All Forum Posts by: George Mevawala

Thank you @Bevla Reeves and @Nick Caravaggio!!

Well said @Andrew Narsi!

Investment Info:

Single-family residence buy & hold investment in Tempe.

Purchase price: $200,000

Cash invested: $70,000

A value add 2 bedroom/ 2 bathroom townhouse strategically located near Arizona State University which is one of the largest universities in the nation. I was able to acquire it at the time ( roughly 2 years ago) for slightly under market value and add some value. Roughly 20k was invested into the entire facelift and now it is producing a high cash on cash return. The property has also appreciated roughly 15% with improvements.

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

I saw potential in the location and was looking for a new project.

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

I found it on the MLS and negotiated the deal myself.

How did you finance this deal?

Conventional financing with 20% down.

How did you add value to the deal?

Complete facelift- new floors, paint, ss appliances, countertops, fans, nest theromostat, hardware, master shower, furnishing and much more.

What was the outcome?

It has appreciated roughly 15% and I have been managing to keep around 25% annual cash on cash returns.

Lessons learned? Challenges?

I have learned to be patient through the remodel process, and all good things take time.

Great work!

@Surya Poudel it is a great time to invest in Phoenix! I am both a local investor ( I own & manage a fleet of 20 rental properties in the Phoenix/ Scottsdale market) and a realtor that specializes in helping find investment properties with both upside potential and strong future cash flow potential. We have seen signficant growth in the Phoenix market in the last several years, and it has been a very hot rental market.

My properties on average yield annual cash on cash returns of 25-30%. I am a buyers agent that helps my clients find the best opportunities in the Phoenix market to either follow my STR (short term rental) strategy, or great long term investment properties.

If you have any questions at all, feel free to reach out for any guidance. I am always here to answer any questions you may have!

Best,

George

@Mike D'Arrigo Thank you! Has been a blessing to build a diversified portfolio in the Phoenix market.

Hi All!

As now a seasoned investor, it is always a great feeling to look back on that first "homerun" investment property, or noteable one that managed to add value to your life. I just wanted to reach out and see what your favorite type of investment property has been so far in your career. I currently have a fleet of 20 STR properties, and have done very well off the short term model in the Arizona market. I am both a seasoned investor & realtor that has been in the industry for over a decade. I also have a background in small commercial real estate investments ( both as landlord & managing). However, it was not always like this, and I actually graduated from college in the peak of the recession, and I remember like it was yesterday all the growing pains.

I am always interested in hearing the different points of views from other investors. Whether you are into wholesaling, long term value add residential properties, house hacking, STR properties, flips, or turn key properties. I love hearing different investors point of views, an one of my favorite things about bigger pockets has been the networking aspect, and having the priviledge to meeting different people that have become both good friends, and business partners. Feel free to chime in.

My personal favorite investment has been a 3 bedroom/ 2 bath towhouse that I acquired back in 2012 when the market was just starting to come back in the Phoenix market. This was a long term residential "slightly value add" play. I acquried it for 215k ( with 43k down) and put my 3% comission into changing the upstairs floors and changing out the light fixtures. Did not have a lot of capital to invest at the time being 23 years old and breaking in my real estate career, but I felt good purchasing this property knowing that the property was about to go back to the bank and the seller had paid 326k for it at the peak of the market ( felt bad for Seller but knew there was upside potential). I hedged my bets that the property would hopefully go up since the Arizona market had been so badly beaten up and that the location was so strategically located to a very popular campus ( Arizona State University) and there was speculation that they would be building the Cubs Spring Training facility across the street ( lucky for me they built this 100 million dollar facility).. I then went on to use it as a successful income producing property for the next 6 years, bringing in roughly 26-28k a year in annual gross rental income. 

I also managed to finance this property on a 15 year amo, so I was able to build up some decent equity when I sold it in 2017 for 275k. This capital helped open the doors for me to pick up three more properties within six months of selling off the three bed. I was very pleased with this investment property and the doors it opened for me. Would love to hear your success story, and what the outcome was.

Best,

George

@Brandon Penn amazing! Congrats and wishing you continued success! 

@Jason Wong feel free to reach out to me! I currently operate a fleet of 20 full time AIRBNB properties and self manage them. More than happy to help give you some guidance on how to grow your STR business! Also, my podcast episoide was just released and I can send you that link as well.

@Scott Harvey is a great local LA referral. I highly recommend him @Nicolas Sartor.