All Forum Posts by: Bob Willis

Why do you think this is an incredible opportunity? There are no numbers associated with costs or revenue. Just curious.

There are many areas they have been over-saturated with STR. That must be a consideration. I have been in the Phoenix market with STR for seven years. It is brutal here now. You MUST stand out from others if you want bookings. Best of luck.

If he has effectively abandoned the property don't worry about the keys and have the locks replaced. I have the provision in my lease that if a tenant has moved their things out, they have abandoned the property and have broken the lease. Not sure if you have that, but if you do just change the locks and forget the keys. Good riddance to the non-paying tenant. But curious to the plumbing problems and if you have exposure there.

They may allow STR now, but that can change very quickly. I have had this happen to me twice. Ended up selling two different houses after HOA rules changed regarding STR. Of course you can fight them, but is it worth it?

No HOA. Period. Also, regarding physical issues, you want landscaping that is easy and low maintenance.. Nothing can kill an impression like an ugly overgrown yard filled with weeds that just popped up after a recent storm, etc...

Do you know if the tenant owns it? If not, can you complain to the owner? I am guessing the noise issue mentioned by the HOA has to do with parties, not with someone falling out of bed at 2AM every night.

Sounds like some local thing...

Congratulations on getting started. But you may be overthinking this a bit. What needs to be setup before you invest in a property? Do you plan on doing large apartment buildings for millions of dollars, or are you looking into single family homes where you will be a landlord? The former probably requires an attorney and accountant from the beginning, the latter, not so much. Spend time educating yourself here before spending money elsewhere. Again, congratulations on getting started.

Did you get it rented yet?

In my experience (and there are people on here with a lot more) the two most important things to know when thinking of buying a property are - how good is the roof, AND, how good is the HVAC. Those are two items that can immediately cost you thou$sand$. Always have those two items vetted by someone who knows what they are doing when looking at a purchase. Good luck.