Scottsdale, AZ · Member since 2016 · 62 posts · 8 votes
Hey everybody, I'm moving to Scottsdale, AZ in November to be a first time homeowner and to start my REI journey. I'm interested in buying small multi-family (fourplex would be idea, but duplexes, triplexes would be ok too if it's the right deal). I'm getting conventional financing and my budget is $350,000.
I would so appreciate any advice, and if someone can point me in the direction of where to best find a deal like this I would be so grateful. Time's a tickin'. THANK YOU!
Realtor and Investor · Scottsdale, AZ · Member since 2017 · 1k+ posts · 1k+ votes
6y
You will be hard pressed to find anything like that, within the budget you established, in Scottsdale. You may be able to find something in surrounding cities, but very unlikely in Scottsdale, at least not in this current market. Even an older 1 bedroom condo in South Scottsdale will run you over $150K right now, and most closer to $200K (unless it is a co-op).
If you are open to the Southeast Valley (Mesa, Chandler, Gilbert, Apache Junction), You could find more options within Budget. There may be some West side or Southwest options as well.
Realtor and Investor · Scottsdale, AZ · Member since 2017 · 1k+ posts · 1k+ votes
6y
You will be hard pressed to find anything like that, within the budget you established, in Scottsdale. You may be able to find something in surrounding cities, but very unlikely in Scottsdale, at least not in this current market. Even an older 1 bedroom condo in South Scottsdale will run you over $150K right now, and most closer to $200K (unless it is a co-op).
If you are open to the Southeast Valley (Mesa, Chandler, Gilbert, Apache Junction), You could find more options within Budget. There may be some West side or Southwest options as well.
Flipper/Rehabber · Phoenix, AZ · Member since 2018 · 269 posts · 152 votes
6y
@George Torres
welcome to AZ! Not trying to discount you wanting to succeed in RE but you Will NOT find a four plex in Scottsdale for $350. You will have trouble finding one in C neighborhoods in Phoenix. Multi’s are going quick. Best of luck to you.
Scottsdale, AZ · Member since 2016 · 62 posts · 8 votes
6y
Well, a guy can dream, can't he? So here's the deal: I'm open to areas within driving distance to Scottsdale, because that's where my office is. As long as it's within an hour's commute and is a safe, middle class neighborhood. Is that realistic?