All Forum Posts by: Lisa Caracciolo

@George Azita Wow, I definitely realized that I need to be more detailed and thoughtful of my numbers after seeing your post. To be honest, I think I was skewing my numbers a little because I wanted it to work so badly. I will take what you said to memory, thank you!

@Tracy Spencer I didn't know this! I'm so glad you mentioned it, thank you!

@Cade Olof Thank you so much! I will keep you in mind, I'd love to find boots on the ground there :) Congrats on having a nice place close to campus!

@Matt Horn - It is SOLID gold!! It was very enticing, but ultimately the numbers did shake out like I was hoping. I definitely will continue to look for a 2-3-4 unit in Tucson as I think its a great rental market to get into right now. I also went to college there so I know a little bit of certain areas, I love the historic home near campus. Thank you for the openness to share notes, I'll have to keep in touch if I end of finding something else.

Thank you Bob! I'm so sorry I didn't respond to this a couple months ago! Thank you for the insight, I didn't notice that and I ended up not purchasing the property for that and other reasons lol. 

Is anyone familiar with the tucson market that can offer any advice?

There is a triplex about a block from U if A for $350k. I’d have to put in an offer sight unseen today. It doesn’t have any parking (realtor said that most tenants just walk to campus as they are students). It was built in 1908 and doesn’t have any major or high ticket prices items that need immediate action on. I could add value by adding on-site laundry/storage and updating the kitchens/bathrooms. Does anyone know if $350k for this seems like a good price? The research that I’m finding makes me think it is, but I wanted another opinion. Rents right now are $800 but after rehab and addition of on-site laundry, it could get $1000 each a month. 

Oh, I didn't know that about section 8, I appreciate the insight. I will definitely do some more digging on comps in rental rates. Thank you for taking the time to have this conversation with me, I really appreciate it! 

Yes, it would be a buy and hold for me. So, one unit is renting at $700 and she will be out mid-November and the other unit is payment $650 and he is out the end of November. The rents will definitely be higher once those tenants are out and the property is updated, not sure exact numbers though, but maybe $1000 and $900. I don't think I would be cash flowing a significant amount, but I'm okay with that. I was going to look into renting to section 8 recipients, so looking for 12 month or more leases. The more I'm talking about it, the more I'm thinking that I need to get it a little bit lower in price maybe. 

Thank you for the response!

No, the wholesaler didn't have any historical vacancy rates unfortunately :/ It is currently occupied on both sides month to month. I'm also worried about future exit strategy...like, will it be hard to go and sell when the time comes.