Greatly appreciate that.

Appreciate any input

I realize options may be limited here in the Phoenix area (only two I know of in Phoenix & Chandler with storefront units), but if anyone could point me in the right direction (on either (1) what to search for, or (2) any existing properties to look at), it would be much appreciated!

Also if any lenders in the Memphis area have advice it would be appreciated!

These are some of the ways the clients could be affected by property managers who are not prepared: Extended VacanciesInadequate marketing strategies and tenant screening processes can result in prolonged vacancy periods, translating into substantial lost rental income.High tenant turnover due to poor resident relations further exacerbates vacancy losses.Inadequate Maintenance and RepairsNeglecting preventive maintenance and delaying necessary repairs can lead to accelerated property deterioration and higher long-term repair costs.This can also negatively impact tenant satisfaction, contributing to higher turnover rates.Legal and Compliance IssuesLack of knowledge or disregard for landlord-tenant laws and regulations can expose investors to costly legal disputes and penalties.Failure to properly handle security deposits, evictions, or fair housing practices can result in significant financial liabilities.Ineffective Financial ManagementInaccurate budgeting, expense tracking, and financial reporting can lead to uninformed decision-making and missed opportunities for cost savings.Failure to optimize tax strategies and leverage available deductions can further reduce net returns.Diminished Property ValueInadequate maintenance, high vacancy rates, and poor tenant screening can negatively impact a property’s perceived value and appreciation potential.This can significantly affect the long-term return on investment when it comes time to sell the asset.While a 10% management fee may seem reasonable for a well-performing property manager, the cumulative impact of mismanagement can quickly escalate the effective cost to investors, potentially outweighing any perceived savings on the management fee itself.

I have allocated $250,000 in savings specifically for investments, aiming for a conservative down payment of 3.5% to 5%, depending on the deal and financing terms.I am planning a visit to Florida in June to scout properties and gain a deeper understanding of Tampa's neighborhoods, including the greater tampa area.

It's a great way to increase your net worth and these loans can also be used to pull cash out of a property as it appreciates allowing you to reinvest money into new deals.Happy to connect to discuss further. 

With a 1-BR condo, the appreciation lags well behind SFH's, but over the long term there's no way it will lose value -- it's near hotels, a major bar/restaurant destination, good schools, and a station that serves the city's best Metro line.

Let it continue to appreciate. 

Take ownership of your mistake and learn to do the proper due diligence recommended above😊 Thank you Michael for the detailed explanation, I really appreciate it!