All Forum Posts by: Noah Corwick

To point you in the right direction, I'd look at rental comps in your neighborhood or the surrounding area. You'll likely be able to find a trend at the price point you're aiming to re-rent your place at. Wouldn't hurt to take a took of comps currently on the market either to see the colors & styles in person.  

Fair point. I'd say right now it's more about appreciation potential based on many economic, infrastructure, location and price point factors. 

I'm sure we would both agree that rentals are a long term play. So if the subject property's location meets certain appreciation potential criteria, it's something to consider in what to do with the property. A blanket approach to area appreciation due to where things are currently at is too black and white in the big picture. 

I'm not saying the property shouldn't be sold, but the right reflective questions just need to be asked ya know.

Hi William, 

I think more context is needed here in order to provide a true opinion. 

-What area of town is the property in? Is the home in an area that is on the appreciation horizon or up and coming? 

-How much equity do you have in the property? 

-Have you looked into the MTR/STR market for where the home's located?

-Obviously nobody knows if/when rates will go down. But have you ran numbers and identified a rate percentage that you'd feel comfortable with from a cashflow perspective? 

Hi Jordan, 

I'm a big believer in following your gut, and it feels like your gut is telling you to try the MTR route with your property. This seems promising from your description with hospitals being near you and the booked listings in your complex. 

Some ideas for furnishing it is to get a lot on FB Marketplace/OfferUp to save money or stage it virtually with the notation in the description that you will furnish it prior to the tenant moving in like Jeff mentioned previously. 

Overall I'd keep this property unless you feel you can upgrade significantly or have a ton of equity. I obviously don't know what part of downtown PHX you're in but be patient as downtown continues to expand. 

Hi Crisme. 

Like others have said, house hacking is one of the best paths to least resistance ways of getting into REI and scale slowly but surely.

Solid vision of buying near Midwestern University. There's a lot of movement right now in northern Glendale due to the price point and there are a lot of underrated neighborhoods near the Arrowhead mall. 

One piece of advice that I see a lot of first time house hackers overlook in this market is the future refinance calculation. It's a buyer's market right now (so you can get aggressive on an offer) but rates will likely still be high. So be sure to mentally budget for when you will need to do this. When this would actually occur is anyones guess.   

Hey Stepan. Check your DMs. 

One thing to consider is how you intend to Property Manage the home. Will you be doing it yourself or will you be hiring a company to do this? You'll need to factor this when you're running your numbers. 

For example, if you're hiring a Property Manager, does the LTR rent enough give you enough margin to be happy with the cash flow (8-10% goes to the PM each month)? If not, you should probably consider MTR.

Like Greg had mentioned, it is an imperfect science especially in PHX where MFH's are patchy.  

In addition to this, I would also start with what knowing what the units are being rented for currently to establish a baseline. Then based on the condition of the property and looking at the closet comps that you can find, you can extrapolate some of the projections out. 

Also in my experience, there are usually some MFH's near the subject that you're able to comp the rent out for to further establish the baseline. I'll shoot you a DM .  

 

Hi @Jeffrey McGrew! I have a property in PHX that might be a strong fit. I just shot you a DM. 

Hi @Deserey Templeton. I'd really recommend Brandon Turner's book called, "The Book on Investing in Real Estate with No (and Low) Money Down."

It will hit this topic right on the head for you. 

Best of luck!