I like to report on good service I receive whenever I can. As I’ve blogged, we recently sold our home. One of the motivating factors was to use some of the profits to invest in other real estate.
Phoenix, AZ, happens to be the hottest appreciating market in the country, right now, and even though the run-up in prices in the last year precludes positive rental cash flow (unless you go in with lots of equity), appreciation should far outstrip the outlay I’ll have over the next three years, which is my anticipated holding period.
So, I contacted my friend Greg Swann, of Bloodhound Realty. Told him I wanted three rentals, but not just any rentals. I wanted relatively new houses, stucco, tile roofs, in nice suburban neighborhoods. In short, I want houses that will attract the cream of the crop in tenants and command market rental rates, even though I may set the price slightly below just to rent them quick. We’ll see.
I also told Greg that I did not want to travel to Phoenix — not now, not ever! (not really) No, I just want to be able to do everything remotely.
I’m happy to report that he runs a fantastic turnkey operation for out-of-state investors. First, he referred me to a loan professional who specializes in investor loans. Then, Greg searched out 16 prospective properties and took lots of photos of each. He then recommended three, and, because I’m smart, I went with his recommendation 100%.
This one, this one, and this one.
Greg drafted the contracts on Friday, we signed them on Saturday morning, and by Sunday afternoon, we had firm deals on all three. Inspections are scheduled, loans are proceeding, property management will be established very soon.
All is proceeding very smoothly.