All Forum Posts by: Austin G.

@Jarvis Williams

Welcome Jarvis! That's very exciting to hear. Same boat as you. Looking for my 1st REI deal in Phoenix-Metro by Fall 2021. Presuming you'll be House Hacking to make the numbers work? Wishing you the best in 2021!

Thanks Colby!  Folks down in Oro Valley are may be interested in joining as they are seriously looking to get into the market. 

@Joel Depas

I started out with short term rentals on Airbnb. Perhaps try it out and then transition to long term rental? Best of luck!

Thanks Tylor for sharing!  Folks are down in Tucson, AZ and love it there.  It's great to see these numbers to get an idea of some general prices in the AZ market.  Appears way more affordable than my previous local market in Southern California.  Think there is a ton of potential!  Best of luck.

 Thanks @Moriel Khaykin for the post and analysis! I just moved from Anaheim, CA to Phoenix, AZ last year and totally understand the outrageous SoCal cost of living. Definitely see more potential in AZ to get started in REI. Would this be a possible deal to consider? I did some rough math and posted in the AZ forum.

Link - https://www.redfin.com/AZ/Phoenix/2912-E-Roeser-Rd-85040/home/28143344

Asking Price - $309,000 6 Bed / 3 Bath (Tri-Plex) Built - 1984 Lot Size: 7,717 Sq. Ft.

Annual CoC ROI

($325 x 12)/ $25,000 = 0.78%

Best of luck in your search!  

Greetings All,

I'm new to analyzing deals and in the learning phase of REI. I'm looking for my first deal in my current market of Phoenix, AZ metro by summer 2021 (+2 years at job). Ideally want a small MF or large SF property to BRRRR/House Hack under $350k.

Here is a property which caught my eye near work. Would y’all please take a look to see if the numbers make sense? Thank you so much in advance! (Format borrowed from @ Moriel Khaykin).

2912 E ROESER Rd Phoenix, AZ 85040

Link - https://www.redfin.com/AZ/Phoenix/2912-E-Roeser-Rd-85040/home/28143344

Asking Price - $309,000 6 Bed / 3 Bath (Tri-Plex) Built - 1984 Lot Size: 7,717 Sq. Ft.

Income

Rent/ Room - $600/month (est. average)

Rental Income - $3,000/month (Rent 5/6 bedrooms)

Total monthly income: $3,000/month

Expenses (monthly)

Property Taxes - $57 (redfin)

Insurance - (Mortgage + Homeowners) - $186 + $82 = $268

Utilities

Electric - $200

Water - $50

Sewer - $50

Garbage - $22

Gas - $60

HOA - 0

Lawn Care - $0

Vacancy - $180 - (6% rental income)

Repairs - $100

CapEx - $100

Property Management - $50 (Self)

Mortgage - $1,588 ( Principal + Interest) of [$309,000 at 3.5% and 30 year fixed]

Total Monthly Expenses: $2,675/month

Cashflow

Income - $3,000

Expenses - $2,850

Total Monthly Cashflow: $150

Cash on Cash ROI

Down Payment - $10,815 (3.5% FHA)

Closing Costs - $3,090 (1% for escrow + title company)

Repairs - $11,095

Total Investment: $25,000

Annual CoC ROI

($325 x 12)/ $25,000 = 0.78%

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FYI this was done by hand and with limited knowledge about repairs/costs. Thanks in advance.

Don G.

I'm an Applications/Process Engineer.  Just now getting seriously started in learning about Real Estate Investing since moving to a more affordable market.  Learning everything I can.  A big thank you to the books, mentors and biggerpockets network for the wealth of knowledge.  Hoping for the right opportunity to apply it soon!