Investor · Austin, TX · Member since 2016 · 4 posts · 0 votes
Hey BPer's
I am seeking passive multi-family passive deals in the Scottsdale Arizona area. I am trying to build my network in Scottsdale, so if anyone that is seeking investors has contacts or deals I would love to get the discussion started. Thanks!
@Phil Shearcroft I have a SFH property near Moon Valley -- about 1hr northwest of Scottsdale due to traffic -- that gets $1500/mo. Scottsdale is a much more desirable area with more attractions (stadiums, events, higher end stores, etc) nearby. I also have a friend who owns a SFH in Scottsdale and rents it via Airbnb. Because of the stadium being nearby he can get 10k/mo during the summer (of course his expenses are much higher).
Without knowing the specific area or the difference in rent between a SFH and a condo in Scottsdale, my first thought is that $1500-$1800 doesn't sound unrealistic.
I live in scottsdale, and am looking at some as well. Could you be a little more specific as to what you are targeting. I've found a few that are out of my reach, and would gladly pass them along.
Because I'm still fairly new at the multi-family game, I'm looking for smaller stuff, which usually isn't passive, but I've seen some larger complexes pop up from time to time that might be.
Cap rates here tend to be lower because of the price of land in Scottsdale, but with some digging, I'm convinced they can be found.
Scottsdale doesn't have many multi-family units, they seem to be mostly single family and condo/ apartments. I'm also looking for multi-family but have gone into more single-family and one condo so far.
I'd be happy to pass along any I do see, would you be interested in single family or condo? I have a good network of real estate investment professionals and I'm a lender in Scottsdale that does mostly investment property purchases. Are you planning on coming out to look at some places?
@Rick Momsen I’m currently looking into a deal where I can absorb a 2 bed 2 bath condo for 75% of the asking price. Listed at $199k. What kind of rental market can I expect from the central Scottsdale area. The current owner says he normally receives anywhere from $1500-$1800 per month. Does this sound typical? 1000sqft ground floor. Pool amenity. I would greatly appreciate your insight.
@Phil Shearcroft I have a SFH property near Moon Valley -- about 1hr northwest of Scottsdale due to traffic -- that gets $1500/mo. Scottsdale is a much more desirable area with more attractions (stadiums, events, higher end stores, etc) nearby. I also have a friend who owns a SFH in Scottsdale and rents it via Airbnb. Because of the stadium being nearby he can get 10k/mo during the summer (of course his expenses are much higher).
Without knowing the specific area or the difference in rent between a SFH and a condo in Scottsdale, my first thought is that $1500-$1800 doesn't sound unrealistic.