How would you create $500/mo in Phoenix?

[Jeff Bethke]

I have a short term goal to create $500/mo in cash flow in 2016. I live in Scottsdale and am looking at outer areas of Phoenix metro for my first deal. For any of the veterans in the Arizona market, given the current state of things, how would you create $500/mo in cash flow? Some area of interest are San Tan Valley, Central Phoenix, Goodyear, Surprise and Queen Creek. Have access to roughly $40k in cash, lender is on board, and feel confident I could manage a basic rehab given my support network. Thoughts?

[David Faulkner]

Originally posted by @Jeff Bethke:

David Faulkner thanks David, I appreciate the advice but this is merely step 1 of a 15 year plan and no way I'm uprooting my life to do that. It also downs t et me to step 2 in 2017, which is another $500/mo. Was more interested in advice from locals on what they think good options are given our specific market conditions.

I own rental properties all over Phoenix, so quite familiar with the market conditions there. You are going to find it difficult hitting your proposed numbers in the current market, thus my suggestion. Best wishes to you.