All Forum Posts by: Brian Kimminau

Exactly as @Account Closed is getting at. Amenities as an insurance. 2x1's and backyards and especially a/c's will always have a healthier pool of prospects. It probably wouldn't be too difficult to make your property the "creme de la creme" in our C neighborhoods. Modern paint hues, ac, parking blocks, some sexy lighting, new A-E markers, fill some dirt/rock and have everything trimmed up/blown out. You will have the high turnover but that should stabilize once the right tenants move in. Having some protection against car break-ins for your tenants seems to matter a lot.

But then again, a good number of people in my network are very pessimistic about Tucson's future. I am not.

I think your rent numbers are off -at least how I would see it. Although my 4 2x1's + 1 3x2 are midtown, they are under 3 miles of UA. I would adjust to 900 for the 2x2 and 600 for the 1x1's. Possibly 800 and 550 if no backyard/no pets/no a/c and not in SAM Hughes or on University or on 4th Ave. These are my conservative numbers I would use: 

2100 gross monthly rent or 1900 gross monthly rent (no CAP #'s as more info would be needed). Student housing will likely have higher than regular expenses in the turnover costs and repairs. Downpayment at a variable rate and covid schooling makes the numbers slightly tougher to calculate. I really think you could do better in Tucson. Plus, how much value could you add to a top of the market price? I rarely find a property that is close to working around the UA but I know plenty of people who do with heavy off-market marketing. I shoot for ~70$/sqft as a starting point and love 85716/85712.

I am not trying to put the deal down or you, at all, I am just trying to apply my opinion to protect your money. You can make yourself much money here, I promise!

Hopefully things get better soon! Can't wait to attend!

Great market here! Glad to have you!

I'm a wholesaler in Tucson. Target is "midtown" multifams which need work. Tucson will always be an interesting place for REI for the various obvious reasons. For me it is where I grew up and where my family has always lived.

You are on your path to living a life full of freedom and joy. Congrats brother!!

Thank you Tylor! Always nice to hear stats!

It is currently vacant but has been set up as a group home. 

Group home in Benson, AZ. Only one in the area 30+ mins. 

Consists of 12 acres, two homes 5 bed each built in 08 and 09. Also, a newer manufactured home. 

Going into foreclosure in August. Need 80k to stop foreclosure 100k seller will be very flexible. $3800 a month mortgage payments total. Owe 430k total. Possibility to split property up. 

HABU: fill with residents and have caretaker/nurse live in the manufactured home. 

Tucson, Phoenix, Sierra Vista, Arizona, assisted living

Nice read again, Ben!

@Cody Evans, that is exactly why I believe I should spend effort to find the deal myself. Everyone I talk to says the MLS deals do not exist for non-cash-buyers. It's funny that we have the same issue!

In subsequent posts I'll talk about how I am marketing to find a worthwhile deal. 

(includes: simply calling every property management company, every owner manager, every local multi-family with out of state owners).

Brian Kimminau