I just completed purchase of my 2nd 4-plex in Phoenix area and have a couple questions:
For my 2nd unit I want to try going without a property manager for awhile to see how it goes. If I pay for one, my monthly net will only be $100. But if I do it by myself, I net $300+ which is more to my liking. Am I crazy/greedy for trying this? NOTE: I live in San Diego…
Any other good markets you’d like to recommend? I was happy with the prices of my first 2 units in AZ, but the prices have gone up and I’d like to find a place with a lower entry price.
I love the Colorado market they are expecting a 40% increase in prices over the next five years! Also Austin Texas is a good hot spot! I also like you think AZ is a place to be! Then there is Fl. I guess what I am saying is it is always good to diversify.
For $300 I would keep the property manager especially since you are not minutes away. I think NY, PA, and NJ have great property values and are steadily increasing due to the NYC market.
Gulf Shores was a beautiful place to visit with some nice property. Before the hurricanes this year I suspect there is a bunch of property that can be picked up cheap there now.
I’m loving the Atlanta Market…! Great properties at a fraction of the price…! I’d definately agree Hotlanta will be a great place to take advantage of.
Hustleway,
Are you in Atlanta? I am also, and I agree that this market is great! I do caution anyone that as great as the RE market is here, there are tons of so called wholesalers that have unrealistic ARV’s on a lot of these properties, so due diligence, in fact, double due diligence, is required. Just thought I would share the facts. I like to see everyone succeed!
I heard Seattle and some surrounding areas will be very hot. I checked into REAL ESTATS and some places have appreciated as much as 89%. But then again, Seattle is overpriced…I’m looking for some affordable places and I’m not sure Seattle is affordable. Well, for me at least. Does anybody have any opinions? Love to hear them.
A good property manger is worth their weight in gold. I also own property in AZ, but live in Maryland. The property manager finds and screens tennants, has access to MLS for posting the property, and coordinates any repairs with local contractors.
I think that retirement communities in AZ have a great potential for increasing in value. Baby boomers are reaching retirement age and CA and FL may not be affordable to them. There are still good deals in Sun City, and property tax is among the lowest in the country (since the city is a restricted age community, taxes do not pay for schools).