Category Archives: payson az real estate

BRRRR?!

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BRRRR, which stands for Buy, Rehab, Rent, Refinance, Repeat, is a popular method for real estate investors to build a portfolio of income-generating properties while also benefiting from long-term equity growth. Here’s a breakdown of each step:

Buy: Investors start by purchasing a distressed or undervalued property typically at a lower cost. The goal is to acquire the property at a price that allows for potential improvements and still makes financial sense.

Rehab: After acquiring the property, investors invest in renovating or rehabilitating it. This includes making necessary repairs and upgrades to improve the property’s condition and, consequently, its value.

Rent: Once the property is in good condition, it’s rented out to generate a steady stream of rental income. The rental income helps cover ongoing expenses like mortgage payments, property management, and maintenance costs.

Refinance: With the property improved and generating rental income, the investor can then refinance the property to pull out a portion of the increased equity. This is typically done through a cash-out refinance loan. By refinancing, the investor can access the accumulated equity in the property in the form of cash.

Repeat: After refinancing and extracting cash, the investor can use that cash to purchase another property or reinvest in the existing property, thus starting the BRRRR cycle again. This strategy allows investors to leverage the equity they’ve built up to acquire additional properties over time.

The key benefits of the BRRRR strategy include building a rental property portfolio, potentially achieving significant appreciation in property values, and recycling capital to continue expanding the investment portfolio. However, it’s important to conduct thorough research, due diligence, and financial analysis for each property to ensure it meets the investment goals and expectations.

Additionally, the BRRRR strategy may involve some risks, such as overleveraging, property market fluctuations, and renovation or construction challenges. It’s crucial for investors to have a clear investment plan, access to financing, and a good understanding of the local real estate market to make informed decisions when implementing the BRRRR strategy.

Why are folks buying homes in 2021?

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We are seeing an explosion of activity in the real estate world that began last year and has shown no sign of slowing down. Indeed, as the pandemic pushes on, impacting economies globally, we can surely anticipate continued growth in the market. This buyer’s market is a roller coaster that only goes up for the time being. It seems to be a perfect storm of reasons why home purchases will be continuing in the upward trend for the foreseeable future. Families are reevaluating what home needs mean for them in the world we now live in. The following are some of the factors impacting the upswing in the market.

Extra time at home: While always a refuge from the world, the space where we live has in the era of COVID-19 have become much more central in importance to almost everyone. Combining mandatory and voluntary quarantine periods, caution has dictated far more hours spent within the four walls of home than any other time in memorable history. With so much spent time, families often begin noticing where gaps exist in creature comforts. Home hunters are therefore on the lookout to fill these voids, seeking out the perfect fit for their needs and wants.

 

Record low interest rates: With interest rates at jaw dropping lows under 3%, sometimes getting close even to 2%, the financial pros of home buying are hard to dispute. While technically a seller’s market, the low interest rates currently abounding for home loans puts the ball squarely in the buyer’s court in the way of advantages.

 

Work from home culture: The pandemic has altered the work situation for many. Employment has shifted to accommodate a home based office setting in the interest of both safety and cost effectiveness for employees in regions spanning the nation. As such, expanded floor plans or modified layouts are higher on the hit list of “must haves” for house hunters in recent months to meet those new needs.

Outdoor space: Even as entertaining and social gathering slowly begins to trickle back into what was the norm prior to the pandemic, people are approaching their regained freedoms with an understandable abundance of caution. Time spent home also leads to the unfortunate side effect of cabin fever and an overwhelming urge to find space to get out in nature or simply stretch your legs. To make get-togethers more easily done with safety in mind, and to make home more of an oasis, home buyers are seeking out properties with bigger acreage and/or easy access to outdoor amenities that fit the bill.

 

Renovation avoidance: Quarantine time has been spent for some homeowners with a eye to renovation to make their particular wants and needs a reality. For others, however, such a large undertaking is simply an undesirable amount of effort. Many want the convenience of a turn-key experience, getting what they want without the hassle, time, or expense of professional or DIY remodel work. From a seller’s perspective, the strong seller’s market makes the usual practice of costly renovation work to attract buyers is by and large minimized, as the demand for properties becomes more and more frenzied.

 

Home ownership needs are changing and the market is doing an admirable job of keeping up with demands of what today’s homeowner is seeking. Now is certainly the right time for home ownership and an experienced real estate professional is ideal liaison to making the process straightforward and seamless. Contact our offices today to set up a consultation for how to make the necessary first steps in your home buying adventure. Our experts are ready to make the dream come true for your family.

 

 

Home Inspection – What’s the Big Deal?

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As the buyer of a new home, you might be advised to have the home inspected before the sale closes. While it’s so easy to get caught up in the excitement of the new house and want the sale to close as quickly as possible, it is important to have both a home inspection and a WDO inspection.

  •  Home inspection will check the structural condition of the home and includes the electrical, plumbing, roof, heating and AC.
  •  WDO inspection is typically referred to as a termite inspection, but termites are only one type of wood destroying organism. Carpenter ants and rodents can also wreak havoc with your home.

Why is this so important?

You might be thinking you don’t need the Home Inspection at all, especially if it’s a brand new house. But there are several reasons that an inspection is highly important.

It can save you from a really bad deal. If there are flaws in the home, you, as the buyer, can negotiate price with the seller, ensure that the seller pays for repairs before the closing of the home, or, depending on the level of damage, back out of the sale completely.

It can save you major legal problems down the road. An inspection can reveal illegal installations that were added or done outside of building codes that can be dealt with before it becomes your obligation to adjust or pay for down the road.

It can save you money. It can also help predict future costs, by revealing the age of certain aspects of the property like heating, plumbing, roofing, and other fixtures.

It can help you decide what to fix and when. Inspectors know their field well. Their task is to do an extensive inspection of the house including the plumbing, electrical, foundation, crawl spaces, attics, basements, and many other things. At the end of the inspection, they can give you tips and advice on how to handle current damages that need to be repaired right away, versus the ones that can be put off for a while longer until your budget allows it. They can also tell you which items should be repaired versus completely replaced, and recommend good contractors or product brands.

It can identify potential pest problems.

Some evidence of rodents is obvious, such as droppings or suspicious holes in a wall. However, resident pests aren’t always so easily spotted. This is another reason that having a WDO inspection done on your potential house is a good idea.

One of the primary pest concerns is with wood-destroying organisms (WDO). This includes any wood-boring pests, but mainly focuses on the most common perpetrators in this department: termites. Getting a WDO inspection is crucial because the inspector is trained to find subtle evidence of termites in a house.

It’s important to be sure the inspector is licensed in pest control to ensure a quality inspection. This also means they can identify potential termite threats that would otherwise get past even a savvy home buyer.

A termite inspection is worth every penny, because according to turnerpest.com these pests cost people over $5 billion a year.

Who pays for the inspection?

There are times when the seller might have the home inspected before putting their house on the market, so that they can adjust the asking price of their home, and also so that they have an inspection report to give to potential buyers. If not, then it’s your responsibility as the buyer to get an inspection on the house. Usually you’ll have a stated number of days in your contract to do so, and it’s your choice who to hire. Prices for a full inspection can range anywhere between $250 to $500 depending on the location and the size of the property. If you’re unsure which inspector to hire, ask your realtor for recommendations.

In short, home and pest inspections aren’t the most exciting part of the home buying process, but they are very important and shouldn’t be skipped because of the time, money, and problems that they will save you down the road.

 

 

 

 

 

Labor Day Weekend in Payson

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Labor Day Diversions

This Labor Day kicks off with tens of thousands of visitors passing through Payson on their way to a variety of scenic destinations and serene retreats. With the above average wave of high temperatures across the Phoenix area, weekenders set their sights northward to escape the heat and revel in the beauty of the Rim Country.

There’s no shortage of outdoor activities to partake in, but not everyone comes up for adventures in nature. For those who enjoy really getting a feel for the area, here are a couple of local Labor Day events in the Payson vicinity.

 

Payson Farmer’s Market

A longstanding tradition, the Payson Farmer’s Market attracts a bounty of local artisans and farmers peddling everything from handmade gifts to the best organic produce money can buy. According to paysonrimcountry.com the weekend market boasts 40 stalls of local vegetables, fresh baked goods, entertainment, and more. The Payson Farmer’s Market can be enjoyed every Saturday during the summer 8:00AM-12:00PM in the Sawmill Theater parking lot at 816 S Beeline Hwy, Payson, AZ 85541.

 

Pine Fall Festival

A must-stop for any traveler this weekend, the 39th annual Pine-Strawberry Labor Day Arts & Crafts Festival promises to deliver the same quality display of expert artisans and local vendors that have drawn visitors to this amazing event for decades. From unique, handmade jewelry, clothing, antiques, gifts, and a variety of delicious foods, this festival has something for everyone. If Pine and Strawberry aren’t already on one’s travel route for Labor Day, these two cozy towns can be found just 15 miles north of Payson on Highway 87.

For more information about this and other events visit https://pinestrawberryartscrafts.com.

With local festivals and endless outdoor activities all available in close proximity to each other, you’re sure to find something fun to do this Labor Day in the Rim Country.

 

Fore! Look out for Great Golf Community Homes of the Rim Country

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The Rim Club in Payson, AZ

 

The Rim Country is host to many beautiful wonders, not the least of which is the abundance of tall ponderosa pines standing proudly throughout the area. Nestled among some of these portions of gorgeous pines are also some of the most striking golf courses in Arizona. With clear air and mild temperatures for much of the year, the Payson area contains hidden gems for golf enthusiasts.

Along with picturesque courses are magnificent homes tucked in right next to the greens. If golf is your sport and cool mountain air is your preference, Payson gladly provides both. Here are a few premium options for golf course properties for those ready to take a swing into the Rim Country.

 

Chaparral Pines

Chaparral Pines is the superior location for luxury homes in Payson, Arizona. This prestigious gated community boasts a breathtaking golf course owned by Mickelson Golf Properties, a joint venture of the legendary golf partnership between Phil Mickelson and Steve Loy. Chaparral Pines website provides a page which offers a detailed analysis of each of the course’s holes (http://chaparralpines.com/golf/course-tour).

Golf Digest magazine lists this course in the “Top 10 New Private Golf Courses in the U.S.” A combination of natural topography and artificial lakes make the Chaparral Pines golf experience one-of-a-kind.

 

The Rim Club

Undoubtedly one of the most beautiful golf courses in Payson as well as the state, The Rim Club offers a scenic golf course designed by legendary course designer Jay Morrish and professional golfer Tom Weiskopf. This course features several water hazards and plenty of natural obstacles, all at the crisp elevation of 5000 feet.

In addition to a breathtaking setting for golf courses, The Rim Club also features The Mountain Spa, a luxurious venue for massage as well as having a lavish salon. There is also a tennis court, swimming pool, fitness center, and more to round out an all-in-one package within a gated community.

 

Payson Golf Course

On the west side of Payson, past the serene Green Valley Park, lies the Payson Golf Course. This lovely 18 hole course offers great views and a combination of challenge and leisure. With affordable rates and well-groomed greens, the Payson Golf Course provides a golfer’s oasis year round that is open to the public.

 

Finding Homes Near the Courses

With a handful of beautiful golf courses in the Payson area, many people search for homes near these wonderful greens. The best way to start is by contacting your real estate agent. Get them on board and brainstorm your own ideas of what you want.

With many golf communities in the Rim Country vicinity, the real question is deciding where you want to locate yourself.

Many other options abound for properties and homes in close proximity to the golf courses. Basically, finding the right fit for you boils down to focusing in more and more on what you need and want in a golf community.

 

Some Questions to Think About

When contacting your real estate agent, it’s a good idea to organize your thoughts a little in advance. Some questions you might ask are:

  • How close do you want to be to the golf course? Do you want to be right on the green or a couple minutes’ drive from the course to minimize noise and increase privacy?
  • Does a gated community matter to you?
  • What kinds of dining do you hope for in the area?
  • What noise concerns might you have?
  • Are you allergic to certain types of trees or plants?
  • What are the three most important aspects of a home to you?

 

Cover your bases, and your real estate agent will cover your back. Find your golf community home today and tee off!

 

5 Tips for Purchasing Investment Properties

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A lot of people are looking into real estate, investing with one eye on the practicalities of it and another on the potential fortunes to be made. Although it is possible for you to get-rich-quick through real estate investments, the reality is most investments are long-term projects. The good news is they can bring significant returns for those who can exercise a little patience.

Like most real estate topics, there is a lot to learn. Don’t feel overwhelmed! Today, we’ll highlight some important aspects when making real estate purchases.

1% Rule

Because it is not common to have the capital to buy a property outright, renting out an investment property is an attractive option. The 1% rule is your gauge to determine the viability of renting a house out. Simply put, you want to ensure that you make 1% per month in rent of the total price of the property.

For example, if you are purchasing a property at $200,000 you would want to rent it for $2,000 a month to be worth your while. 1% per month will generally cover possible expenses the house could cause you within a year’s time. Of course, nothing is perfect. There are always the chances of unforeseen costs, but employing the 1% rule is usually a safe bet.

Know Your Locations

As with all aspects of real estate, location is crucial. It is one of the most obvious things that affects property and house prices, but not the only one. Some properties in higher-priced areas can be more affordable due to the age or condition of the house, and therefore are also great, potential investments. With a little fixing up, you can save some money and increase the value of your investment.

Set Real Goals

The term “real” here doesn’t mean you have to lower your standards, it just infers that you need to understand your own expectations. What is your reason for buying an investment property? What do you hope to get from it? What kind of ROI are you aiming for?

A clear understanding of your goals will better prepare you for every part of purchasing an investment property. Answer the above questions now and save

yourself time and money later.

Fixer Uppers

While it can be risky to buy a property that you know needs repairs, if you are handy you can save a lot of money on your initial purchase and increase its future value if you do a lot of your own repairs.

This needs to be taken

with a word of caution, however. Don’t get yourself into damage that is beyond your ability to fix. If all repairs cannot be completed alone and with minimal time, you could end up spending a lot more for repairs without ending up with a property that has a value worth the investment.

Market

 

In addition to being an investor, it helps to exercise some marketing muscle when investing in property. There are several marketing techniques and strategies that you can utilize to woo potential real estate buyers and sellers.

Social media is always an effective means to market anything, and real estate is no exception. If you are trying to sell or rent out a property, let everyone know about it on Facebook and other social media sites you use.

If you don’t like marketing yourself, there are plenty of places to hire marketers to give your property the exposure it needs. And if you want to save some cash and market yourself, here are a few points to remember:

  • Take or get professional-looking photos of the property and house
  • Write an attractive description of the property and post it online with the essential details
  • Encourage communication and include your contact details

Happy Investing…

The final word of advice here is to team up with a real estate agent you trust. They can guide many of the points listed above and offer helpful advice to maximize your real estate investing journey.

 

 

Rural Realty

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There’s no doubt about it; Payson is a beautiful town with plenty to offer in its own right. However, a major attraction to this little town is the diverse housing market just a stone’s throw outside the town’s borders. Many people who move here just want to escape the valley’s hectic lifestyle and blazing summer heat. This dream is not only realized in Payson but in the idyllic surrounding area. For half the commuting time the average Phoenician spends in angry traffic, one can travel between their workplace in Payson and a mountain sanctuary in dozens of nearby forested communities. We’re sharing our top-secret tips to find these hidden gems today. Ditch the pavement for ponderosas

 

Real estate apps

A good place to start is with a reliable real estate app. Thankfully with so many to choose from you can easily find one that caters to your specific needs. For example, United Country’s app (http://www.unitedcountry.com/iphone.htm) allows you to search the U.S. for “countryside” style listings under the slogan “Rural Real Estate at Your Fingertips”. There are many such apps out there ready to assist you in your specific house hunt.

 

Find the right real estate agent for you

The most common advice anyone will give for finding a good real estate agent is asking friends and family about their own experiences. Have your friends tell their friends what kind of home you are searching for to widen your net.

By far the most effective method of finding the right real estate agent for you is through research. The more you narrow down your needs the better. If horse property is important, for instance, this will allow you to focus your parameters more efficiently on a real estate app. For a real estate agent, find out if they have at least a few sales under their belt for the type of house you want. If that information is not available on their website, make a meeting and ask them directly.

 

Pine

Okay, we’ve covered some ways to do your own rural house searching, now let’s look at some of the prime areas around Payson for these kinds of homes.

 Situated 15 miles north of Payson, the cozy town of Pine is tucked into a dense ponderosa forest. While you will most likely go to Payson for your major grocery runs, Pine has a convenient little market as well as several delicious eateries. They even have a farmer’s market with loads of fresh produce and handmade gifts. With plenty of housing developments branching off every direction, this quaint town is only a 20 minute commute to Payson through gorgeous scenery.

 

Strawberry

Just a two mile jaunt north of Pine is an even smaller town called Strawberry. The surrounding area is dotted with fantastic homes nestled away from the rest of the world. Enjoy the peace and quiet of the woods while being in close proximity to your work and shopping needs.

 

Christopher Creek

About 17 miles east of Payson, Christopher Creek boasts one of the most beautiful locations in the Rim Country. A 25 minute, scenic drive down East Highway 260 takes you into the core of what makes the Payson area special. Thick evergreen forests and mountain vistas greet you as soon as you begin your commute. The seasonal Christopher Creek Lodge has scrumptious food and great views. Explore any random road in the area and you will find woodsy communities filled with cabins, a-frames, and even luxury homes to suit your taste.

 

 

 

 

 

 

Living High – Looking for Luxury Homes

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There’s nothing like moving in to that beautiful 5 bedroom 4 bath tucked away in the woods. Whether you’re searching for a five-star dream home or the ultimate oasis in the desert, this house hunt is an exciting step in your life.

This is also likely the biggest single purchase you will ever make. Obviously, you want to do this right. To aid you in your quest, we’re offering four strategic snippets of advice for your luxury home query.

1) Find an experienced agent

It’s always a good idea to connect with a reliable REALTOR®, but even more important in the luxury home market. Not only do the house prices rise, but so do the price of amenities that come with a high-end home.

When you sit down with a potential broker, bear in mind a few extra questions:

  • Does the broker have a good track record? (i.e. has he or she got a decent number of sales under their belt?)
  • Does the broker know the area you are interested in like a local?
  • Has the broker handled several luxury home sales before?

2) Know what you want

You’re in the realm of luxury homes now. Think big because the sky’s the limit! Okay, unless you’ve got your own oil wells, that might be an exaggeration. However, high-end homes typically boast a multitude of extraordinary conveniences and it’s important to know what you want before beginning your search.

Are you an avid chef? While most luxury homes will have gorgeous kitchens, make sure the layout is to your liking. The best kitchens are beautiful and functional. Having ample counter space laid out in a practical manner allows your culinary skills to shine. You might need your own movie theater to chill in after dinner. After a good work out in your exercise room, there’s nothing better than relaxing in your spa.

3) Learn about the area

I know we use the word “research” a lot on this blog, but it really is important. Find out all you can about the surrounding area of your ideal location. Make sure that beautiful view from the second story balcony won’t be obscured by a high rise development in a couple years. Ask your broker about the zoning and land nearby.

4) Study market trends

Time your purchase when the supply of luxury homes is high and the prices are down. In the luxury home buying game, it is better to not be in a hurry. If possible, take your time in this process and your purchase will be one you can be happy with for years to come.

Summary

Buying a luxury home is an exciting milestone. Prepare for this significant purchase with a solid list of what you want, team up with a knowledgeable real estate agent, and you’re on your way to luxury living.

 

It’s Always Good to Ask: Questions for Your Listing Agent

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It’s Always Good to Ask:

Questions for Your Listing Agent

Selling your home? Need a listing agent but not sure what questions to ask? It’s not simple, and you probably already have enough on your plate getting your house ready to sell. So, where to begin? You don’t know what you don’t know. That’s why we’re here today to offer some tips on asking questions once you sit down with your potential real estate agent.

 

Numbers do matter

Don’t be shy. Ask your real estate agent how many sales they closed last year. Don’t judge them solely on this information but at least find out if they have a moderate rate of sales. Additionally, ask about the price of the homes they sold to see if they are similar in range to what you want to sell. It’s better for everyone if you and your agent are on the same page. A better match for you means a better match for them, so it’s a win-win situation.

 

Marketing

Like selling anything today, a good sales plan depends heavily on good marketing. Inquire about your potential listing agent’s sales plan. Do they plan to create a video of your house and surrounding area? Professional photography is a must. While you don’t need to be involved in every detail of this plan, it is smart to be in the loop. Stay informed with these questions:

  • What will I need to do?
  • What marketing materials will you create (i.e. mailers, video, etc.)?
  • Can you give me an estimated time frame for the listing to sell?

 

Credentials

You might wonder why this item wasn’t the first in the list? Well, it’s simple. If you sat down with a real estate agent long enough to discuss the first two points of this post, you’ve likely already identified this agent’s credentials. More importantly, you’ve determined their knowledge far beyond just their credentials. Of course, it is recommended to ask about an agent’s qualifications just to be sure they have the minimum requirements. However, a cursory discussion of your first few questions should say almost everything about a listing agent. Trust your gut. If you don’t feel comfortable with a particular agent after talking about your concerns, move on.

 

How much will this cost?

With all the expenses of fixing up those pesky little issues with a house and moving, it’s a good idea to know how much your listing agent is going to cost you. In some cases, you’ll only pay your agent a percentage when the house sells, but it is smart to clarify that before getting involved with a marketing and sales plan. You don’t need any surprise fees added to your plate. Keep everything out in the open about your budget and avoid unnecessary expenses.

Real Estate Payson AZ – How to Find a Good Neighborhood?

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real estate payson az good neigborhoodsReal Estate Payson AZ – How to Find a Good Neighborhood?

It doesn’t really matter whether you are looking for a new home in Payson or in some other small town, the reputation of the neighborhood is a very important factor in your home search. So, in case you are planning to move to a new home, then you should definitely take a few things into consideration. These things will help you understand whether your home is located in a good neighborhood or not.

Appearance

If the neighborhood looks and feels nice, then this is probably because of the fact that people who live there are doing something to make it look that way. So, the overall appearance of a neighborhood should be a good indicator for future homeowners.

Parks

The majority of people would be glad to live close to a place which allows access to green space. Now Payson is a relatively small town and all parks are certainly within driving distance. However, if you have children you may want to choose a neighborhood where you can walk to the park with your kids. Even if you don’t have kids, taking a walk to the park can be an enjoyable thing to do.

Crime rates

There is no person that would like to move to a neighborhood known for its high crime rate. In Payson, the crime rate is relatively low overall. But you will want to check the details of the crime rates in particular neighborhoods. Obviously, give an advantage to neighborhoods that are safer.

By checking all these things you should be able to find the perfect home in a great neighborhood. Use the help of a professional, knowledgeable real estate agent to speed up this process and to avoid mistakes. If you have any questions about the real estate Payson AZ, contact Rory Huff at 928-595-0136.