Great Vacation Property Joint Ownership opportunity in Ahwatukee AZ.
FREE Joint Ownership Document Package with a property sale through us, a $999 Value.
Asking $165,000
Built: 1983/ 3 Bedrooms/ 2 Bathrooms/ 1,818 SQFT Updated Kitchen, NEW Whirlpool Stainless steel appliances, NEW Carpet, NEW tile, NEW landscaping, NEW paint, NEW fixtures and no popcorn ceilings. 2 car garage, large backyard, view fence, awesome location!
Don’t miss this little gem. Low HOA fees. Award winning Kyrene school district. Close to dining, shopping, freeway access. Just a short hop to central Phoenix.
With furniture this vacation home is Turn Key ready to occupy during a the cold Canadian and US winters and would be an investment of approximately $200,000 OR with 4 joint owners only $50,000 a piece to break free from winter! 🙂
Contact us to learn more about this opportunity in the Valley of the Sun!
Here is a quick introduction video and a PowerPoint on what vacation home joint ownership is and some of the perils and pitfalls you need to be aware of.
Enjoy but unfortunately I have a face for radio….. 🙂
Hi All,
How can someone make a real estate investment in todays challenging economic climate a reality? Well read on to find out! 🙂
We all read the headlines and hear the dialogue about how the economic sky is falling, the bank and mortgage crises, global equity market realignment, the drop in the price of oil and gas and of course the plummeting value of real estate. With all of the bad news maybe we just need to focus on the glass being half full.
Lets focus on Arizona vacation real estate opportunities, although everything mentioned above is also a fantastic opportunity, and why now is one of the best times in history to get into the real estate market.
Metro Phoenix is one of the top ten residential real estate markets that got hit hard by the sub prime debacle and the effects of an over inflated real estate rush over the last 5 years. Today the opportunity to pick up well built, located, and priced properties in Metro Phoenix is abundant. Depending upon areas you can purchase an investment or vacation home for 50 to 60% of what it was valued in the peak of the market.
Great deals but how to afford the opportunity and investment in today’s market when your net worth has taken a big hit?
Unfortunately not everyone has the financial ability to put down $200,000 in cash or take out a large mortgage to leverage the buying opportunities that abound in Arizona, and specifically metro Phoenix.
As I mentioned in a previous post, Joint Ownership is a wonderful vehicle to leverage today’s market and real estate opportunities.
If you get 3 to 5 families together (2 would even work) and work through the proper processes and requirements (identifying needs, wants, desires and must haves) the capital costs of a vacation home along with the monthly operating expenses can be split evenly between the joint owners.
As an example, 5 families split a $400,000 metro Phoenix home (buys you something nice with 5 bed 3 bath, stainless, granite, 3 car garage and pool) then add $50k for any upgrades that might be needed and furniture. Thus you have ownership in a fully furnished vacation home, a 3 hour flight away, for $90,000 all in with a monthly operating cost of around $200.
At the end of the day you can probably never use it more than your proportionate share of 2.4 months a year (spread throughout the year). Now you have an asset that will substantially appreciate over time and somewhere to call home when it is minus 40 in Canada.
Take a look at what less than $400,000 could buy you in the Metro Phoenix market today.
As most of us go through life from University to retirement, we acquire, fix, dispose of, replace, upgrade, add to and horde furnishings and fixtures for our homes. This is done over a period of a lifetime and we end up having a suitable collection of junk along with our prized possessions in our homes.
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Unless we are forced to start fresh due to a fire or divorce or combination thereof 🙂 we typically have little experience in starting with a blank canvass to furnish a new home from the bare floors and walls stage.
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Purchasing furnishing for a vacation home is one of those opportunities where you can start from the ground up with a clean slate or palette so to speak. In theory is would seem like fun, just think lots of new stuff for the 6 to 12 rooms, shopping, shopping and more shopping. But wait, there is more shopping, and more shopping and more shopping. Soon you are wondering if it will every end and how many times to I have to go back to Wal-Mart for that can opener or storage container that I always get side tracked from and never pick up…. If you have hair you will probably pull it out and you might as well book time in couple mediation or counseling prior to beginning what you thought was going to be a fund adventure.
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So that you can keep your sanity and relationship in tact let me give you a couple of points of advice, from experience that is.
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First take a business or military attitude towards furnishing your home, plan and manage all of the logistics to the point of excess and take nothing for granted. When you are deep into the process you will be thankful that you thought through all of the possible issues and logistics associated with furnishing your new home.
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Secondly, make lists upon lists of everything you need or think you need, I had a 7 page spreadsheet that we start with and throughout the process I was edited and added to on an hourly basis. Have pricing associated with the goods and this will require a lot of internet time to price product out. If you are in a joint ownership situation you will have to plan on doubles for a lot of things like towels, sheets, plates and cutlery.
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Create a budget that is to the dollar, see the above point. When you have a budget in place you can track what is going out and what purchase might be a great deal or recognize when something is over priced. Â We spent 7 days solid and 16 hours a day furnishing and outfitting our house and believe me, after the first 12 hours on the first day you need as much organizational support in place as possible, otherwise you could fall into real trouble both from a product quality standpoint and a financial overspending standpoint. Do to our budget and hundreds of hours doing research on the internet we saved over 75% on the retail cost of everything we have in our vacation home.
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Stay away from the cheap stuff. If you work at it you will be able to find good to high quality furniture and fixtures and prices below the cheap stuff. Thus it will add a level of sophistication to your vacation home and will also wear and last much longer than the low priced crap you end up seeing on sale at some of the big box stores. Â Â
For Canadians, purchasing with cash is the way to go, saves on the exchange and possible interest rates. Remember that the exchange rate credit cards charge is NOT the banks exchange rate (which is not the posted national exchange rate either). Thus cash is king and in some cases you have more leverage for negotiating prices. Not all stores will negotiate but it never hurts to ask the salesperson and if he is not the decision maker then ask for the manager… Â
Rent a cube van, yes it is not the coolest way to cruise Phoenix or any area that you have a vacation home in but it comes in very handy especially when deliver charges can be excessive and you never know when you come across a sale that you cant pass up and it is a cash and carry price. The first day of our furnishing adventure we filled the cube van 3 times. Sometimes even a cube van is too small, again in our case we purchased most of our bedroom furniture from the Costco Home Store and the King bed suite and mattress was too big for the van, thus you will have to rent a u haul truck. Due to our planning we only had to do this on one day (see logistical planning above). We got a great deal on a weekly rate from Capps Van and Car rental but I think they no longer service the Phoenix area. Â
Make sure that you have a lot of pain killers, Red Bull, stamina, patience and work gloves. From the hundreds of miles of traveling from store to store, to the hundreds of boxes and packaging you have to open and then break down for removal (this is where you will need the work gloves because after the 10th or so box opened and plastic ripped off your hands will be raw, then imaging 7 more days of it) you need to be prepared. Â
For sake of your relationship with either friends or family, buy a GPS unit and preload all of the stores you might be visiting into it including the location of your vacation home because when it is your 40th hour without sleep and you are trying to make you way home in the dark from some industrial mega mall you will be glad you are not fighting with a paper map, or your spouse because you have hit a dead end, for the 5th time… Â
Try to enlist help, especially when it comes to building the furniture that you have painfully taken out of the boxes. This is a very time consuming activity, most furniture and items like dressers, beds, barbeques do not come preassembled and if you are doing everything, planning, purchasing, hauling, opening and unpacking etc. the last thing you want or need to do is put crap together. Â
Finally, when purchasing art try to remain neutral when you are in a joint ownership situation, we went with iron art for some of the rooms to allow for the other owners a chance to personalize the house as it is there home also.Â
Believe it or not the above is only scratching the surface but it is a start in the furnishing a vacation home adventure..
Michael Kuhbock 