Because "real estate investing" is so broad, it is difficult to find the perfect answer to your question. I can tell you this, no matter whether the market is up or down, there is always money to be made. I have found that investors with deep pockets and vision have the ability to always make things happen. If you have been keeping up with the news, you will see that Arizona is becoming more and more desirable for investors. People are moving here from California, and from all over for that matter, for numerous reasons, and according to surveys, we have the means accommodate the rapid growth. Also, you might have noticed that Tucson and Phoenix are growing together. Therefore, I feel that investing in properties between the two cities is something to look into. With 4,572 acres valued at $225M, we have been approached by numerous investors that want a piece of the action. It is all about talking to the right people and getting the right information.
Because "real estate investing" is so broad, it is difficult to find the perfect answer to your question. I can tell you this, no matter whether the market is up or down, there is always money to be made. I have found that investors with deep pockets and vision have the ability to always make things happen. If you have been keeping up with the news, you will see that Arizona is becoming more and more desirable for investors. People are moving here from California, and from all over for that matter, for numerous reasons, and according to surveys, we have the means accommodate the rapid growth. Also, you might have noticed that Tucson and Phoenix are growing together. Therefore, I feel that investing in properties between the two cities is something to look into. With 4,572 acres valued at $225M, we have been approached by numerous investors that want a piece of the action. It is all about talking to the right people and getting the right information.
Does anyone in Arizona work as a birddog or ever collect any type of fee to find a property for an investor?
I asked an Arizona investor to send me any leads he thought I would be interested in and I offered to compensate him. He said it is a felony in AZ to do that. I offered a research fee or consultation fee and he said it's totally out of the question for him to accept a fee of any kind.
Are investors in AZ not helping each other out and teaming up to get deals done and sharing information?
Is it permissible to find deals for people and pass them along for a fee call it any type of fee you want??
Does anyone in Arizona work as a birddog or ever collect any type of fee to find a property for an investor?
...
Are investors in AZ not helping each other out and teaming up to get deals done and sharing information?
Is it permissible to find deals for people and pass them along for a fee call it any type of fee you want??
In response to your post, I live in Scottsdale, AZ...I invest in real estate here & I am a mortgage planner/broker.
I work with other investors & refer deals to them as I come across them in my day-to-day activities. I do not take a fee for doing this, as I look at this as a service I provide to my clients. I do however anticipate originating the mortgage if there is a deal to be made, although that doesn't always happen.
So yes, we do help each other out here. What are your parameters for the properties you are looking for?
I am just starting out with real estate investing and I currently live in Arizona and was wondering anyone does any investing here?
I'm a Realtor based in Arizona. We specialize in working with investors and investment property. We can help you find below market properties or (close to) cash flow rental. Give me a call or shoot me an email if you're interested.
I am a Realtor in AZ. I have a good list of investments ranging from REO, wholesale specs, malls, land development etc. I have the lists, they are sanitized and waiting to be sent.
In regards to the comment of it cooling off in AZ, that makes it a perfect time for an investor to purchase. They say "buy Low"... well it is low.
There is also an onset of a safety net for the investor that wants to buy and hold single family detached. That safety net is more stringent mortgage qualifications forcing rental rates to be more congruent with the average mortgage payment. With our still rapid population growth People still need places to live but cannot qualify for the new mortgage standards. Ultimately with the combination of short sales and foreclosures investors should be salivating over the promise of long term equity and short term cash flow.
Here's something you might want to read:
http://www.azcentral.com/arizonarepublic/news/articles/0806foreclosed0806.html
"...Increasing numbers of these properties are being abandoned by cash-strapped owners, leaving messes and headaches for neighbors and municipal officials...
They tie it to declining home values, adjustable-rate mortgages, discouraged investors and owners struggling to make ends meet.
"It started ramping up during the past six months, and I don't see it stopping anytime soon..."
My perspective is way different from most of yours, but even as is, these houses are probably going for way higher than investment should do.
I recently tried to buy one--an older one--that was a mess, and needed a lot of work, including foundation repair. When I saw the extent of potential foundation work, I withdrew my offer. The original list price on this small 1960s house was 168K, after months of no interest, was reduced to about 155K. I offered about 90, there was an offer lower than mine, and 2 higher. I understand it has an offer now, and may sell.
These new abandoned houses are probably going to go for a lot more.
ofgift
It may take another 9 months for the pricing to take hold on the average seller or at the very least... the foreclosures in their neighborhood to set a pattern of value at witch buyers will consistantly make purchases.
Last night I was told that a nationwide builder just halted construction on close to 1000 houses. They have been working on the ground until a few days ago. I'll go past there later today to see if they've moved the heavy equipment out.
ofgift
Yeah let me know who and where. I know that it has already taken place with a lot of builders. they are only building specs. Most of the projects
that are still dirt are going to remain dirt for a while (infrastructure only)