Rental Property Investor · Phoenix, AZ · Member since 2017 · 25 posts · 6 votes
Hello!
My girlfriend and I are looking to buy our first single family home in the Phoenix area this April. This will most likely be our primary residence that we will occasionally have to rent out ( AirBnB or VRBO) for when we are out of town for extended periods of time for work. Where would be a good place to invest? We are open to all of the Phoenix Area ( Tempe, Chandler, Mesa, Peoria). It would be nice to still have access to walking paths, shopping, restaurants.
Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
8y
This depends on whether you want this to be primarily your home or primarily an investment and also what type of investment. If you are looking at it as a short term rental you want to make sure there are no local restrictions in the various municipalities and pick something that is relatively close to tourist sites, convention centers, concert venues etc. If you are looking at a long term rental situation this may not deliver the best returns.
Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
8y
This depends on whether you want this to be primarily your home or primarily an investment and also what type of investment. If you are looking at it as a short term rental you want to make sure there are no local restrictions in the various municipalities and pick something that is relatively close to tourist sites, convention centers, concert venues etc. If you are looking at a long term rental situation this may not deliver the best returns.
Scottsdale and Tempe may be the best options for short term rentals as these areas have good access to freeways and there is a lot to do in terms of entertainment and outdoor activities, which makes them ideal areas for out-of-town visitors to frequent. At this time of year, MLB spring training starts up and Scottsdale is home to the San Francisco Giants, Colorado Rockies and Arizona Diamondbacks while Tempe has the Anaheim Angels.
Not sure what your budget is or anything like that, but these would be good places to start. I live in Peoria, not that far from the Mariners/Padres spring training facility and that area is also very popular with locals and visitors so North Peoria may be an option for you as well.
This depends on whether you want this to be primarily your home or primarily an investment and also what type of investment. If you are looking at it as a short term rental you want to make sure there are no local restrictions in the various municipalities and pick something that is relatively close to tourist sites, convention centers, concert venues etc. If you are looking at a long term rental situation this may not deliver the best returns.
Rental Property Investor · Phoenix, AZ · Member since 2017 · 25 posts · 6 votes
8y
Thank-you Bob for your response!
We have been looking in the Peoria area and like the newer style homes there as well.
Our goal is to stay under 300K. This will be our primary residence that we live in for the Fall and Winter. We typically have to leave for the Spring/Summer for work.
Scottsdale and Tempe may be the best options for short term rentals as these areas have good access to freeways and there is a lot to do in terms of entertainment and outdoor activities, which makes them ideal areas for out-of-town visitors to frequent. At this time of year, MLB spring training starts up and Scottsdale is home to the San Francisco Giants, Colorado Rockies and Arizona Diamondbacks while Tempe has the Anaheim Angels.
Not sure what your budget is or anything like that, but these would be good places to start. I live in Peoria, not that far from the Mariners/Padres spring training facility and that area is also very popular with locals and visitors so North Peoria may be an option for you as well.
Hey Charley! I just replied to your colleague request, sir. :-) I also know a bit about Short Term Rentals, after studying them in depth and staying in them for several months (25- 30 places, now?) and spending many hours talking with "hosts," and sharing my ideas, and background experience (business, RE, design, build, remod, STR stays, etc.) and secondly (after location) you would need to have the right floorplan, or rent the entire abode out (in your absence) and for a multi- room arrangement (vs. the entire space) I would say a single level, 3 bedroom, 2.5 bath (at minimum) to make any real money with AB&B, or VRBO, etc. as a STR. (Exception: A newly done, well appointed, located and amenitied condo, de centrale, renting the entire space, as a rule.) And allotting around $10k. in new furnishings and amenities.
A friend of mine here has (8) properties in Tempe and Gilbert, so far. She has half of them AB&B'd, and can barely keep pace, with her main house "on the Lake" (The Islands) in Gilbert, also STR'd! (4300 sf, five bedrooms, weekly and monthly rates, vs. daily...) Four or more bedrooms, nearly as many full baths, multiple en suites, and amenities such as a pool, and TVs in the rooms, a work space and good chair, etc. tend to attract the widest variety and volume of STR clientele. Another 4200sf place I recently stayed in in Gilbert had five bedrooms and six full baths, including a separate 'wing' with three bedrooms with en suite baths... The place is already booked- out for months, after only being listed on AB&B since mid Oct., 2017! And most everything should be "professionally" (pro level) done, managed, cleaned, etc. (Ultimately, it's a LOT of work!) in order to maintain "5 stars." @Charles Thurber
Real Estate Agent · Phoenix, AZ · Member since 2015 · 1 post · 1 vote
8y
Hello, I think Midtown/Central Phoenix is a great place to buy. My wife and I have two Airbnb properties in the Coronado Historic neighborhood and they both do really well.
Realtor and Investor · Scottsdale, AZ · Member since 2017 · 1k+ posts · 1k+ votes
8y
Lots of areas to explore. North Scottsdale is always a good option. The MMR Aquatic Center, all the walking/jogging trails, and close to dining and shopping make it a good option for you as well as others looking for a Summer rental.
Investor · Phoenix, AZ · Member since 2016 · 42 posts · 23 votes
8y
I would say that a lot of it depends on what your willing to spend. I haven't gotten into short term rentals at all yet though I think they are a super cool idea. My guess is that Scottsdale and Central Phoenix would be better than Peoria but I don't know that for sure.
As far as buying a place to live in, your location is dictated a lot buy your price point. That being said, if you're willing to do some rehab and have the ability to do so via saved up capital or something like a 203k, you might be able to find something at a cheaper price point in a nicer neighborhood and do a live in flip. Just a thought.