All Forum Posts by: Heath S.

Polygraqh for stolen tools?  Seems a little far fetched.  

@Mark Freeman 

Good call on looking for a home with a beat up pool, that would save a ton vs building one.  I do however, think that even though the appraisals don't support the additional value of putting a pool in, I think that a home with a pool (at least in AZ) has a much larger buyer pool and will bring the additional 20K in price, just not sure if it will bring more than that.  Thanks for the info though.

Has anyone done any flips where they have put a pool into the property?  I am looking for feedback from anyone in the Phoenix Area.  I'm trying to determine if the 20K will actually create more value than that when selling the property.  My instinct says yes, but I have not seen any flips where the investor has done this.  Anyone had any experience?

@Brad Starling 

I have a condo in scottsdale, the complex has a bunch of vacation rentals, however I do long term leases on it.  I looked into the option of renting it out as a vacation rental and the numbers didn't work out when I figured in the added expenses.  You have to figure in paying for cable/internet, higher vacancy, cleaning, and furnishing the place.  When that was all added in it didn't make enough money to make it worth the change.  I spoke with a property manager and he said that most of his vacation rentals were people that owned so that they could come stay out here and use their property as well as rent it out.

As for area's I would recommend Scottsdale, there is a very high demand for vacation rentals especially from October-April.  You will be looking at about 150-200 per square foot for a condo.  If you need any idea's let me know.  Good luck!

@Nicolas Vautier 

I am about as worried about the water shortage as I am about global warming and a meteor striking earth and causing Armageddon.  That may be short sighted, but I'm pretty sure they will figure out a way to find sustainable water for the 5 million people in the Phoenix area.

As for supporting yourself with a couple hundred grand, I think it will be tough.  I like @Jeff Wallace s plan of buying a 4 unit.  That would probably be the best bet for immediate cash flow.  Other than that you will be putting 20% down on houses and cash flowing 500-1000 a month before your expenses, so I doubt you will survive on that.  If you have any specific area questions about Phoenix feel free to contact me.  

Justin,

Welcome to the forum, I have 2 rentals at ASU and have been the agent on some other ones, If you want to connect and personal message me I would be happy to give you some tips for Tempe.  

PM me and I can send you contact info for one. 

You should start an LLC and put the property in the LLC after you purchase it. Go to azcc.gov for forms and instructions. It's about $85 to do yourself or $400 on legalzoom.com After you have the LLC you get an EIN for the LLC and open a business checking account at your bank of choice. That is how I would handle it.

Yeah, I'm just not sure I believe that these 2% deals are all over the place in the midwest.  I think that you may be able to find them, but they are most likely extremely rare, or in an area that you can buy a house for 50K or less.  And to be quite honest, I don't think I want to own a house in one of those areas.  If you are in a neighborhood with 70K-120K homes, which I think would be a decent blue collar area, you would need to get $1400-$2400/month?  Seems unlikely.  

@Bob E. Best of luck with the 4% house...It really does sound like a great rental.  I just think that either those areas haven't come back in value yet, and you found a super good deal.  Or you might risk getting shot at the house while fixing it up.  Hopefully its the former of those two.  I will be looking forward to hearing how that one goes if you decide to share. 

Bob Estler do you mind sharing the specifics on the property you are talking about?