All Forum Posts by: Betty Snowie

I agree completely Gail. I just put an offer in on a SFR and it didn't even get passed their realtor. The sellers wouldn't look at any offers more than $5K below list. And it's way overpriced at list. This seller purchased the house, at an overvalued price, then listed the next day. Now they want their money back AND the realtor fees! Someone will probably pay it.

As for multifamily, yes I agree with that as well. I'd love to get into a small multifamily, but when you're talking more than a duplex, there are few options and and a "good-ole-boy" mentality. (And that includes women who have been investing for years in town.) Those options never seem to actually make it to market.

If anyone out there has suggestions for breaking through that barrier I know I'd love to hear them!

Hi TJ. Everything is better at the Lake. I just got back from a nice walk around English Village. Beautiful! 

As for my rentals, at this time I'm more in line with the snowbird rentals so away from the lake but with lots to do particularly in the backyard. All my homes have heated pools, two have putting greens and the third has a games room (complete with poker table, cards and necessary chips!). 

I'm not ruling out a party home at some point but I have some very specific requirements for vacation rentals. The first is that it needs to be close to me. I do my own management and if I get called out for any reason, I don't want to be driving any distance, especially at night. If you've read my profile you'll see I'm over 70 and eyesight really does become an issue!! 

I suggest you look at my profile. I have two houses that have photos and a description. The third one became occupied before I could get the photographers out so I don't even have it on the market yet, but it's rented Jan 1-Mar 31 and then July 1-Aug 31 (and maybe also September). These are all returning guests from my other houses!

It seems there are never quite enough rentals for snowbirds. Mine are higher end (not highest but higher than a mid-) and lots of snowbirds are looking for more nice low-mid range. 

Just occurred to me that you can also check out the 2 homes on Vrbo.com. The numbers to search for are 1253934 (3 bed, 2 bath, my first rental), and 1632582 (4 bed, 3 bath, the one with the games room). The 3rd property won't be activated until I can get photos up, so perhaps by late April.

If you decide to invest in our little city, get in touch to say Hi! I always need someone to refer to when my places are full!

I have 3 vacation rentals In Lake Havasu and it’s never enough! Don’t know about loans though, but any other questions I’d be happy to help!

@Mike M.

My husband was in London, on the Thames during the time they were numbering all granite blocks to help in the reassembling. That’s one of the reasons we decided to retire here. It brought us here and we fell in love with the community.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $400,000
Cash invested: $400,000

Beautiful home with an open floor plan. 4 bedrooms, (2 master suites), 3 baths, kitchen has all new cabinets and granite countertops and all new appliances! There is tile and carpet throughout with lots of natural lighting provided by skylights in the living room and bathroom. The backyard is fully fenced, lots of patio areas, gazebo, and the RV garage tucked off to the side. Attached to the RV garage is a games room complete with poker table and an arcade game!

What made you interested in investing in this type of deal?

At 70 I'm not looking to make my fortune in real estate. Instead I'm looking to keep myself busy with interesting and fun projects and each new purchase is just that. This home was purchased more with the resale in mind than with the expectations of making great income through rentals. I will hold this home for about 5 years and use income to offset expenses, with some profit built in and then assess the market and ME. If it's time to sell, I expect to make my profit on the resale.

How did you find this deal and how did you negotiate it?

I had passed this one by twice before finally making an offer. We haggled a bit over roof repairs, but eventually they covered most of them. They also did most of the items that showed up on the home inspection report even though we didn't ask for that. They were pretty small items but nice to see them done.

How did you finance this deal?

Cash. No financing.

How did you add value to the deal?

Converted a bedroom and nearby bath into a second master suite. Changed a rather ugly room attached to the RV garage into a games room with new flooring, cabinets, arcade game, poker table, etc. (Vacation rental property.) Replaced cheap fencing with block wall and upgraded landscaping front and back adding additional patio areas and a gazebo to take advantage of nearby mountain views. Extending the driveway from the street back to the RV garage driveway providing additional parking.

What was the outcome?

It is renting very well! I mostly rent to snowbirds and to returning guests. I have had a few short term rentals, but although there's good money there, that's also where more potential property damage occurs so I'm keeping it more for the winter visitors and doing upgrades during the summer months.

Lessons learned? Challenges?

There are always challenges in this business. One easy renovation will always have complications. Best to have a good team behind you and I am getting a pretty good base team that responds as needed.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm working now with a fellow on a deal we're putting together for my next investment. He's been very patient as I am very picky. He also has vacation rental property so he understands my needs and has been working hard to find me the right properties. Hopefully this one will be the one! His name is Jon Groth.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $400,000
Cash invested: $400,000

Beautiful southside home featuring an open floor plan with 4 bedrooms, (two master suites), 3 baths, kitchen has all new cabinets and granite countertops and all new appliances! This place is absolutely beautiful! This home has tile and carpet throughout with lots of natural lighting provided by skylights in the living room and bathroom. Don't forget about the pool and completely fenced in backyard and the RV garage tucked off to the side of this amazing home that has an added room set up as a games room with a poker table, arcade game etc! Beautifully decorated throughout just ready for your vacation dreams!

What made you interested in investing in this type of deal?

At 70 I'm not looking to make my fortune in real estate. Instead I'm looking to keep myself busy with interesting and fun projects and each new purchase is just that. This home was purchased more with the resale in mind than with the expectations of making great income through rentals. I will hold this home for about 5 years and use income to offset expenses, with some profit built in and then assess the market and ME. If it's time to sell, I expect to make my profit on the resale.

How did you find this deal and how did you negotiate it?

I had passed this one by twice before finally making an offer. We haggled a bit over roof repairs, but eventually they covered most of them. They also did most of the items that showed up on the home inspection report even though we didn't ask for that. They were pretty small items but nice to see them done.

How did you finance this deal?

Cash. No financing.

How did you add value to the deal?

Converted a bedroom and nearby bath into a second master suite. Changed a rather ugly room attached to the RV garage into a games room with new flooring, cabinets, arcade game, poker table, etc. (Vacation rental property.) Replaced cheap fencing with block wall and upgraded landscaping front and back adding additional patio areas and a gazebo to take advantage of nearby mountain views. Extending the driveway from the street back to the RV garage driveway providing additional parking.

What was the outcome?

It is renting very well! I mostly rent to snowbirds and to returning guests. I have had a few short term rentals, but although there's good money there, that's also where more potential property damage occurs so I'm keeping it more for the winter visitors and doing upgrades during the summer months.

Lessons learned? Challenges?

There are always challenges in this business. One easy renovation will always have complications. Best to have a good team behind you and I am getting a pretty good base team that responds as needed.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm working now with a fellow on a deal we're putting together for my next investment. He's been very patient as I am very picky. He also has vacation rental property so he understands my needs and has been working hard to find me the right properties. Hopefully this one will be the one! His name is Jon Groth.

Hi Nancy. If I was definitely interested in the home I would probably go up, even just $1,000 to let the know I was still in the game, but I'd also let them know that's all I could/would do. I live in Havasu and a single family home for $175K is either a screaming deal or it's going to cost a lot to fix up so make sure you don't overspend. I am assuming a 3 bed, 2 ba, no pool etc.

I recently bought a home that looked like a cosmetic fixer and it has turned into a true money pit with all plumbing lines needing to be replaced, wiring brought up to code and even an new electrical panel due to arcing.  All that in addition to the cosmetic fixes. I have about doubled my original budget which was already hefty.

Good luck!

Thanks so much Jovan. To add a bit more information, the house was built in 1996 and the roof is tile so not a great deal of maintenance. I'm not too worried about having to consider replacing any time soon. The owner is offering an insurance policy so the A/C and electrical should be covered for awhile, but hopefully an inspection would point to any potential issues and perhaps adjust the price accordingly, or have those issues address by the seller.

As a bit of background on me, at 70+ years of age, I'm not looking for high returns anymore, just slow growth to maintain in order to pass down the line in the years ahead, so perhaps that puts me in a different investment category. Needless to say, I don't want to LOSE money but if 5 years down the road I will have made a few dollars from appreciation while covering costs during that time, I'd be happy enough with that.

That being said, I am still looking for that diamond in the rough, but I know this one is not going to give me huge returns. 

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