Rentals in Tempe>Question Details

Jeff Ling, Real Estate Pro in San Jose, CA

Buying a rental property for around 800,000

Asked by Jeff Ling, San Jose, CA Wed Aug 11, 2010

I am Realtor in California, would like to get a multi-unit property near universities. How many units may I get? What kind of rent can I expect? If the numbers work out, I'll need a fellow Realtor in Tempe area to help me out.

Thanks,
Jeff

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I have been an investor for over 30 years now. I have found that single family homes are the best investment for several reasons. If, down the road you need cash, you can sell one or several of the single family homes versus selling the entire Apartment complex to have cash. In this environment, many people are leaving apartment living to rent a house. Depending how long you want to hold your investment, loans on a home are much easier to get for a Buyer. I also do Property Management.

Jim Hadeed
Realty Executives
1 vote Thank Flag Link Sat Sep 4, 2010
Jeff why buy an apartment comples with that amount of money, you could buy 10 single family detached homes that will rent for about 900-1100 per month right now with that kind of cash. So worse case scenario you have a 9000 per month return on your investment, not bad...yes you have more than one building to care for but that is why we have a great property management team onboard to help you out.
If you want more info let me know, I just sold 3 homes in Chandler for an average price of about 82k 3 bed 2 bath. Great deals can be had for people interested in investing cash right now.
Let me know how I can help
Kent
1 vote Thank Flag Link Thu Aug 12, 2010
Jeff: I have a multifamily in Tempe coming on the market soon that is 100% rented. We have not finalized the price. If you are interested let me know and I'll send you the details one we have them. We also do property management so if you are looking for a good property manager let me know.

Cheers,
Pat Hune
1st Southwest Realty
480-703-1976
http://www.greathouseaz.com
0 votes Thank Flag Link Sun Apr 29, 2012
Wow. It looks like there's several great investment opportunities in AZ!
Kent, please send me some properties there. I would like to see what the possibilities are in AZ.
Also what are your vacancy rates?

Daniel Del Real, CRS
0 votes Thank Flag Link Wed Sep 1, 2010
I agree with Kent on this one. I'm a former Tempe AZ Police Officer and know the area pretty well. I too think you are better off buying houses. I think you will get more bang for your buck. Let me know if I can be of any assistance to you. Good luck!
0 votes Thank Flag Link Wed Sep 1, 2010
Jeff,

Tempe multi-unit property listings are not plentiful but they do come up if you have patience. There is one complex currently available at $1.7m with 40 units. It is about 90% occupied and rents are in the range of $500 to $550 per unit.

Let me know if you need further assistance.

Successfully,
Randy Courtney, Broker/Owner
Courtney Valleywide Properties
0 votes Thank Flag Link Thu Aug 12, 2010
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