All Forum Posts by: Andrew McGuire

I purchased 1 and UC for 2  properties this month two of which I'm keeping as Long term rental. 

The first 699 E Gold Dust, San Tan Valley AZ comps around 375K and I purchased for 393K so I'm lost about 18K equity by purchasing. The reason I'm okay with this and others I'm purchasing like it is that I took over a 3.25% interest rate which makes my payment all in $1611/month + HOA. Paid of solar and the average bill is $7/month. I plan on renting this as a Long Term Rental and market rents are 2200 in that area. So I might cashflow a little bit but big picture I have principal paydown over $600/month which will grow with that low interest rate. I plan on holding for 6-10 years and see where we are at and will refi or sell depending on equity and cashflow #'s. I have two other properties similar under contract where I am overpaying by 15-25K and putting only 10K down + closing cost.

I believe in real estate long term so am buying as many properties as I can now that pay for themselves, the goal is to get to 100 properties this way that all go up minimum of $100K in the next 5-10 years. To get the cash for down payments I am going to do a mortgage wrap on the low down payment purchases and collect a larger down payment from wrap buyer. 

@David Corrales I believe business, easier to track and for liability purposes. If shared with personal account, I'm not attorney but if you get sued they can go after everything in shared accounts. 

Hard no, my understanding is they share in the appreciation and have some clause where they undervalue your home on front end. What's the point in investing. 

@Christina Baliva Get in the game and stop over analyzing, the real learning is in the doing and Real Estate is probably the most forgiving asset class to invest in. even if you make a mistake it looks like a great deal with time lol. Trust me I've made a few lol. 

 @Noah Corwick No pools on my listings. They are in Mesa, Chandler, Gilbert and Casa Grande. 

@Colleen F. I have not tried that but great tip. I once a week or so adjust pricing and seems to do the trick outside of getting the rate I need. 

 Thanks for sharing Ty, I've used FF/Traveling Nurses twice with great success but had a listing last month on their platform but it didn't do well. Maybe it was the way I listed it but FF would tell me somone that meets my properties criteria is looking and it was on me to reach out to them. Where on the previous listings they reached out to me. Is this new or did I mess up listing the property? 

This summer has been the toughest I can remember to keep all our Airbnb listings occupied and rates up. It makes sense with the number of active listings (single family homes) going from 7K in Phoenix metro to over 9.5K in just over a year span. That number slightly went down in Q3 but still much more competition from the previous year. 

With all that in mind the recent uptick in both occupancy and rates is much invited. My plan was to ride it out through the upcoming peak season here in AZ and then make a decision early next year to decide if I wanted to switch strategies or even sell a few of the properties. Thankfully looking forward to 2024 the calendar is filling in nicely so far. 

Here is what I've seen for last few months across 4 listings that are all in the mid range. 

July: $10,015 

Aug: $12,631.53

Sept: $11,365.54 

October MTD: $13,098.06 


Thankfully looking forward to 2024 the calendar is filling in nicely so far. How is everyone one else doing and plans to adjust on strategy? 

@jimmy rojas, yeah that's tough at that price point. I was going to ask if there is a way to finance one of those new Multi Gen on Westside they are selling with an attached fully livable unit for about 450K, if somone else could finance 200K could live in main house and father live in suite. Just trying to think of creative solution. 

Congrats on 750K net equity gain/year.