All Forum Posts by: Mike Hottinga

In my local market, Lake Havasu City, the price of property on the mls is just to high for duplexs compared to the rents. I bought a SFH as my primary residence and will be renting a room for now while still searching for a good 2nd roommate (3/3 house). Thus capital is tied up. I feel that I do not know enough to be giving advice on RE discussion yet. I mostly read threads to learn what I can not get from books. Hopefully one day Ill have a great REI track record to be taken seriously.

I have a decent job that affords me to invest(small time compared to most). I have a 401k, 457, and a pension (for now) but I do not like the idea that all my income is dependent on one source. I like options and RE is doable after work and on my days off. I just purchased a SFH and I am renting a room out that will pay 1/2 my mortgage. I would like to rent the whole house when he moves out or rent the 3rd bedroom out.

1- Multiple income streams

2- More control over my investments versus 401k/457 stocks

3- I plan on not having my pension when I retire (30ys away)

I always wondered this myself. I live in a more retirement based area where people constantly over pay for real estate, so I don't believe many investors really live where I am. Looking forward to hearing ideas. 

Have the units individually metered and have the tenant deal with it if your city/area will allow. Some of the podcast mention of splitting the water system to individually meter the units after the property meter so that you can bill the tenants accordingly and then you actually pay the city. This would put responsibility on the tenant for reporting leaky faucets or running toilets promptly and they pay for what they use.

@Michael Greenberg Great tip on the airdna.co link!

@Kyle S. There is defiantly a big market for short term rentals here for sure. I just purchased my 1st home here in Havasu so I am trying to figure out my finances to get a 2nd property as a rental in about a year. Not to be intrusive, but I would love to see what types of properties and what you are figuring for numbers. You can PM me if you would rather not post them. I have no money for a deal right now so not trying to swoop in. Just trying to learn as well. 

Hey Kyle,

I grew up in Anaheim and have lived in Havasu for 5yrs now. I am just getting my feet wet with real estate. Havasu is a very unique market place as far as investing goes I am finding out the more I research/learn. There are quite a few listings for Havasu on Airbnb and VRBO. You could used those as a quick gauge to see what stuff is renting out here by the week. I myself am not interested in vacation rentals because I see the people who rent from out of town and how they treat properties and also the high tenant turnover. Questions I think you should ask yourself are:

What size property are you looking to get into/what is rentable at a profit?

Will there be money to be made on your purchase? (Havasu market is pretty hot right now)

How will you manage tenant turnover? (Getting the property cleaned/damages fixed)

How are you going to get tenants between Summer/Winter? (drastic change in demographic here between the seasons)

ETC.

I have been keeping an eye out for a second property to buy as  a buy and hold and to me nothing seems to make cense with the numbers. Duplexs are going for $300K+ to $400K and rents are $800-$1200/month depending on the unit condition.

Thanks @Waylon Gates. It would be awesome to get together for lunch some time. I would love to pick your brain about the market as you have a much better understanding of it than I do. I know there is opportunity in every market, you just have to find it. Lake Havasu is definitely a unique market place and an unusual one to start RE investing in as a beginner. I work an unusual schedule as it is a 4/4/8 and do not have the same days off every week. Let me know of a window that works for you and we can nail something down. I am off 17-19 this weekend if any of those days work for you.

Hello everyone,

My name is Mike and I have been a lurker on here on and off for about a year. I have been around real estate investing since I was a kid (I did not know it at the time). Growing up my Dad owned a fourplex in a C neighborhood and I would help him with odd jobs there growing up. I am now 27 years old and moved to Lake Havasu City seven years ago for a job. I am a journeyman maintenance electrician at the dam here. I have been learning as much as I can about investing and have been focusing on RE for the last year as I have been interested in purchasing a home. I purchased a SFR here in Lake Havasu City a few days ago and will be using it as my primary residence for the next year or so. I would like to rent this home out at some point to help pay the mortgage off faster or until I find another deal. I am currently looking into multifamily homes here, mainly fourplexes and duplexes. My goal is to have an alternate income stream to my career that is mostly passive (long shot I know) as I work a steady 40hrs per week. So far I have read both BP books, I just bought Jay Scotts book on estimating rehab costs, I am on podcast 33 out of 300 something (just found these), reading BP as much as possible, and trying to learn my market. The more I learn about my market the more I learn how bad it is regarding RE investing. I am looking forward to engaging more with this community!!