Phoenix Landlords anything to worry about

[Jay Hinrichs]

was just curious,  a good friend of mine from Portlandia moved his PM bizz to PHX in 08 right in the middle of the crash.. crash was created in big part on the small multi arena by Hispanics being kicked out or leaving as construction jobs failed.

he built it up to about 2,000 doors under management..

He is selling out.. He says ICE and the new immigration policies are already affecting his hispanic renters and he see's his business and his landlords starting to suffer.

He is returning to Portlandia ( he never gave up his business here but its not nearly as big)

Anyone in the Phoenix market experiencing this.

I know many investors who got totally wiped out in 07 to 08 with 4 plex's 100% vacant.. of course not predicting that as I have no way of really knowing.. but this guy has a pretty good finger on the pulse of the everyday PHX renter.

He said ICE is rounding folks up and deporting them when in the past they just kicked them back out on the street.

Anyone hear anything to corroborate this or disagree ???

[Stone Jin]

I would say that currently there is a shortage of affordable rentals.  The rents have come up rather significantly in the past few years.  If anything there is more demand for cheap housing.  

We don't deal with low end MF but gut feel is that segment is still in demand.