Hi BP Community
I'm looking for access to off-market deals in the Phoenix area...
In general, I'm primarily looking for 2-4 unit multifamily properties in the Mesa/Tempe/Encanto Village/Camelback East Village/Northeast Central Phoenix areas, but I'm open to other multifamily opportunities if they make sense.
I've spent several months tracking the MLS, and either (1) a decent deal pops up and is picked up immediately above what I would call a "reasonable" or "market" price; or (2) there are some crappy deals that have been sitting on there for months.
I know there must be something better out there, and that's what I'm looking for... thanks in advance for your help!
You've communicated clearly nearly my exact same thoughts. Well said! I'm extremely interested in the Phoenix-Metro market and the lack of small MF deals.
Not sure. Appears I may have to settle for a modified House Hack with a SF and Casita or ADU to begin. Wishing you the best and interested in feedback from other members.
@Don Gilbreath I feel your pain... the SF home + Casita or ADU is very much not ideal because I'm always worried about:
- Construction quality/permit issues
- "Leasability" of that back unit
- Exit strategy when it comes time to sell
@Alexander Wehrmann I'll be honest finding an "off market" deal in the Phoenix area will be tough to come by. Especially in today's market it would be unwise for a seller to NOT take it to market with how hot it is. With that being said it's not impossible. You're probably already doing this but rather than looking for off market deals you may find it more efficient to build relationships with those agents that do a lot of these smaller deals as they will have more connections and could lead you to an opportunity whether it was on or off market.
Thanks Dallon. Would love to connect and learn how you aquired your multi-family properties in Phoenix, AZ. Thanks for the insights.
@Austin Gilbreath I sent you a message to connect. I host one of the largest meetups exclusive to multifamily in the Phoenix valley focused on education and networking. Our next event is in less than 1 week and there are only a few tickets left. Let's connect and I'll get you squared away.
Thanks Dallon! Will do. Looking forward to it.
Thanks @Dallon Schultz -- perhaps I could open my search to 5+ units as well, and find a broader (different) market, that might have better opportunities?
@Alexander Wehrmann the grass is greener where you water it. I always encourage people to start with the end in mind and make sure you're taking consistent and focused action in that direction. That typically requires knowing your market and property criteria. I'll tell you right now you'll find people that are doing good and bad in every market, the only difference is you won't hear about the bad ones as frequently because who wants to talk about a bad deal? There will be competition wherever you go. Identify a market, know your property criteria, build your network/team then make sure you've exhausted all efforts and resources before deciding to switch things up or adjust your criteria.
"More is lost with indecision than by wrong decisions." -Gino Wickman
Let's connect and get you plugged into our local meetup network. You'll find people that could answer questions and provide more value than I can. I've sent you a message to connect.