Rental Property Investor / REALTOR® / Property Manager · Gilbert, AZ · Member since 2023 · 385 posts · 421 votes
Arizona is such a great place to invest because we have such solid fundamentals: job growth, population growth, and very low property taxes and low insurance cost. I have been investing in Gilbert and Mesa for several years, there are great investments here and I have been doing well, but I have also been helping investors who are looking for more cash flow to invest in Casa Grande, and I’m investing their now too. I currently have two properties in Casa Grande under contract for myself. Rent to price ratios in Casa Grande are so good right now, the deals I’m buying are renting for 9% annually. For comparison most places in Arizona are 5-7%.
We currently live in Casa Grande and thinking of buying another property. I am trying to see what will work for us. We don't have a lot of cash, maybe to put down a 3.5 or 5 percent at the highest. Based on your experience where could I look for deals?
We currently live in Casa Grande and thinking of buying another property. I am trying to see what will work for us. We don't have a lot of cash, maybe to put down a 3.5 or 5 percent at the highest. Based on your experience where could I look for deals?
@Julio Contreras you'll probably want to save more money or do a version of creative financing if you only have 3 to 5% to put down. I've purchased many homes in Casa Grande, however, I usually have to come up with about $40,000 to get the deal done. Sometimes I'm able to refinance some of that money out.
@Julio Contreras you'll probably want to save more money or do a version of creative financing if you only have 3 to 5% to put down. I've purchased many homes in Casa Grande, however, I usually have to come up with about $40,000 to get the deal done. Sometimes I'm able to refinance some of that money out.
Thank you Shiloh for your wisdom. I will save more money so when the time comes I can get in the market.
There are a few ways to go about it. Moving and keeping your current house as a rental is a great strategy, that's exactly how I got started when I didn't have much money, it's more about getting started and using the owner occupied financing to your advantage. You can find pretty good deals on the MLS that don't need much work if any, I'm actually closing on two properties next week that I found on the MLS. Another strategy is what @Shiloh Lundahl mentioned, when you get more experience and more money buying properties from wholesalers and/or the auction for cash/hard money at a bigger discount and then doing a rehab and refinancing the property can create more equity, but it come with more risk and it’s more work, I use this strategy too, but i didn’t start with it, I got a few owner occupied deals done first, and honestly I still find deals on the MLS so it’s doable. I’ve helped several clients buy properties in Casa Grande, feel free to reach out to me if you want to chat or look for deals.
There are a few ways to go about it. Moving and keeping your current house as a rental is a great strategy, that's exactly how I got started when I didn't have much money, it's more about getting started and using the owner occupied financing to your advantage. You can find pretty good deals on the MLS that don't need much work if any, I'm actually closing on two properties next week that I found on the MLS. Another strategy is what @Shiloh Lundahl mentioned, when you get more experience and more money buying properties from wholesalers and/or the auction for cash/hard money at a bigger discount and then doing a rehab and refinancing the property can create more equity, but it come with more risk and it’s more work, I use this strategy too, but i didn’t start with it, I got a few owner occupied deals done first, and honestly I still find deals on the MLS so it’s doable. I’ve helped several clients buy properties in Casa Grande, feel free to reach out to me if you want to chat or look for deals.
Hi Josh thank you for the wisdom here. Let me give you a call today. Thank you for offering to help.