My name is Ethan and I am trying to find a property to house hack and am looking to find some advice on the Mesa market and surrounding areas. I am extremely coachable and a hard worker and will do anything to get a deal done. Resources, advice, connections, events to go to, etc. if anybody around my area can be of any help I cannot express how grateful I’d be. Thanks
I have a rental in the Mesa market, and I think it will grow to that of the Gilbert Market. You also have Chandler and Tempe. I think the center of growth is Tempe and keeps pushing out. You Also have Phoenix as well and keeps pushing out. I am no longer in the area but I can share what I know. I also use to be an agent in that area.
I am a Mesa native- and still live in the area. Mesa tends to have more of the duplexes than the surrounding areas (if you are considering house hacking a multi property), since its on the older side of the east valley. More of the affordable options will be far west or far east. Feel free to reach out with any questions on the market or area! There are a lot of options!
@Ethan A Karnes Happy to chat someday regarding the Mesa, AZ and surrounding area! As a Broker and Property Manager with properties in Mesa and all of the surrounding towns, it could be helpful.
Congratulations on starting down the investment pathway as it can be very rewarding.
Hi Ethan, I live in Gilbert, and I know parts of the Mesa market but not all of the Mesa areas very well. As for house hacking options, it's a tough market to get into right now due to price and competition but there are still opportunities out there for house hacking strategies. Below are some options that I'd look into.
Strategy 1 - MFH (2-4 units)
Ideally I'd recommend trying to find a multi-family property (2-4 units) to owner-occupy. You can live in one unit and rent out the others. There are a few on the market in the central/west Mesa areas, but they are older age homes but come at lower price ranges. You can purchase this on a low down payment FHA or Conventional residential loan
Strategy 2 - SFH Fixer Upper
The other option with house hacking would be to find an outdated SFH to live in and fix up over the years. You can purchase this on a low down payment FHA or Conventional loan. You can live there for at least 1 year (or whatever your loan requirements dictate), and then do it again and rent that property out. The other option in this strategy (which I just recently used), is live in the unit for 2 years, rent it out for 3 additional years, and then sell before the end of year 5 in order to avoid capital gains on the appreciation.
Feel free to reach out if you have questions, I'm happy to help.
There are plenty of options in Mesa as far as house hacks, from condos to small multi-family. Mesa also have a great Section 8 program and COVID package for tenants who have been missed work because of COVID. I'm available if you have any questions.