-
On my quest ot become the ultimate Slum Lord http://free.***boat.net/ubb/tongue.gif I was thinking about possibly investing in some property in Havasu or someplace near the river where I would be able to rent the property out for 6 months of the year ( Nov-Apr or something like that) to subsidise the cost of having some property in AZ and taking advantage of those low AZ taxes and having a pad for the Summer Time http://free.***boat.net/ubb/biggrin.gif
Has any one done this, what has you experience been? Did you break even?
-
Yep...a friend of mine does it. Break even or better, depending on your payment...
http://www.planetsmilies.com/smilies/happy/happy25.gif
-
hey Supercrew, my buddy owns a condo in havasu, I think his mortgage on it is like 4 or 5 hundered a month and during the winter he rents it for double. So basically he can pay a years worth of mortgage in six months and live there for free when he kicks the snow birds out. A sweet deal for sure.
Good luck.
-
Hi Picklefork,
Where did he buy the condo? I have heard pro's and cons about the differnt parts of town, does anyone have any suggestions or input on this? Pro's or Cons?
Originally posted by picklefork1:
hey Supercrew, my buddy owns a condo in havasu, I think his mortgage on it is like 4 or 5 hundered a month and during the winter he rents it for double. So basically he can pay a years worth of mortgage in six months and live there for free when he kicks the snow birds out. A sweet deal for sure.
Good luck.
-
Maybe 5 or 6 blocks from the water next to a shopping center or a target or something. He has had nothing but good things to say of his investment. I will try to get some more info for you.
-
Supercrew,
I'm doing just what your talking about. We finished the house last April and hoped to rent it out to the snowbirds, but because of 9-11 (supposedly) the prop mgmt company only go it rented for 1 month. If it were rented all winter, the rent would have covered about 70% of the years mortgage.
Let me know if you have any other ?'s.
-
Originally posted by 1ASKYDV:
Supercrew,
I'm doing just what your talking about. We finished the house last April and hoped to rent it out to the snowbirds, but because of 9-11 (supposedly) the prop mgmt company only go it rented for 1 month. If it were rented all winter, the rent would have covered about 70% of the years mortgage.
Let me know if you have any other ?'s.
That is terrible about your losses due to 9/11. I guess that is always a risk. Did you use an agency to rent your place?
Also, Did you buy a vacant lot and build a custom home or did you purchase something that was turnkey( or minumal elboe greese http://free.***boat.net/ubb/biggrin.gif
-
Yes, I used a property management company. It seems the easiest for me. They handle all the details (checking renters in & out), security deposits, and if something breaks the renters call the prop mgmt, not me in CA!
Secondly, yes, I bought a vacant lot and put a "semi" custom home on it. A buddy of mine in Havasu builds these houses with the California weekender in mind.
-
I want to own enough property out there to live off the income!
HD the original
-
Have you looked into a duplex, I heard new ones go for about 150k+- then you could be a SLUMLORD twice as fast. SB
-
Originally posted by Sun burners:
Have you looked into a duplex, I heard new ones go for about 150k+- then you could be a SLUMLORD twice as fast. SB
I havent yet. Actually I have just started sniffing around, but I think that is a great Idea..Slumload twice as fast, having a place to stay for free..hey hey.. I like the idea http://free.***boat.net/ubb/tongue.gif
-
Im goig up there right now, if I'll try to get some Info.
-
We rented our house out there last year for 4 months and this past year for 3 months. It is hard to find the snowbirds that want to stay more than 4 months. Most of them stay where they are for the hoidays and come out in January. They have stayed till the midle of April both of the last 2 years. It is a 3 bedroom 2 bath home with a pool about a mile from the bridge. We are getting $1200 a month but were told we could get more with a pool heater. Location seems to be a big thing with the snowbirds, they want to be close to town (Bridge area).
-
I have a condo at the Nautical Estates on the island. My monthly outlay is just under a grand, with mortgage, utilities and HOA. My inclome last year was just under $16K. The snowbirds like the condos better (or so I'm told) because they like the social interaction with other birds. Plus, mine is on the island golf course. Last year, I had 4 months of birds, this year, due to 9/11, I only had one. My unit gets rented out by McCulloch Vacation rentals and they do a great job of renting even when you're not there. My bird rent is 1750/mo and my summer daily is 165/night, and on the big 3 (mem, 4th, Labor) I get 295/night w/a 3 night min. Good luck! It is the BEST investment I ever made - free trips to Havasu!
-
-
summerlove, what do you do with your boat when you're staying there? Do they have slips or do you have to put it in/pull it out every day?
-
I store them at Campbell. The garage at the condo is too small. If you add in the cost of storage (2 boats = 200) and the 200 HOA, that $400 can go along way in a house payment...
BTW, try and rent a slip at the marina or I pull it out every night, or leave it on the beach at the Nautical Inn.
Hope this helps!
Rick
-
Thanks, summerlove. BTW, what's HOA?
-
-
-
Summerlove,
We just got a call from the agency that rents our house to the snowbirds and they want to rent it for five days on Memorial weekend for $250 a night. We asked them to determine the age group before we say yes. Have you ever had a problem with damage to your place on one of the "big three" weekends? They are leaving a $500 deposit if we decide to do it, but I am a little nervous about the possible damage to the house.
-
Just thought I rejuvinate this one.
Do you all think it is better to build a semi-custom and rent it or buy a place in an existing area. If I were to buy an existing place, what areas near the water are the better choices..
-
John, ever read a copy of the White Sheet, Havasu paper? Almost ALL real estate, from new builds to existing homes to buildable lots. I have a recent copy I could send you or pick one up next time you're out there.
-
I'm still gathering research on this whole subject a little at a time. I think we will be making a move on some property around the end of the season, kinda, sorta, maybe. j/k
I'll try to let you know what I come up with.
-
Does anyone ever do time share's in Havasu? Say two to three people going in on a place?
-
Supercrew;
Just bought a house in Havasu myself. I plan on renting it out for the winter months also.
If you need details, email me.
-
Originally posted by SUPERCREWJOHN:
Just thought I rejuvinate this one.
Do you all think it is better to build a semi-custom and rent it or buy a place in an existing area. If I were to buy an existing place, what areas near the water are the better choices..
From our experience, if you are looking for something that is easy to rent, a central location is more desirable. our house is about 1 mile from the bridge and a lot of the renters we have had like that.
-
I was wondering if anyone has a rental property in Bullhead City ???
I am considering buying a home in the gated Fox Creek Development for use in the summer and rental say from Nov - Apr. The home would be new construction, 3 bedrooms, 2 baths, approx 1800 sq ft and have a 3 car garage w/ 2 of the stalls being 40 - 50 feet deep !! I figure I can store my boat year around and the tenant can still have 2 stalls (even for a motorhome if the door is high enough!).
A few questions:
1) Does anyone have a home similar to this for rent in the winter in Bullhead City ?
2) What is reasonable rent ?
3) Are there management companies in Bullhead that can take care of this type of arrangement ?
4) Is a 6 month rental unrealistic ?
5) Are there any RV websites similar to this one where I can take a poll ?
Thanks for any help & info !!
Speedee28
