All Forum Posts by: Jackson Harris

Hi Duke, 

I think this was and is a great investment so I wouldn't be looking at this as a bad investment by any means. 

I think to answer your question you need to think of what you want going forward. Do you want to scale more and maybe sell this property and 1031 into something else that may cash flow more, or hold onto it because the cash flow is pretty steady it sounds like. 

Knowing what you want to do next will give you the answer of what to do with this property and if you're wanting to grow and get more properties then I would be looking at using some of the equity in this property in Scottsdale to fund some other investments, or maybe holding onto this property since it's cashflowing and waiting to invest in something else until you have the funds.

Hi Kornelius, 

My partner and I have some STR's in Mesa and Glendale. I'd say visitors do usually use more power than you'd think but that does seem somewhat high. We have 5+ bed houses and we're usually a little under $300 outside of summertime.

Welcome to BP Daniel, I did the same move from Seattle down here a few years back! 

Would love to connect and let you know more about the area from my experience as an agent and investor here, I'll send you a PM.

Hey Martin, I did the same thing a few years back - I'm from Seattle and moved to N Phoenix!

In my opinion, holding onto real estate is better than selling in most cases. If you're cash flowing on the home being rented, I would keep it rented and decide what you want to do with it later. Who knows, when you get down here you may be happy you have some extra income coming in. 

I do think the gameplan depends on your strategy though. If you have a portfolio of rentals and want to keep this home as part of your portfolio, go for it and add to your cashflow. If you are wanting to take a big lump sum and put it into an awesome place in Scottsdale then I'd 1031 it. 

I heard a podcast the other day with a host saying something along the lines of "there's 3 phases of investing: starting, scaling, and harvesting." Sounds like you're in the scale/harvesting time so I think you need to determine if this property is something you are happy with the cashflow it would produce as well as the time needed to manage it or hire a property manager, or is it time to take the equity and redeploy it into something more worthwhile like a higher cash flowing investment or creating higher equity in the home you buy down here.

Definitely will bring more jobs and with that the workers' families. I think it will add more competition to the rental market and the buyer market specifically up in N Phoenix, Deer Valley, Desert Ridge, and then up into Anthem - but will bring up value throughout the county. 

It'll take some time but I see Anthem and all around the plant growing significantly over the coming years, small multifam and sfh's may be a good buy up around there.

Hey Saul, 

Those are both good markets, I do feel stronger about Phoenix but I am a little biased living here. 

I'd be happy to get on a call and tell you more about this market if you have some questions!

Hey Sophie, 

I'm actually from WA and moved down here a few years back!

My partner and I have a portfolio of STR's ourselves and work with out of state investors all the time to help them get their next STR property. I'll send you a PM!

Hey Diana, 

Definitely investing out of state when you live in NY is a good idea. You are right you want to make sure you have a strong team in place to see the properties for you. 

I'm in AZ and when working with out of state investors we do deal analysis together to see what areas you're liking, then setup a day of facetime showings. Whether we get through them all or not we get the investor a good idea of what the homes look like, from there the investor can decide what they want to do. We don't stop there, once you get the property you can tap into all of our connections in the area from service providers to GC's and PM's. 

If you need help whether you're looking in AZ or not I'm happy to help you out if you have questions!

 Hi Jemini, I would start by doing research in the markets you're interested in to see what the rents vs. purchase prices are along with looking at the supply and demand of the market. 

Phoenix is a great market to be able to buy properties in your price point, that can be rehabbed so that you can't rent the property for more than before. In my opinion that's the strategy for a lot of investors at the moment is becoming a value add investor and not just buying something off the MLS, no rehab, and expecting to get cashflow.

Once you have a market chosen I'd connect with a realtor/wholesalers in that market through BP or Facebook groups to get a first hand view from them on how their market is performing. Finally, once you have it narrowed down to a few markets - go see them in person and get a feel for the area. 

I'd also recommend staying away from townhouses if you can but understand in some markets they are more common than others.

In AZ we look off market deals almost exclusively. Not much good stuff on the market right now that can cash flow without work and on the MLS the prices don't allow for some extra reno.

My clients are buying distressed off market properties and BRRRR'ing them or flipping. The other route you can look into is purchase+rehab loans if it's going to be a primary, if it's an investment then using hard money, bridge loan, or DSCR.