All Forum Posts by: George Mevawala

@Eli Dahlin I am averaging around 75% occupancy for my STR properties during the COVID-19 pandemic, and had no issue getting another tenant in my long term rental. I had over 10 applicants in less then a week and the transition went very smooth. No issues on my end in the Phoenix/ Scottsdale market.

@Avery Carl I’ll take anything they give me of the 200k+ bookings I’ve lost in my portfolio. Something tells me they are gonna find loopholes to make it hard to even see a dime of that 25%.

@Adam Zamboni Phoenix is a great market to invest in. With the continued downfall & uncertainty of California as a state overall, it has only helped the growth of the Phoenix market. Many California residents ( and other residents in states such as Washington, Oregon, Colorado, New York, etc...) are targeting Arizona and relocating here not only for growing economy, but to take advantage of many benefits such as low property taxes, strong appreciation and great weather 9 months of the year.  Multifamily is extremely competitive, and you will have more difficulty in finding a buy ( trust me, it is like striking gold when you find a nice value add opportunity at a good price). I think it is best to determine what your long term goals are? What type of cap rates are you happy with? New builds vs remodels?

There are still PLENTY of good SFH buys in the Valley, you just need to do a little bit more homework or find an agent that knows the city like the back of their hand. I target value add product and although it has slimmed quite a bit in the last 10-14 months, there are plenty of up and coming areas of Phoenix that I am seeing be turned into B+ and A- minus neighborhoods, which I am targeting for my future investments. Hope this helps and always here to chat!

@Stephanie M. any luck ever finding a good local STR realtor in MB area?

@Nick Cooley I am all for it! My cell is (713)248-8855. Feel free to reach out with the details.

@Justin Wotring congrats! 

@Forrest Wade things have been great! We are staying busy YEAR ROUND...  Over 85% occupancy...So contrary to the misleading opinions, I can say that this is still a growing strategy where we are averaging over 20%+ annual cash on cash returns throughout Scottsdale/ Tempe/ Mesa/ North Phoenix/ and other growing areas of the Valley.

I do still work with quite a few Investors around Scottsdale which is definitely the best performing area. Feel free to message me for more information, more than happy to chat!

@Ken Latchers It is more closer to 18-20%+ annual cash on cash returns net** ( with financed deals putting 20% down on average). I have a better system down now and have managed to really scale my model and now have a fleet of 25+ STR units. This post was from a couple years back.

@Jessica Krueger financial freedom from the long term strong cash flow... Having a fleet of investment properties always keeps me striving to obtain the next deal at a better deal than the last. I prefer the value add strategy, as I like to rehab all my properties and transition them into lucrative rental properties. 

I rarely sell, and if I do it is just to use those proceeds to buy 2 more distressed properties that I can come in and bring back to life. I think with real estate the biggest misconception most have is it is a get rich quick industry. When in fact, it is the complete opposite. It is long term wealth, that takes several years of patience and discipline from overseeing a portfolio of properties that bring in positive cash flow.

I always try and encourage those to think the bigger picture mindset and think 10, or 20 year plays with every investment. 

House hacking is the way of the future!