Rental Property Investor · Member since 2019 · 13 posts · 5 votes
Hello,
I am new to investing in real estate, and I have recently had a desire to start looking for Duplexes or triplexes in Arizona — more specifically Phoenix and Glendale. How would I go about finding those? Does anyone know specific areas or streets that have them? Where can you find them also? I know that you can search for them on MLS sites, but very few come up in all of the Metro area especially under 350k.
There is a LOT of competition for small multis (2-4 doors) here in the Phoenix area. Many of them never even hit the MLS. A lot of investors are simply looking up owners and sending mailers/letters/etc. It's a tough niche to break into in PHX, but there are a lot of other strategies that work here, too!
Trevor, I work with a realtor and investor on this forum and he has bought himself and found his clients multi family homes in areas I did not even know existed. Message me if you are interested in his info. He is a great resource!
@Trevor Bragg If you want to get started, first talk to a lender who has a program for small multi family purchases.
An OOS investor in your same position reached out to me last night to investigate a double duplex in a GREAT part of town. No photos in the listing. Someone on my team took photos first thing this morning and confirmed it’s a good street in a good area.
We shared them with the Investor. A few hours later he said he wanted to make an offer. I checked and the listing had gone “pending” an hour earlier.
Good opportunities do appear. The investor with their financing in place, either a Prequalification form or Proof of Funds, will have the advantage. Let me know if you need lender folks.
If it’s early in your journey you may want to put this off. Just be aware that you might come across a unicorn of a deal and you don’t want another investor to step in front of you.
@Trevor Bragg I invest in Greater Phoenix but in larger MF. However, finding deals in a hot market works the same with most asset classes. There are several ways to find deals but you have to put the work in and be consistent. If I were you I would be building a list of every local agent/broker who sells smaller MF (find both SFR and MF brokers) and give them a call to start to build that relationship with them. You can use the MLS and Loopnet as well. Sign up for local real estate groups and attend their events and tell people what you are looking for. And most importantly drive the neighborhoods to get to know them and you will start to stumble across areas that you like and dislike. Good luck!
I'm an Arizona SF investor and Realtor in North Scottsdale... like other members have posted, inventory in metro-Phoenix is very tight. We are short 70% of available inventory to meet the real estate needs for our current population... which doesn't include the 300+ additional people moving into the area each day. Duplexes, triplexes and fourplexes come and go faster than a monsoon storm so being financially ready to jump ahead of time is paramount... the spring market is right around the corner and inventory will definitely pick up. I have a handful of wholesaler agencies that I check in with, MLS, online sites, Craigslist, plus FB groups, other agents and BP that I utilize to find properties for my clients. I'd be happy to help you with your search.
Similar to Trevor, I am new to real estate investing. Also looking to do small multi's, but in the Tucson area. Unfamiliar with the area, but eager to get started. I'm OOS as well.
@RJ Peristere I spent my glory years down at UA! I’d be happy to connect you with a great realtor from my brokerage that could help you with your search! DM me if you’re interested.