All Forum Posts by: Caymian Gordon

Hi Everyone! 

I am looking at purchasing a property in the Phoenix, AZ area that has a fully build Casita/ADU on the property.

There are also extra bedrooms I am looking to fill on a "Per Room" Basis instead of having a blanket lease and allowing the tenants to split the costs amongst themselves.

How would I best go about finding rent comps for the individual rooms I look to rent as well as the Casita/ADU located on the property?

Any help is much appreciated.

Thanks in advance!

@Tchaka Owen Thanks for all the advise! This is actually a duplex I am looking at, hopefully its not too different from a SFH. Thank you again!

Hi @Tchaka Owen, thank you so much for taking the time to look this over!

1) Thanks for the advice, I made the 7% Cap Ex correction.

2) Also thank you! I lowered our overall insurance cost because the property is in AZ.

3) Taxes are that low per the 2018 tax record on the MLS.

Do the numbers on this deal, especially the "initial rental period", seem pretty typical for a BRRRR?

Thanks in advance for all the help!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hello,

I am in the Phoenix, AZ market and I need help calculating holding costs. Whenever I calculate my holding costs, it seems very high. My breakdown looks something like this:

Holding Costs = ((Purchase price+renovation costs)*12%) + Taxes/month + $300/mo. electricity costs + $100/mo. Water costs + $150/mo. home insurance + $33.33/mo. garbage rent and disposal + HOA fees/mo. + Misc.

My holding costs usually seem to be $15-20K for the entire job.

But, I have seen other investors holding costs at $1100 TOTAL over a year long project. My projects never forecast more than six to nine months.

What can I do to adjust my holding costs to make them more accurate?

Thank you for the help!

@Jacob Kelley Great to see you on here man! And thanks for the suggestions, I will have to look more in those areas. Are you looking at getting your first short term rental and/or rental also?

@Bob Okenwa Thank you for your insight! I agree with you, the most cash flow I have found recently is $50 after all expenses. As you said, time to get creative!

@Ryan Swan Thank you for your tips as well. Do you have certain areas or neighborhoods where you have found particular success in finding properties with these casitas/mother in law suites?

Thank you both sincerely again for your help!

Hi Everyone!

I am a new investor in the Phoenix area working toward buying my first rental property in the Phoenix Valley market.

For anyone investing in the Phoenix area, what cities and at what price points are you finding success in order to cash flow positively for single family and 2-4 plex properties?

Thank you in advanced!

Plan to attend and very excited about this event and meeting you!