Home Buying in 85281>Question Details

Ben, Other/Just Looking in Summerlin, Las Vegas,...

Hello, What do you think about buying a condo for 60k max and renting it out furnished for 1100 a month in the 85281 ASU area? Thanks, Ben

Asked by Ben, Summerlin, Las Vegas, NV Wed Aug 25, 2010

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Gotta love CA agents commenting on the local Tempe/ASU market.

Ben, it depends. What's the location and condition of the condo and complex, HOA fees, etc., etc.

Are you planning on managing the property yourself, or paying a property manager?

Do you plan on holding on to it for long term or short term?

Will you be paying cash or financing the purchase?

I'm wondering >>> If you have to ask the question on a national forum like this, inviting responses/opinions from total strangers, are you ready for such an investment?
2 votes Thank Flag Link Wed Aug 25, 2010
If it is legit and really 60K, buy it. Rent, depending on the size would be about 1.00 a square foot, depending on condition.
Flag Thu Mar 24, 2016
Randy has good comments/questions. However, I really doubt you will find a condo for under 60K in that area where you will get $1100/mo, even if furnished.
1 vote Thank Flag Link Wed Aug 25, 2010
Who is your agent? If you don't have one you need one for many reasons... not just to run the rental comps for you, but there are things you need to know.. find out the data on the average days on the market it will take a furnished unit to rent vs. unfurnished, research the property for possible liens, issues etc, someone to run the background checks for the tenants, someone with E&O insurance who is licensed & bonded like a Realtor who will protect your interests. It's great you want to invest in Real Estate, just do it with a Realtor, protect yourself and make sure you know all the facts & data before jumping in.
0 votes Thank Flag Link Mon Jun 29, 2015

The opportunity for investors right now is awesome! It doesn't have to be a rental near the college to be a great opportunity. We handle purchases for investors all the time. If you want to discuss some great possibilities give us a call!

Brenda and Ron Cunningham
West USA Realty
Ron 602-499-0694
Brenda 602-980-3133
0 votes Thank Flag Link Wed Sep 22, 2010
Hi Ben -
Love the idea! I have had a large pool of my buyers in 2010 doing just that. A good # of them were purchasing for their son or daughter attending ASU. You may want to consider NOT furnishing it & renting it out at a slighly lower amount. Parents (& kids) are looking for rentals that will be less than their dorm payments & they know they can buy affordable 2nd hand furniture or things from IKEA. You do also need to look at the HOA fees in the area -- some can be as high as $200/mo. You may want to expand your search a little to just outside of 85281 & you will be able to purchase a slighly larger condo, possible lower HOA fees, close enough to the light rail for the students.
Good Luck with your venture
Christine Holwell
West USA Realty Revelation
0 votes Thank Flag Link Thu Sep 16, 2010
I personally do not think that a condo is a good investment. The loan programs are really hard on condos at this time and there is / maybe many other problems. I believe all day long that if you purchase an inexpensive single family and rent it out you would be much better served. I know that the ASU students idea sounds like an easy target but there are downsides to that idea as well (summer vacancy, higher priced homes near ASU etc...)
Want a good investment and to get your money for rent? What about a good 4 bdr SFR?
Why not look at a stable community and rent to a family that have lost their home through foreclosure?
Talk to them about a lease purchase idea? Why would that not be a better way to go?

Web Reference: http://www.homeloandiva.com
0 votes Thank Flag Link Thu Aug 26, 2010
I like the idea but you must be very careful about the Condo, is it FHA Approve (not for you the investor but when you have to eventually sell it will that be an option for the new buyer). Also, is the condo complex involved in a lawsuit of any kind. I would prefer an investor buy a single family home near a college campus and rent it out if they have the money. I believe that the income potential mentioned in this scenario is lofty, no pun intended. For those realtors out there that have customers with college age kids, you should be talking up the FHA Non-Occupying Co-Borrower (kiddie condo) loan; this is the time for parents/grand parents to be partnering with their kids/grand kids. This loan also works in reverse, if there are elder parents of parent that is currently renting and their kids want to be on the loan with them; they can buy using this loan. Realtors, go back through your databases and make 5 extra phone calls today and see what kind of hidden opportunities are out there.

Matt Puzz
Licensed Loan Originator
Amerifirts Financial, Inc.
Apply Online: http://www.mattpuzz.com
Web Reference: http://www.mattpuzz.com
0 votes Thank Flag Link Thu Aug 26, 2010
Hi Ben
No shortage of students at Arizona State , over 45000
Can't go wrong, captive market.
Good business model.

Good luck.
Web Reference: http://Www.ruthandperry.com
0 votes Thank Flag Link Wed Aug 25, 2010
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