All Forum Posts by: Account Closed

Hey Folks, I was reading over the Tucson multifamily and rental market statistics this morning and wanted to get your thoughts on this. 

There are currently nine large apartment complexes expected to deliver their units to the market within the next 12 months with the first opening their doors in the 3rd quarter of 2019. In total it is going to be 1,734 units which will be 2.3% of the current market. Because of this unit delivery, five more apartment builds coming after these, and just the general development across Arizona and the United States rental rates have been and will continue to stabilize. Year over year rental rates have dropped from a high of 5.25% in 2017 to 3.25% so far this year. Over the next three years those growth rates are expected to hit 1% year over year. In a shifting market how are you planning to invest in RE? We all know the most money is made in down markets and this shift may be the perfect fluctuation to boost your portfolio if you can take advantage. 

Also, I want to set up a RE Investor monthly coffee or breakfast in Tucson. If you are interested shoot me a message. Once I figure out a headcount, location and date I can send you an invitation. 

@Kao Saeteurn thank you! I don't think the area around the university is a bad place to invest at this point. The market is just shifting. You could probably even get "better" tenants renting to the young professionals all those new jobs will bring instead of students. Rita Ranch is a great area. I have just found the homes there don't tend to be in bad enough condition to execute a BRRR. You may want to take a look at the west side of town. There are a lot of older houses without HOAs over there that have not been renovated in decades. The lack of HOA and large plots make the area attractive to a lot of people and home prices over there are on the rise.

We should do a monthly coffee or breakfast. 

Hey Alexandra, what type of commercial are you looking to get involved with? A lot of the commercial brokers want to see some real estate experience as a licensed person before you put you in that role of fiduciary agent for a client. That being said most of the residential brokers also have commercial agents but it is not supported at the same level. I think I know the broker you mentioned. Cheryl is absolutely amazing but unless something has changed I do not think commercial is her focus. I would find a broker who has had success in the specific area of CRE that you want to be involved with. Then find out the average income of the agents under them.

Hey Alexandra, for basic cosmetic fixes I would just go to Home Depot to price out some options. You can even call them and get pricing. Unless you order in bulk their prices won't be much different from anyone in town. They can even quote prices for installation. 

@Kevin Phu I don't think the media has picked up on it yet. But the UA president talked about it during their public meeting about the university's stratigic plan last month. 

Just out of curiosity why Columbus and Indianapolis? 

It can depend but typically if the property in question is security for a deed of trust or a mortgage, the lender most likely will not step aside and allow you to foreclose or receive a tax deed. Because the lender isn't a priority lienholder, it will lose its interest in the property if either of these things occur. Therefore, the lender must receive notice of the initial auction when the tax collector sells the certificate, as well as notice of the redemption period if the certificate is sold Typically, the lender will step in and outbid you for the certificate at the initial auction so it can protect its interests. If it doesn't do so, most states allow mortgage lenders to redeem the certificate themselves if the property owner does not do so. Either way, you'll get your money back plus interest – but you won't get the home.

Hey Anthony, you should give Amber a call. She is my property manager and the number for their office is (520)225-0020. 

Hey Anthony, I am a multifamily guy so I would not be a great fit for a SFR investment but you should give Carmen Calvillo a call. Shoot me a message and I will get you her number. I prefer not to post other people's info all over the web.