Phoenix market, or Nah? (Multiunit)

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I was working diligently on finding multi family value add deals in Long Beach, CA prior to the state wide rent control. As California becomes an even less landlord friendly state, I decided to shift efforts towards some out of state markets. Phoenix landed high on the list of potential. I know a lot of investors eyes have shifted the same direction and I know there's probably a lot of people who believe it's too late. 

Through some preliminary research, the inventory is lacking in supply, and most of the deals on market have already been upgraded. The deals that do hit the market that have not been significantly remodeled, are now reflecting prices that lead to margins not worth going after. 

Understanding a deal takes time and effort to find, I'm going to continue to network and search. I do want to hear about others experience in this market and their future projections. 

All of your observations are correct. Supply is constrained in phoenix, while demand is high. Lots of money coming from CA and NY. And, most deals have been traded.

I agree with all of the above. However, if your conclusion is that there are no opportunities, I'll disagree. Closed another one today :)