I want to thank everyone who has given me advice in the various posts I have made. I was preapproved for a loan and will be flying to Phoenix on Tuesday to start my house search. I found an agent who seems trustworthy, has an MBA, and comes highly recommended. I'm hoping to buy a house, 3 bedroom, SFR, in Queen Creek or Gilbert, for about 120k. I previously thought about buying in Vegas, but I now think Phoenix is better for me. I'll rent the house out. Becuase of the advice I was given on this forum, I decided to buy a SFR instead of a condo and to invest in Phoenix instead of Florida of Vegas. I know that those other places may be better for some, but probably not me. My agent was recommeded to me by a close family friend, who has dealt with him for years. I didn't only accept the advice given to me on this forum, but I used it to get me thinking and check out things in other ways as well. Yet without your guys advice, I wouldn't know what to think about. In short, thanks for all your help and I'll keep you informed. I'm now living in Beijing and it will be great to return to the States.
Hello and good to meet you...
Youre actually buying a house as a rental through an agent in an area you dont live and you are thanking someone for that advice.... OMG...
Please concider your options..
I read through the threads Glen started Isee no such advice to buy rental property. Whew! Had me concerned.
In what post were you given advice to rent out a home in AZ?
In previous posts I talked about buying a condo or house as an investment, which I would rent out. It was suggested that a SFR is better than a condo. I asked about different areas and was told that Phoenix seems a better area then Vegas or Florida. Do you think it's such a bad idea to buy a rental in Phoenix at this time. The agent I have is trusted by someone I know very well, he works closely with a management company. I believe that many absent landlords are buying houses to rent out.
How does it make sense to you as an investment? What is your calculated return? Can you handle a net loss (negative return) just to speculate on appreciation?
The last thing you want to do is just buy a rental because "everyone else is". It is a setup for failure to go in blind without knowing all associated costs and pitfalls.
By the way, only you can determine what is a good deal for you. A realtor is only in it to make a sale and not to give you advice on what constitutes a good investment. I had a realtor try to sell me on a rental "investment property" for 200k with gross rents at 1300.00/month. How does that make sense?
I don't know Phoenix, but rumor has it that there are some good bargains there. Glen will know when he gets there if deals look good.
I don't buy rentals that I can't drive to so I can take care of them myself, but there are a lot of investors with rentals out of their area and it seems to work for them.
It sounds like Glen knows people in the area.
There is nothing wrong with having a real estate agent show you properties, especialy in an area you don't know well.
The agent should know the area, and it is possible to find good deals on the MLS, with a little digging. Some agents also can do short sales and foreclosures.
Lots of people choose to live in Phoenix, so the town must have something going for it.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing