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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?
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Yep...a friend of mine does it. Break even or better, depending on your payment...
http://www.planetsmilies.com/smilies/happy/happy25.gif
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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.
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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.
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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.
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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.
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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
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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.
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I want to own enough property out there to live off the income!
HD the original
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Have you looked into a duplex, I heard new ones go for about 150k+- then you could be a SLUMLORD twice as fast. SB