Month: September 2014

Home or Condo when Investing

When you invest in a rental, should you purchase a Home or Condo?

Home or Condo? What to buy when you invest in a rental property?

5 Must Consider factors before you invest in a rental property!

is now a good time to invest in real estateWhat makes a better corporate rental: A single-family home or a condo? This is the million-dollar question in corporate housing, and it’s just one of the considerations to make when deciding the right type of corporate housing investment property for you. Obviously, there are many other factors, too, so do your homework and take a “gut” check to find out what kind of investor you are and what type of property works best for you.

Consider these factors when making your decision:

Upkeep

Single-family homes typically require extra upkeep and maintenance (especially if they’re older). They require regular yard maintenance, exterior painting, roof repairs, etc. On the other hand, condos only require maintenance within the unit. Generally, the upkeep of the exterior and common areas is maintained by the Homeowners Association (HOA) and is part of the monthly assessment. Condos create reserves from HOA fees to manage major exterior updates or repairs (i.e. a new roof).

Costs

Single-family homes come with monthly costs like trash, heating, water, lawn mowing, etc., and each needs to be paid separately. The good thing is that some of these costs (such as heat and water) will fluctuate depending on the season and the occupancy. Your costs will vary depending on whether your home is vacant, has one tenant, or has multiple tenants. Condos require you to pay a monthly assessment, regardless of whether someone is living in the unit or not. However, most condos include heat, exterior maintenance, trash, building insurance, and water in their monthly fees.

Receive a free property evaluation to see if your property is a match for corporate housing

Commitment

Generally, single-family homes take more time to manage and require a more active, hands-on investor. There are a lot more things that require upkeep and maintenance in a home than in a condo. For investors with little time, a condo can be a great, worry-free way to go.

Value

While resale value depends on the location, single-family homes are typically easier to resell and hold their value over the long-term. A condo building with 500 units may have 10+ units for sale at any given time, making it difficult to sell your unit at a competitive price.

Investment Goals

Is your goal to build equity in the property? Create a positive monthly cash flow? Create the biggest tax deduction? Have a property you can use from time to time?  Simply rent until the real estate market gets better? Make sure you are clear on your goals, particularly what you expect to get out of the property and why. These answers will allow you to make a better assessment of your success at the end of the year.

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Friday Funny

Just a little Friday humor.  Have a great weekend everyone and let’s hope Monday doesn’t sneak up on us too fast!

“Snow-what?”

For some of us when we hear the term “Snowbird” sometimes we think we’ve heard the word incorrectly.  “Is that supposed to be snowboard?” we ask ourselves.  But then when we realize “snowboard” doesn’t make any sense in the context of the sentence, so we go back and listen again.  “Snowbird“?  Is that a rare bird from the North Pole that only makes it’s presence known when Rudolph is on vacation and Santa needs help navigating?   After struggling to figure out what the heck it is, finally…the term is explained – “a person who seeks to live in warmer climates during the winter months.”  Ahhh, a dream so many of us hope to be able to financially achieve once we hit retirement age.  Better yet…win the lottery, quit our jobs and start now!  To live part of the year in the warm, relaxing, long hours of summer and the other half away from shoveling snow in a warmer southern climate!  What a great life that would be.

Well, folks, if you are lucky enough to enjoy this type of lifestyle, Arizona is definitely the place to be in the winter.  We know it’s only the beginning of Fall and that the temperatures are still a bit toasty for most; but, before you know it we’ll be in the midst of perfect winter weather (60’s & 70’s)!  If you have not enjoyed a Phoenix winter before and are hesitant to buy a place right off the bat come on down and rent a place for a season.  Check us out first before you decide to call the Valley of the Sun your home away from home.  AvenueWest Phoenix is the perfect place to help you with a long term rental during your winter stay.  We’ve got several properties to choose from in all shapes, sizes and locations throughout the valley.  Visit our website or call us at 602.753.2412 to speak to a representative that can help you find the right winter getaway.

What to Know when Investing in Corporate Housing

Kimberly Smith has written another informative article.  To start the week off we thought we should share it with you…

Investing: What to know!

by Kimberly Smith

6 MUST Knows before investing in a Corporate Housing Rental Property!

If you’ve decided investing in corporate housing is right for you, here are some important considerations to make before you purchase a property specifically for use as a corporate housing rental.

Evaluate Price per Square Foot

Evaluate price per bed, not price per square foot. While some people think more space or a bonus room are great perks for a home they are going to live in, keep in mind that it’s just added liability for a home you plan to rent.  Purchase the smallest sqCorporate Housing Investment Rentaluare footage with the most number of bedrooms. Just like a hotel, when you rent out a corporate rental, it’s priced per bed, not by square footage.

Avoid First Floor Units

If you’re purchasing a condo as a rental property, avoid first floor units. People who don’t know the city may not feel as safe in a first floor unit (which can negatively affect your rental success), and often, people will use a first floor rental to advertise a business that they may conduct in the unit.

Location Matters

Location. Location. Location. Location can single handily ensure your property is rented continuously. Look for homes in urban areas, near train stations and airports, and close to universities and hospitals. Typically, these locations rent well and have the best resale value.

Functionally Obsolete Homes Can Make Good Rentals

Don’t rule out functionally obsolete properties. Sometimes a property that is a poor long-term home is a perfect short-term, furnished rental home. For example, homes with tiny closets or kitchens (which some consider functionally obsolete) make wonderful furnished rental properties because they are usually less expensive to buy and provide good cash flow.

View & Amenities Matter

Views and amenities matter. When people are visiting a new city for business or pleasure, they want to enjoy all the city has to offer. Corporate tenants like city views, covered parking and free gym access. Keep these things in mind when creating a desirable corporate rental property.

To see this original article and many other great corporate housing advice and information visit Corporate Housing by Owner’s blog by following this link.

Fido Friendly Fun Zones in the Phoenix Metro Area

Have you noticed that Fido has a case of cabin fever?  Being cooped up indoors during the summer can leave even our four legged companions antsy to get out and take in some fresh air.  If you’re new to the area or just looking for a new spot to explore, Phoenix is jam packed with dog friendly spots to sniff out this weekend.

1. Love to hike?  If you and your furry companion are hikers there are several trails within the city limits that you can venture out to.  South Mountain, Camelback Mountain, North Mountain and Piestewa Peak just to name a few.  Due to the fact that these are urban areas, you will encounter other hikers and K9’s; therefore, leashes are required.  Also, keep in mind some trails don’t allow dogs.  Check the park websites for information before heading out.

2.  RJ Dog Park at Pecos Park – on the southern end of town you will find a 2 acre off leash dog park for your furry friend.  Named after a police dog killed in the line of duty, RJ Dog Park is a great escape to let Fido run free for a few hours.  Equipped with lots and lots of grass, water, shade, and two fully fenced areas – one for large dogs and the other for the little guys.

3.  Echo Mountain Off Leash Dog Park – on the north side is a 2.3 acre grassy off leash park built with the support of the Echo Mountain Neighborhood Coalition, the park features divided separately fenced areas for large dogs and smaller dogs under 20 pounds, shade, and cool water.  Mutt Mitts are also provided for clean ups.

4.  Steele Indian School Park Dog Park – located in the center of Phoenix, this park offers double gated entrances and cold drinking fountains for you and your pooch.  Also provided are separately fenced turf areas for large and small dogs; one acre for the large dogs and .63 acres for the small ones and solar powered lighted areas.

After an early start to your day either at the mountain, a park or just a stroll down the block don’t forget to stop off at one of our city’s fine dog friendly restaurants for coffee, brunch or an early lunch.  Visit www.bringfido.com to find information on many of the restaurants in town that cater to our canine friends as well.

These are just a few spots to check out in the Valley of the Sun.  As you may already know, Phoenix is a very outdoorsy, dog friendly city and you don’t have to try too hard to find a place to run free or rest your paws. Just remember, even though the weather is cooling down a tad it’s still warm out there folks; so, if you decide to venture out get an early start and take plenty of water!

Have fun this weekend everyone!!!

Here We Go Again – Hurricane Odile is Heading Your Way Phoenix!

As most of us in the valley are still drying off after what was left of Hurricane Norbert last week; we need to start preparing for a visit from his sister Hurricane Odile.  Although she won’t even be a tropical depression by the time she gets here, she’s still bringing a lot of rain and she’s planning on stopping by this Wednesday through Friday.  Yes, we always welcome whatever rain we can get here in the desert southwest; however, all of it at one time proves to wreak havoc on our city.  As we observed last week, our drainage systems can’t keep up, our landscape crumbles and floods and our streets turn into small lakes.  Thankfully, our unwelcome guest has called ahead and provided us advanced notice of her pending arrival.  In this next day or so it would be wise to prepare your home for more rain and possible flooding from our already saturated surroundings.

 

A few quick tips to prepare –

– Clean out roof drains of leaves and debris to prevent water accumulation.
– Make sure dry wells are clean and clear.
– Back up all the data on computer or servers in case they get wet.
– If possible, consider installing generators in case of a power failure.
– Create an emergency contact list.
– Repair your landscaping and make sure water will be able to drain away from the house.  Low lying areas are most vulnerable.  Try to load up on sandbags and place them in these targeted areas of your home.  The Phoenix Fire Department has 10 stations around town that are providing free sandbags. See the list below for details.

Available at ONLY these Phoenix Fire stations:

Station 11: 2727 E. Roosevelt Street

Station 26: 3301 W. Rose Lane

Station 31: 5730 E. Thunderbird Road

Station 36: 21602 N. Ninth Avenue

Station 39: 2276 W. Southern Avenue

Station 40: 3838 N. 83rd Avenue

Station 43: 4110 E. Chandler Boulevard

Station 48: 5230 W. Happy Valley Road

Station 49: 3750 E. Dynamite Boulevard

Station 52: 21650 N. Tatum Boulevard

Station 57: 1708 W. Dobbins Road

Being prepared and proactive help us get through this next storm hopefully without too much trouble.  However, should you experience any unfortunate flooding and damage AvenueWest Phoenix can help with short term housing while your home is being repaired.  Should you need our assistance contact us directly or ask your insurance company to give us a call.

Do your best to stay safe and dry out there this week everyone!  We’re in this together, let’s help one another and our community ride out this next storm!

There’s More to Arizona than Just Desert

When most people think of Arizona they think of dry deserts, temperatures that can match the surface of the sun, cactus and tumbleweeds. Although the southern part of this great state is desert, there are miles and miles of forest areas as well.  State Fact – Arizona has the largest contiguous stand of Ponderosa Pines in the world.  These tall majestic trees stretch from near Flagstaff, all along the Mogollon Rim and into the White Mountain region.  That’s right folks it’s the largest pine forest in the entire world…Arizona  is NOT just a desert!   With the unforgettable scenery, breathtaking views, historical landmarks and an abundance of wildlife, the Arizona mountains are a must see for anyone who loves the outdoors.

It’s going to be hot and humid in the Valley of the Sun again this weekend.  Yes, it’s September.  Yes, the weather should be cooling down.  And yes, we know you’re probably tired of the heat.  However, the fact remains, we’re not through it yet and there are still a few weeks left of summer temperatures.  Great news though…there’s still time to get up into the mountains to enjoy the fresh pine scented mountain air, beautiful scenery and cooler temps!  Take a drive up north into the pines.  Enjoy their beauty, listen to them sing as the wind blows through their needles and relax in their shade.   The great outdoors are calling your name this weekend!

Learn the Lingo

If you’re new to the corporate housing world either as an investor or looking for a place to rent, sometimes jumping into it feet first can be a little overwhelming.  Working with agents, property managers, tenants, and/or landlords can be intimidating at times.  Quite often the professionals throw out acronyms and terms that can sound like a foreign language if you are unfamiliar with the business.  Attempting to learn the lingo can be stressful and definitely not something you want to add to an already busy time in your life.

 

Kimberly Smith is familiar with this scenario and has compiled her own Corporate Housing Dictionary as a tool to help the newbies learn the vocabulary.  The goal in mind was to hopefully get everyone involved educated and on the same page when it came to the wonderful world of corporate housing.  Follow this link to read more and to see the full list of terms.  Don’t worry, there won’t be a test at the end; although, we may throw in a pop quiz from time to time just to keep you on your toes!

Corporate Housing CAN Be for Everyone

Don’t let the name fool you, corporate housing isn’t just for executives anymore.  Anyone in need of a short term rental should look into the corporate housing market to find their perfect fit.  Written by Janine Low in 2013, the article below explains different reasons corporate housing is a great alternative when you are in need of an extended stay.

Did You Know Corporate Housing is Not Just for Corporations?
by Janine Low

Corporate housing is a critical “product” in the larger, extended stay lodging segment. As an industry, we need to understand that corporate housing is no longer just for traditional business travelers. There are many individuals and families seeking long-term housing, and we need to educate these renters on how corporate housing is an attractive extended stay option. Consider this: There are more than 600,000 relocations in the U.S. defense industry each year, and there are more than 200,000 traveling nurses! These individuals are already familiar with extended stay lodging. If we embrace what they already know, there will be a much shorter learning curve in educating them about corporate housing.

Stay in a residential setting instead of a transient one the next time you are called away on an extended stay business trip; are displaced from your home; are relocating to a new city and want to try an area out before renting long term or purchasing a home; are having a medical procedure away from home; off-base military housing; etc. The possibilities are endless for “corporate housing.”

Corporate Housing can be utilized by military personnel looking for offsite housingCorporate Housing can be used for traveling nurses or for patients undergoing medical procedures away from home Corporate Housing can be used for anyone relocating to a new city or area

Contact AvenueWest Phoenix for more information on all of the rentals we have to help you feel right at “home”.

Let the Games Begin!

Well folks…here we are!  The NFL Football Season is officially underway!  The Arizona Cardinals season opener is at home this Monday night, September 8th.  Show the entire nation your AZ pride and go cheer on your home team in person!  The Cardinals will be hosting the San Diego Chargers at 7:20 pm.  This convenient game time will give you plenty of time to get off of work, go home to apply your face paint and get to the stadium for a little tailgating before the game starts.

 

Hurry and get your tickets, so you don’t miss any of the action.  The last time we checked there weren’t many seats left!

GO CARDS!!!!