All Forum Posts by: Emily And Eric Erickson

 Inventory is low which requires higher diligence to find the right property. But it also means rent rates continue to be strong so the numbers keep working. We have either purchased or helped clients buy 4 properties in the last 3 months so still finding deals. 

 Like politics, all good deals are local. Even within the Phoenix metro area, you are going to find a wide variety of traffic rates. I would worry less about MSA areas and figure out what traffic rate you need locally to ensure it meets your minimum requirements

 While there are probably many, I can personally vouch for Tucson, AZ. Great appreciation - 4% average over last 30 years BEFORE the last 2 years of craziness and really strong rental rates which translates into strong cash flow. Quick example, bought a single family home in December for $240,000 and put a renter into it for $2,085 per month. Depending on how you finance this (this one was a cash deal so not totally applicable) cash flow can be anywhere from $600 to 900 per month. 

That is horrible. Definitely some lessons learned. Hopefully the hot market will allow you to sell without losing too much, if any at all. 

What is a the Passive Income club?

Did you do this just with a lender or did you have some money partners as well? Sounds like a great project!

Lease option is long term rental of single family homes. Metrics are industry averages compiled from multiple sources as each are unique asset classes. Which asset class do you have experience in?

@Tom Albares You might be looking at your situation too narrowly. If you are making good money on your 2 current investment properties, have a good down payment saved up (hopefully from those investment properties), and have a favorable lending profile, most lenders can find a way to help you grow your portfolio even more. You make money and they make money. 

As an example, I just helped a corporate executive purchase his THIRD investment property over a 6 month period and the only requirement the lender had was confirmation that each property was filled with a renter before giving the green light on the next one. He was veteran but did not go with USAA or similar institution as they typically focus on primary residences and not investment properties

Sounds like some good lenders have already chimed in, recommend you interview at least 3, see which one gets you and your goals and move forward. Let me know if you need any investor friendly lenders that are local to Tucson. 

Welcome Kimberly - I am a Tucson investor and agent and would be happy to chat about any Tucson specific questions you may have.  

@Kyle Swengel Is multifamily the only asset class you are considering? 

Depends on what type of flooring you are looking at. Based on a previous post, your best option is tile. Start at the Floor and Decor wholesale store, see who they recommend and build your experience from there.