Flipping vs Renting Out in Phoenix
I am looking at doing my first Real Estate project in the Phoenix area soon. Just curious to hear people's thoughts... Is it a good time to do a flip or get a multifamily rental? What has been working best in today's market? Are properties cash flowing or are mortgage rates too high?
Most Popular Reply
Your profile says you're from Minnesota. I would not recommend diving into the Phoenix market for a flip or a multifamily rental as an out of state investor looking to do your first deal unless you have a very trusted local acting as your "boots on the ground"
Just about anything that hits the open market in the good parts of town is either way over-priced, or if it is a deal it gets scooped up in a day. That goes for SFR and multifamily.
Also, 99% of what wholesalers send you will be crap. But that's probably true for any market.
Don't get me wrong, there's still money to be made in any market. But be cautious. Send me a message if you would like to discuss your goals in more detail. I can try to help to point you in the right direction.