Hi, I'm in Chicago. I have very little equity, roughly 3k. My goal is to buy a single family home in Arizona and rent it out. Does anyone have any advice, a sort of “do’s and don’ts” of buying property out of state? Is Arizona even a good state to buy investment property?
Hi @Agbolade Adesoye ,
Good job on making the decision to invest, but the timing isn't right just yet.
If you're wanting to invest your own funds, continue savings cash until you have more like $25,000 available to go towards that rental house.
If you're wanting to invest other people's money, find wholesale deals in Arizona and apply the BRRRR method . That will enable you to acquire the property, improve it, refinance (pay off loans), and then keep that property.
Originally posted by @Nathan Platter :
Hi @Agbolade Adesoye ,
Thanks Nathan! How would you recommend finding good wholesale deals?
I'm not from Arizona, but I think the market is really hot and housing expensive in most major areas, particularly Phoenix.
There are multiple ways to find wholesale deals, but they always come back to building relationships. Whether you find the deal directly from the current owner or from another wholesaler, real estate is about being good with people.
As for the specifics about finding deals, the Wholesaling section of Bigger Pockets can provide far more resources than I can in this one post.
Sadly your far to under capitlized to try any form of real estate.. you should look for a paying job in the industry and work up to being an investor.
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