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View Full Version : Multi-family property in Havasu



Catatonic
03-08-2005, 02:01 PM
We are in escrow on a brand new tri-plex in Havasu and I would like to know if any of you have multi-family rentals in Havasu?

Mandelon
03-08-2005, 04:21 PM
I was seriously looking into it, but the rental income didn't justify the asking prices....
Figured I could rent out a couple and keep one for myself.....I bought something here instead.

ChumpChange
03-08-2005, 04:51 PM
I was seriously looking into it, but the rental income didn't justify the asking prices....
Figured I could rent out a couple and keep one for myself.....I bought something here instead.
This is the same result I got.

TCHB
03-08-2005, 06:07 PM
We looed into a couple places including a 21 room hotel. The hotel would work but we do not have the time to keep an eye on it.

beach gomer
03-08-2005, 06:09 PM
Chris
you leave the beach comber and buy a house in town.
Then i see your buying a duplex.can I have some money to get out of the beachcomber .Are you a land barron now?

locogringo
03-09-2005, 12:02 AM
be patient grasshopper. The time is coming when it will be more worthwhile. Lieke already said, NOI and comps don't pan out in Zoo and many parts of California.

framer1
03-09-2005, 05:42 AM
be patient grasshopper. The time is coming when it will be more worthwhile. Lieke already said, NOI and comps don't pan out in Zoo and many parts of California.
So true. Tourist towns aren't known for high paying jobs. That what keeps rents down. imho

Catatonic
03-09-2005, 07:29 AM
Sure the rental income is lower than what you would normally see in California, however it's in keeping with the level of rents. I absolutely agree that you will not be cash positive if you are putting 20% down however I am putting down substantially more. I am buying in Havasu because there are absolutely no multi-family properties in any nice neighborhoods in S. Cal for under like $750K. And for that price you get half of the families on welfare (not that there's anything wrong with that) but I don't want to be a freaking slum lord. I'll post pics when we close on this one...we are also looking at land that is zoned for a tri-plex this weekend and may pick that up as well...yes, Chip I am a land baron put I prefer the title: "Benevolent Despot."

locogringo
03-09-2005, 09:32 PM
I am buying in Havasu because there are absolutely no multi-family properties in any nice neighborhoods in S. Cal for under like $750K. And for that price you get half of the families on welfare
CAT, yes there is. Quote a few actually that are really not that bad. Just gotta look and use a commercial broker who can spend the time. And about 70/30 aren't Sec.8 either

Catatonic
03-10-2005, 08:05 AM
Gringo, I'm sure you're right but I have had no luck. I have seen several nice units but they all seem to go into escrow right away...it's all timing. Havasu has a tremendous amount of really nice muti-family properties that will prove to be good long-term investments.