Just closed on my second fourplex phoenix

20 Replies

Just wanted to share that I just closed today on my second fourplex here in Phoenix. I refinanced my first fourplex out of the FHA then used that FHA on my second fourplex. Feels awesome!!!

Help me out I live in Phoenix, where the heck are there 4plexes? Shoot duplex's are a unicorn in this town, maybe I just don't know where to look. I don't venture out of the northwest part of town often. Maybe I need to expand my horizons lol. Seriously any incite is appreciated. 

@Samuel Glantz I’m getting them from the MLS Offer asking price just to get them under contract then I send an inspector and from there I negotiate pricing until I get it down until my numbers work out. At that point is the seller’s choice to sell it or not to sell it
Originally posted by @Carlos Gonzalez :
Just wanted to share that I just closed today on my second fourplex here in Phoenix.

I refinanced my first fourplex out of the FHA then used that FHA on my second fourplex. Feels awesome!!!

 Could you please give some details about these properties? Size, number of rooms, price, location, etc.? In the future I wish to move to Phoenix and "house hack" with a MFH property, so this is all interesting to me.

Originally posted by @Samuel Glantz :

Help me out I live in Phoenix, where the heck are there 4plexes? Shoot duplex's are a unicorn in this town, maybe I just don't know where to look. I don't venture out of the northwest part of town often. Maybe I need to expand my horizons lol. Seriously any incite is appreciated. 

There are many fourplexes in the North Valley, some are currently for sale in ARMLS. If you BP private message me with what you are looking for and your email, I can set up with a search that will automatically send you listings which meet your criteria with price change updates, as soon as they are entered into the MLS. No obligation!

Originally posted by @Matt Shields :
Originally posted by @Samuel Glantz:

Help me out I live in Phoenix, where the heck are there 4plexes? Shoot duplex's are a unicorn in this town, maybe I just don't know where to look. I don't venture out of the northwest part of town often. Maybe I need to expand my horizons lol. Seriously any incite is appreciated. 

There are many fourplexes in the North Valley, some are currently for sale in ARMLS. If you BP private message me with what you are looking for and your email, I can set up with a search that will automatically send you listings which meet your criteria with price change updates, as soon as they are entered into the MLS. No obligation!

 Thank you, I appreciate it. The market here is too hot and out of my price range currently. I don't think that anything here I can afford would be in a neighborhood I would want to own in.

Originally posted by @Samuel Glantz :
Originally posted by @Matt Shields:
Originally posted by @Samuel Glantz:

Help me out I live in Phoenix, where the heck are there 4plexes? Shoot duplex's are a unicorn in this town, maybe I just don't know where to look. I don't venture out of the northwest part of town often. Maybe I need to expand my horizons lol. Seriously any incite is appreciated. 

There are many fourplexes in the North Valley, some are currently for sale in ARMLS. If you BP private message me with what you are looking for and your email, I can set up with a search that will automatically send you listings which meet your criteria with price change updates, as soon as they are entered into the MLS. No obligation!

 Thank you, I appreciate it. The market here is too hot and out of my price range currently. I don't think that anything here I can afford would be in a neighborhood I would want to own in.

I actually own a duplex close to the ballpark and probably get 1-2 letters per week asking me if I want to sell.  

That area is super hot, but when it feels like you're pushing a boulder uphill, you need to change your strategy or hunker down, save money, and wait it out. I just picked up a SFH in Maricopa last month that pencils.

Congrats on the 4-plex!

Originally posted by @Samuel Glantz :
Originally posted by @Matt Shields:
Originally posted by @Samuel Glantz:

Help me out I live in Phoenix, where the heck are there 4plexes? Shoot duplex's are a unicorn in this town, maybe I just don't know where to look. I don't venture out of the northwest part of town often. Maybe I need to expand my horizons lol. Seriously any incite is appreciated. 

There are many fourplexes in the North Valley, some are currently for sale in ARMLS. If you BP private message me with what you are looking for and your email, I can set up with a search that will automatically send you listings which meet your criteria with price change updates, as soon as they are entered into the MLS. No obligation!

 Thank you, I appreciate it. The market here is too hot and out of my price range currently. I don't think that anything here I can afford would be in a neighborhood I would want to own in.

@Samuel Glantz - just did a basic MLS search and there are 53 four plex units that active in the Phoenix market. Not saying I would live in all of them :) But they are out there. Would love to help you find what you want.

Debra Thomson, RN Realtor SA#679239000

@Carlos Gonzalez   you're definitely on the path to long term success! I've helped a few BP investors execute the same strategy you're doing, but you're now taking the next step with the refinance/second property purchase. I've said it before and I'll say it again here: using FHA financing to purchase a 4 plex is the easiest low down investment strategy available to the masses. Ironically, the easiest part might be purchasing the property itself - the real experiential learning and hard work begins once you actually move in and start being a landlord. Cheers to your effort and probably being out of your comfort zone a bit in the name of investing!

@Samuel Glantz there are pockets of 4plexes all over town, including the NW valley. You're right that finding a cash flowing duplex is like finding a unicorn. The duplexes here just don't have large enough units to support rents that allow you to cash flow (unless you have significant equity - probably over 50%). 


Originally posted by @Samuel Glantz : I don't think that anything here I can afford would be in a neighborhood I would want to own in.

 And that is the real answer to your dilemma.  It's not that quads don't exist.  It's that quads don't exist in B+ neighborhoods at C- prices.

Take a walk on the wild side, Sam.  It could be profitable, and it might not be as bad as you anticipate.  ;)

@Carlos Gonzalez that passion and actually liking what you do is essential to get started and to continue for the long haul ! I've been a local landlord for the past 14 years, so I know all to well about the ups and the downs. The key is to keep your eye on the prize at the end. 

I own and operate SF, multi family, condos, and have experience with short term vacation rentals as well. I've always got my eye out for more acquisitions, but most of my time now is spent being an agent and helping others to buy smart investment properties.