300 a month in cash flow.

@Ryan Lee

No listings over in that area currently. I like North of the 60 personally. Costs are a little higher but the properties and tenants are worth the investment.

@Marco Acampora

I have owned and currently owned condos with some decent cash flow. The benefit is point of entry costs are typically lower but HOA fees can eat up a lot of profits. My current condos are vacation rentals, which do really well. Those are even more vulnerable to HOA rule changes and even regulations. Also as outlined, they tend to appreciate at a slower level.

I think they make a good point of entry for new investors if you can find a value add. Once you have some equity built up, I would recommend rolling that profit into single family or small multi family. I am preparing to sell my last condos this spring and don’t plan on going back to the well with these type of properties.

@Karen Higgins

I think the benefits of property management in your local area is time savings. You may be able to manage a handful of properties and keep a full time job, but as you scale your portfolio, a property manager will be a necessity.

The most important part of my decision to choose the right manager is relationship and communication. I want to meet my contact in person to see if we vibe and are on the same page. Obviously cost is a factor as well.

@Ryan Lee Glendale is another good opportunity. I have sold quite a few homes in that area. My personal focus is on homes built in the late 90’s to early 2000’s. Which excludes that area for me.

@Tze Lee our commutes are much shorter, typically people live about 30-45mins from work. The freeway system makes most travel relatively quick.

Let know if you make a trip, I would love to help!

@Tze Lee

Nice to meet you! If you are from the Bay Area, you will definitely enjoy our pricing in comparison. My ideal price range for Single Family is $250-$350k in the valley. There are so many sub markets in the valley, that price typically dictates the market. I like the towns of Cave Creek, Peoria, Anthem, and Buckeye right now.

There are a lot of economic drivers pushing a lot of new residents to AZ. Compared to CA, we have cheaper taxes, cost of living, job growth, and different politics which are appealing to some.

Zillow can have some useful past rental data, but working with a realtor and pulling actual comps is the way to go!

Let me know if I forgot something...

@Dylan Phillips

Nice to meet you too! Are you currently investing in any real estate in the area? You mentioned “we” buy properties cash, so do you have partners or work with investors? Just trying to get a better idea of how we could work together.

@Jonathan Yeh

They do cash flow, but for me personally it would be nice to have a few completely paid off assets to support me while I quit my job. I know that’s a heavily debated strategy. Just depends on the lifestyle you want and how ambitiously you want to keep acquiring more.

I have been listening to the podcasts for the last 2 years and joined the forums last year, but life has kept me from diving in with both feet. So I am finally getting around to introducing myself!

I got into real estate, like most, after reading Rich Dad Poor Dad in 2011. The next year I bought my first investment, a condo in Phoenix, AZ. During that process I realized that I could do much better than the agent that represented me for that transaction. So in 2013 I got my license, but wanted to keep it as a side hustle because I work for a local utility that pays well and has benefits.

Fast forward to the present and I am juggling a full time salary management job while still working as a local Realtor and doing as much if not more transactions than many full time agents I know. The real estate work is the most rewarding personally but it’s a hard to fully commit when you have a family. One day I hope to have enough passive cash flow to cushion that transition.

I am a value add buy and hold investor. I currently have 6 investment properties and am always looking to add more.

-2 vacation rental condos

-3 single family homes

-1 duplex

I am a big believer in buying in good areas with more potential for appreciation. Plus when your juggling so many priorities, I want less problematic tenants. Even though I use a property management company, it doesn’t make you immune to the drama.

When I have the time, I train Brazilian Jiu-Jitsu (Brown Belt now), exercise or travel mostly to California or Northern Arizona with my family.

My goal is to one day be on the BP podcast! So as you can see, I have my work cut out for me.