Vintage Mustang Forums banner

1 - 9 of 9 Posts

·
Registered
Joined
·
913 Posts
Discussion Starter #1
Well, we've lived in the same home for about 24 years now. So we made the leap into a newer, bigger home :

http://www.sheahomes.com//Images/Models/7081_2217_b.jpg

it's 2,418 square feet and we're going to pay about $200k on a 55' x 125' lot that backs up to a nice green belt and great views of all the surrounding mountains. BTW it has an extended 3 car garage, 4 bedrooms, and a large den to run my REI business from.

It'll be a nice investment, we're expecting to have about $25-30k+ in equity by the time they start construction in a couple months. By the time we close it'll be more like $50k (although, with current and forcasted market and economics for the area it'll be more in the range of $75k, and about $120k within 1-2 years). Although appreciation is great, we're not counting on it.

We are also keeping our existing house and already setting up a nice rent to own situation with a great young family. :)

We're also looking for a couple houses for other RTO situations.

But this also is the cause of my thread lower down about having to sell one of my cars, since we can't really park on the street or do major restoration work because of the HOA. That and my spare $$ goign towards my business and other investments (so i can have really fun toys in a couple years)
 

·
Registered
Joined
·
4,092 Posts
What part of town is it?
Sounds like a pretty nice pad ::
 

·
Registered
Joined
·
913 Posts
Discussion Starter #3
Out in Queen Creek, US 60 to Ironwood, head south, Take a left on Chandler Heights. It's about 25-30 Minute drive from where we live now in Moderate 5 pm traffic. The worst part of the whole thing is that the closest 'grocery store' right now is the Chevron a couple blocks away, or the gret "new" Frys over at Johnson ranch.

But My god things are growning fast over there. While we were signign, there was about 20 people comming into the New home sales office to see if there were any lots/homes for sale. and we were the last of the 3-4 sales quota for that month.

Most new home developments are highly restricting saales to abotu 3-5 sales a month... otherwise the whole development would be sold out in about a week or two.

It's crazy and with the market and economic conditions in phoneix.. this is forcasted to hold true for at least for the next year... but more like the next 5 if something major (Sept 11th) doesn't happen again.

Another growing area is Buckeye and South Mountain area.

Matt.. I'll have to invite you and all the Phx VMF'ers to a barbecue/house warming in March/early April.
 

·
Moderator
Joined
·
4,129 Posts
Speaking of moving I got home from work this afternoon to find a For Sale sign in my neighbors front yard. :( He is a really great dude, we borrow tools from each other all the time. You know like the tool that you have, but just can not find it when you need it. :p His SWMBO has major problems with her back. She is looking to the near future when she will not be able to work. They are asking just over 300k and will be able to buy a home in Prescott, AZ. I am really bummed :( to see that sign in his yard. fd
 

·
Administrator
Joined
·
13,017 Posts
You don't even want to know how much that would go for here in CA.!! LOL
Stan
 

·
Registered
Joined
·
1,720 Posts
congrats! great looking home, i'm hope i'll have a post about our "new" home soon... jace
 

·
Registered
Joined
·
884 Posts
Renting residential property sounds great but will drive you crazy. I have rented houses and townhouses, but switched to commercial.

I could give a disertation on this . One word of advice. You better get a big insurance policy especially in the liability area. $1,000,000 isn't too much. You cannnot belive what is lurking in the dark. Why do you think they are renting?
 

·
Registered
Joined
·
1,674 Posts
I have a residential rental too. Don't skimp $ on the initial pre-screen. I've had few problems with tenants because I've been very selective. Not all renters are bad. My tenants have mostly been new to the area, newly divorced or newlyweds. It helps that the house is in a decent neighborhood, but once they're in, an eviction is a PIA & costly. If you need any tips, drop me a PM.
 

·
Registered
Joined
·
1,700 Posts
The rental market in Seattle has been very good for us, SWMBO and I own more than our share of houses and two apartment complexes. We've been doing this for almost 25 years, everything is now "paid for" and only a small amount of renter have given us any troubles. You have to figure in "normal" wear and tear...a gallon of paint is still a cheap investment! ::
 
1 - 9 of 9 Posts
Top