Archive for July, 2010
Phoenix handyman Mark Deermer and I have been prowling potential rental homes in the western suburbs of Phoenix. I’m looking for all of my usual stuff — all the factors that make the Metropolitan Phoenix rental homes we sell rent quickly and stay rented. And Mark is going through the homes to get a quick estimate of the cost to refurbish the homes, bringing them into rent-ready condition.
This is an easy world to live in right now — for buyers, at least. The quantity of available homes is rising, and the quality of those homes seems to be going up, too.
Here are six properties we’ve seen lately.
- 11564 West Harrison St, Avondale, AZ 85323
- 10510 West Roanoke Ave, Avondale, AZ 85392
- 12617 West Fairmount Ave, Avondale, AZ 85392
- 12637 West Cheery Lynn Rd, Avondale, AZ 85392
- 15553 West Durango St, Goodyear, AZ 85338
- 15527 West Mohave Cir, Goodyear, AZ 85338
This all about strategy: We start with homes that might work and that are not insanely overpriced. Working from a projected rent, we know what the maximum entry cost should be. Mark’s refurb cost is subtracted from that gross number, which yields the ideal purchase price. We make the offer on that basis. If we get the house, we get it. If not, we move on. But if we do get the property under contract, we know that it will be profitable from the first tenant.
Ready to make your move? Send me an email or phone me at 602-740-7531 and I’ll help you buy a Phoenix-area rental home like one of these.No comments