All Forum Posts by: Daniel Pitner

Hello fellow Phoenix-area investors! What are you averaging for cash flow on your properties?

I'm considering a property for a live in flip opportunity that is a really good deal. However, there is currently a tenant in place for the next 5 months so I would have to use 20% down/investment loan instead of owner financing with the lower interest rate.  Does anybody have any creative ideas that I could still take advantage of this deal while not using an investment loan? 

@Tim Johnson Thank you! It doesn't have handles-- it's a single knob faucet.  Would this work the same? 

The house that my wife and I currently live in will be a short term rental within the next few months, however we have one big issue: I can't solve our hot water crisis!

About 6 months ago our water heater worked very well and had regular water pressure.  I had to change the elements, however, about 5 months ago which is where are of our problems have begun.  Since I changed the elements I now have very weak hot water pressure through the whole house. I'm also getting very hot water to every faucet in the house EXCEPT for both of our bathtubs. I can't figure it out... any ideas you have would be tremendously appreciated! 

@Chris Maki, I just came across this thread. I'm curious if you ever ended up purchasing a rental in Sun City? I'm in Peoria and I have often thought about exploring that market. 

@Joshua D. I’ve been looking in The Casa Grande area as well as the Wickenburg area. You’re right— there are some better options out there! I honestly hadn’t even considered a new build out in San Tan. I also work in downtown Chandler and that area is gentrifying quickly— I’m interested in picking up some properties right in the down town area.

@Jim Pellerin Thank you! Currently we make 110k/year between the two of us and we save about 4k/month to be used towards a downpayment. The average purchase price in our area is about $260k, the average rent being around $1200. Our current rental property was actually our first home together that we got at a good price and the $600/month is generated from the property being listed as a STR.

@Benjamin DuPont Thank you! This is encouraging.  Currently we have a savings rate of around 4k/month which will be used for down payments on homes.  My biggest struggle right now is finding properties with positive cashflow in the Phoenix-area.  

My wife and I are 25 and are looking to retire in 10 years through long term rentals. We live in the Phoenix area and have 1 rental currently that cashflows $500/month.  What suggestions do you have to build enough cash flow to retire? Our "retirement number" is $4,000/month.  How would you buy enough properties to do this? 

My wife and I are looking to purchase a property that needs some rehab. It would be our primary residence, but has an external 900 square foot garage that we would turn into a casita.  The casita would rent for around $800/month and between the house rehab and the garage conversion we are looking at about $50k in rehab costs. Here are the numbers: 

Purchase Price: $335

Rehab Cost: $50k

ARV: $450

Monthly Rental Income: $800

Would you take on this deal? What things should I ask? How would you finance this?