All Forum Posts by: Melissa Romano

Welcome to Arizona! I also made the move from the Philadelphia area. You've already gotten some great suggestions but I'd add the following:

It looks like you have a lot of cabinets -- are any of them salvageable/paintable to save on the cost of new cabs? If not, IKEA has great pricing if you've got the time and patience to assemble. Check out scratch & dent yards for quartz/granite countertops. I personally have never purchased retail stone and have gotten some really nice slabs. Scratch and dent/store model appliances can also be a great option, and I've always found the best retail prices at Spencer's. 

I'd also recommend sticking with modern-looking pea gravel and not being tempted by grass in the backyard. You can make some really nice landscaping designs with pavers, a DIY built-in firepit, and desert plants (check out the Plant Stand of Arizona and keep an eye on their Instagram for landscaping specials). Painting your block wall can make a big impact if you're spraying your exterior as well. 

Welcome, and good luck! 

@Chad Parker hi there! Agent and investor living in South Scottsdale!

@Colin Cody I would also vote for number one. If you purchase a primary residence, you guys will be eligible for a lower down payment and better interest rates. When my husband and I moved to Scottsdale a few years ago, that’s exactly what we did. We purchased a three bedroom townhouse that we could easily afford and allowed us to purchase other rentals. After adding value and fixing it up ourselves, we were able to rent out and then eventually sell as an occupied rental for a good profit. 

Female investor & agent in Scottsdale, AZ. Hi all!

Just so everyone is aware, the bill did pass but it looks like there is still some work/modification that needs to be done before it actually becomes law. 

@Cameron McNulty I personally moved to Scottsdale for my first real estate deal about 3 years ago and have done a few more since then. I put 3% down on a townhouse that I lived in and renovated, lived there for almost 2 years, placed tenants, and then ended up selling for about $60k profit… This townhouse was really easily affordable for me so I was able to save up down payments for additional rental condos. Scottsdale is great for long or short term rental investing, and since so many people are interested in Airbnb investing, long-term rental rates have increased here as well. I’m happy to talk Scottsdale with you if you’d like to explore further, and I’m also now a local real estate agent.

@Lacey Daebel I did not! It’s pretty easy to do it yourself through the state: https://ecorp.azcc.gov/

Hi Lacey! Fellow Scottsdale landlord here, and that definitely sounds excessive. I believe it costs about $80 to set up an LLC in Arizona, and I've set up 5+ myself with no issues.

For accounting I use Excel for long-term rentals as expenses/incomes are the same every month (I just add an extra line item in case of extra expenses like repairs) and Wave Accounting for short-term rentals (it’s free and integrates to bank accounts!).

I’m no financial professional, but accounting for rentals isn’t terribly complicated and can be DIYed pretty easily and cheaply!

Fellow Scottsdale owner here. I've gotten 3 one bedroom condos up & running and see about $35-40k in rental income each year per unit. To me, it hasn't made sense to move up to single family homes for Airbnb/VRBO since I haven't paid more than $150k for any condo. Plus, I find it easier to place a mid-term length tenant over the summer in a one-bedroom condo. I've been self-managing for 2 years and have automated many of my messages/processes but just hired an assistant to essentially be on call if guests need anything so that I don't need to stay connected to my phone this vacation season. I'm excited for this upcoming season-- many couples come to Scottsdale every year for vacation and will book my rentals over and over again and can earn $6-9k in Feb/March alone with minimal work as many guests like to come for 2-4+ weeks. Happy to share insights with anyone considering! 

@Brianna Andreola not sure if you’re going for immediate investment potential via house hacking or looking for income later, but we just moved out of a 1% deal— we purchased almost 2 years ago, lived in and fixed up, and rented a few weeks ago at 1% of purchase price. Happy to brainstorm if you’d like to discuss!