All Forum Posts by: Sameer Patel

Hi Sam,

Thanks for offering to help.  I am open to having this conversation via the thread.  I am trying to understand what besides standard condo fees/costs I should consider when looking in the area?  Specifically are there environmental shifts that might be happening in the area?  I've heard developers are moving in.  Is there a transition happening from an age demographic?  What about rents?  Are they changing?  Is there a trend towards specific amenities - especially if demographics are changing?

I am looking at an older condo w/ an opportunity to rehab in the future.  Small upgrades are there but the community is a bit older from a building perspective.

Summary is basically what other things are happening in the area that maybe I can't just see in visiting the location.

Sameer

Hi,

I am currently exploring an opportunity to purchase a property in the Biltmore area.  It is a condo that is very close to the Biltmore fashion square.  This area is not in my traditional farming zone (I'm currently in Chandler/Gilbert/Tempe) and while the numbers seem to make sense I wanted to see if there was anyone here who might have experience in that particular area?  If so would you mind PM'ing me and being open to a quick discussion?

Thanks in advance.

Sameer

@Bill S. - Thanks for the feedback.  I like that option so the tenants are helping me pay for the appliances.  

I'll come back here w/ an update once I have my tenants in the home.

Sameer

Thanks all for the feedback.  I've done some research around and it's been a bit of a mixed bag.  Not really consistant.  At this point i am thinking of not putting them in initially unless during screening and walk thru's I get a lot of feedback about it.  This way I can avoid the expense till I know it's needed.  

@Nathan Gesner Thanks for the suggestion on the breakdown of rents based on unit w/ and w/o laundry.  Will consider that in my listing.

Hi all,

I am in the final phase of my first investment home purchase and am trying to determine how to handle supplying laundry appliances. Currently the home has hook ups as expected but I was leaning towards not providing the appliances. I am not sure if this is a major deal killer for a SFH rental unit in a A/B area. I've had personal experience in the past where the units were not provided and we supplied our own, but not sure if that is the right strategy for my offering.

Wondering what folks opinions are?  Is there an expectation to have appliances available?  Do we offer them as part of signing for an additional monthly fee or as an incentive to get the "right" tenant? Should I offset my expectations on rent or tenant quality by not including them? What else should I think of that maybe I am not?

Thanks in advance

Sameer

Thanks Lorenzo for the quick feedback.  I got to select from 2 but not sure how good either are.  I had experience w/ 1 of them but not the other.  Wasn't impressed w/ the first so felt like was down to 1.  

I'll call your west valley contact ASAP to see if he/she has a suggestion out east.

Sameer

Hi all, I was hoping someone might be able to help. I am going thru a purchase of a SFH for investment purposes and trying to get a name or 2 of a good home inspector that I can trust. Not 100% confident of guys an agent suggests as I don't know how through they will be. Any suggestions? The home is in chandler. Thanks in advance! Sameer

Michael,

Thanks for all the great detail and points you made. I'll go back and search for the previous discussion mentioned. I had tried to search for similar topics but must have not seen that one. Some background on the property... It is currently an established STR with 8 years of history. NOI around $2200/month average (before debt service) over 12 months. The $ #'s on the STR do seem pretty positive especially when considering the upside. The property I am looking at is pretty much "turn key" including furniture so I'd just take it over and learn from the out of town owner on how to manage. Location and the reputation of the home as a STR is great.  They even have reservations cemented in for some peak periods over the next 2 years.  It really is me buying a "business" with the property as an asset.

I do have some more specific questions. Especially around is there a point where a "young" (by experience) investor the money to get into STR vs getting my chops on Buy & Hold SFRs maybe something to consider? This would be my first property so i don't have the experience of the "Traditional" SFR. Especially when considering the learning experience required to manage the STR and potential for months where tenants are not in the home? What about slow periods? How do you encourage folks to come? Is it just price? More?

 The other thing that concerns me is that the equity for this one would really be mostly my down payment.  Am I looking at this incorrectly?  The reason is b/c the seller realizes the value of the homes potential as a business and is looking for top $ and therefore little to no discount.  I've asked the seller for for some seller financing and they are open to it.  Still at the end of the day the lack of equity on the way into the property is a concern especially as we enter the "hot" months of phoenix where I'll probably end up having to lose $ up front till around Oct/Nov and carry the property as I establish my presence.

The asking $ for this one is a stretch for me and I can find the funds but it would really shift my initial plan on buying a few properties this year and only now allow me to buy this 1.

Would love to learn more from you if you might be open to talking.

Thanks again for your feedback.

Sameer

Hi,

I've been working on getting educated on the forums and listening to podcasts.  I recently came across an opportunity buy a property that I could fix up and make a vacation rental.  I wanted to ask if anyone has experience in doing this and if so would be open to connecting?  I'm trying to get a sense of what are the keys to consider/look out for with a situation like this as it is not the normal buy & hold or flip.  The property currently is not a vacation rental.

I am in the Phoenix market and if there are any local investors with this experience and are open to meeting please do let me know.

Denny - Hi.  I am also in Tempe and interested in learning more about your experience w/ MFU's in the area.  Specifically I am trying to get a good gauge on what challenges you have faced w/ renting the units, managing and owning.

If you are open to sharing, I can PM you.  Else if you have any resources I should look into, I'd love to hear your feedback.