Yep...a friend of mine does it. Break even or better, depending on your payment...
http://www.planetsmilies.com/smilies/happy/happy25.gif
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