How Long To Get Renters In Phoenix?
Hi,
I recently bought 3 townhomes in Phoenix, one of which had a tenant, and employed a management company to rent out the other two. They tell me that they are competitively priced for the area, but here we are, 6 weeks later, and still no tenants.
Is this usual? Is it the time of year, or do I have a substandard mgt co? Can any other Phoenix owners give me a usual time to get renters?
Thanks,
Glyn[ Edited by glynnor on Date 11/27/2004 ]
Hi,
We just bought 2 one-bedroom condos in Phx. Just curious, who is your property manager and why did you choose this one?
Where are your townhomes located? We bought in central Phx. looking at the new rail line coming in... the downtown tenant.
So far we haven't gotten a prop. manager, but we will need to since we are located out of state.
Greetings,
I just bought a house in Phoenix that will close escrow on Friday. I am looking at desertwide propety management which I have heard they are pretty good. Their only problem I understand is that it may take them a couple days to get back to you. I have experienced that already. Let me know who you are using. Thanks in advance.
I buy and sell rentals in the Phoenix area. I can recomend 1st place realty in Tempe. It is a small company put the are honest people. For info on my properties please go to add pages. Jim
I had an 8 plex in scottsdale, do not use All City Managment, they will rip you off.
After getting ripped off I am very suspicious of any property managment company.
since u are from SD, and are weary of any managment co., how do you manage ur properties?
Quote:
On 2005-01-28 18:25, azbeda wrote:
I had an 8 plex in scottsdale, do not use All City Managment, they will rip you off.
After getting ripped off I am very suspicious of any property managment company.
BUYER BEWARE!!!!!!! After dealing with Brewer Caldwell of Phoenix, I came to the conclusion that they are a bunch of greedy incompetent bastards!!!
Investors are buying properties at an alarming rate in the Phoenix area. Even in upscale neighborhoods where you would normally find no rentals at all, I see almost 15% to 20% of the houses with a "for rent" sign in the yard. What is amazing is that there is no way these properties can cash flow without large down payments and that is exactly what out-of-state investors are bringing to the party. Investors can put several hundred thousand dollars into a house via a 1031 exchange and still cash flow the house even though is has a 1% cap rate. A good example is a house that recently sold in my neighborhood for over $450k and it rents for about $850/month if it even gets rented. With taxes, insurance, and HOA fees, you are looking at big negative cash flow unless there is at least 70% down.
[addsig]
I was not happy with the service Desert Wide provided me. But we did get a tenant. I have found that sales in the area are great, though. [ Edited by lagniappe on Date 06/23/2005 ]
Do not use Mountain Sage Realty. They had two townhomes of mine for 6 months and did not find a renter for either of them. I switched to another company and they had them rented within a month.
Glyn
Brewer-Caldwell is terrible per my experience with them. I am reporting them to the BBC and taking them to court. Once you sign on the dotted line, the customer service is gone. They do try to nickel and dime you. They mislead you. They are connected with the Marshall Reddick program. Please do your homework before you do business with them.