All Forum Posts by: Albert Hasson

Bought 3 homes in 2005, still have them. Thanks to HARP 2 they all cash flow (minimally!). Turned one into an assisted living home, was getting $1100/mo now get $1600. Still comp out about 20% below what I paid but I have patience. Sticking with them and not walking away allowed me to buy additional properties starting in 2010.

I agree with Uwe, most illegal Hispanic immigrants I have run across (landscapers, housekeepers, nannies) have been hard working, decent folks. I would rent to them over US born white trash any day.

I must be really old fashioned but my tenants just send me a check. Don't think they would want the hassle of going to the bank every month and depositing money in my account. Don't remind them to pay rent either.

I tried used when I first started out and had problems with repairs so I have been buying new for many years now. New appliances should last 10-15 years as long as they are not abused.

I have rented to many tenants with a history of bankruptcy. Medical bills are the number one reason to file for BK. What doesn't make sense is why would the daughter be responsible for her mothers med bills? That needs to be looked into but if there is a reasonable explanation, their income is good and they have a good rental history I would rent to them.

Really?? I love my timeshare weeks, just got back from 3 weeks in SoCal, best money I ever spent.

Brian,
My wife and I manage all our rentals ourselves. Since its only the one rental you can probably manage it yourself. Being a newer home it will not have many maintenance issues as long as there's not a lot of deferred maintenance. You need to find a realtor who can list the property on the MLS and accept an application, run credit, etc. Most realtors will charge 6-8% of the gross yearly rent as their fee. I don't see any reason to pay a property manager 8-10% a month. I would however check your rental estimate. That seems high to me for Queen Creek. Do you have a pool?

Brian,
I own a bunch of high end rentals in the Phoenix metro area and in my opinion you should rent it out. If you screen your tenants properly with an application, credit report, criminal background check, etc. then you should be fine. I have been investing in Phoenix since 2005 and have NEVER had one of my high end rentals trashed. In fact, my tenants go out of their way to alert me to issues before they become a problem. Chances are for a $2150/mo rental you will attract a family with an income around 100k/yr. I charge a 1 mo security deposit plus $300 non refundable cleaning deposit. So in your case you will have nearly $2500 to address any issues when they move out.
Of course, you could have plain old bad luck and get a crappy tenant but the chances of that in your rent range are slim.
Good luck.

Not many REO's left in my market but a few years ago i probably had a 10-15 to 1 ratio of offers to acceptances. Keep trying and best of luck

You don't give much info but the number one rule in RE is location, location, location! I would avoid the house on the busy road.