Beginner in Arizona Real Estate Market

[Seth Ensminger]

I have recently decided to begin real estate investing in Arizona. I am currently looking for a triplex in Phoenix and will utilize the FHA loan and Bank of America Grant Home program along with my current finances. I would like to know if there are any other opportunities I can take advantage of in the Arizona market. I would also like advice about closing a deal.

[Ryan Husser]

Hi Seth! 

Inventory is very tight in the Phoenix area, as well as AZ in general. For the most part there a not a ton of multi-family properties in the Valley, but they can be found in the Northern and Central Phoenix area. I think your strategy is sound with the FHA loan and B of A grant program, however getting a deal accepted with this financing will be a challenge. Many sellers are choosing 'all cash' offers or conventional with a sizable downpayment.

I would recommend locking on to an area first, seeing what types of properties there are first and then putting your offer in. In this market once you have the deal locked and loaded, as long as your numbers work, the rest should fall right into place. Good luck!