Looking for Multi-Family (2-4 Unit) Properties in Chandler

14 Replies

Hello Everyone,

I currently work in the Chandler area off of Chandler and Dobson. I would love to start house hacking close enough to work (with 5 miles) to be able to bike consistently. I am looking for a multi-unit property whose total cash flow would equal the rent of one of the rooms in one of the units. Would love suggestions for places to look or even deals you know of! I know this is a bit like finding a needle in a haystack but would love any help!

Thanks!

Matt

@Matt Dickens A few multi-family exist in that area that are currently for sale. Some of the units are 4 and under so financing would be conventional, the larger properties would be commercial financing.

@Stone Jin The idea of house hacking a multi-bedroom single family home is another option to consider. 

As so many of these scenarios start it's hard to give solid advice without knowing how much cash you have, what area are you personally willing to live in, can you do fix up etc, etc.

@Stone Jin that is certainly an option as well. From what I have seen, the multi-unit is a safer option because I have two + units as opposed to technically only one. It is certainly a possibility though.

@Doug McVinua and @Stone Jin I am working with about 30,000 or less currently but if I find the right deal have several partners I could potentially reach out to as well. 

@Matt Dickens I would disagree about it being safer.  I think if you were to house hack a quality asset either renting out room long term or airbnb model, you would probably get the same cashflow and higher quality of tenants.  

The small MF out in the market place that will cashflow are going to be in tougher parts of town where you would get rougher tenants.  

I believe @Ben Leybovich wrote an article about house hacking in Chandler.  Maybe he can point you in the right direction.

@Matt Dickens have you considered buying a house with a guest house and living in the guest house and renting out the main house? That is what I do in Gilbert, Arizona and the rent from the main house pretty much covers the mortgage for the property.

@Shiloh Lundahl That is definitely one of the options I have been looking at. I have not found much that isn't already remodeled and therefore a little too expensive to make sense, but its also the type of property I have looked into the least. There would definitely be value in me trying to find value add opportunities with that type of property.

@Shiloh Lundahl I have a few different wholesalers sending me everything they have, but I do not have very many sending anything specific. It is just going to require some work on my end to start sifting through the properties to get to the ones that I am interested in.

@Matt Dickens I would say that I get about 30 emails a day from wholesalers.  DM me and tell me the email lists that you are on and I will share with you the ones that I am on that are not on your list. 

@Matt Dickens and @Lance Branford : Reiterating what's been said earlier in the thread - the numbers on MF just don't work out for most deals in the Phoenix area. There's not much inventory, which drives prices up, and the rental numbers are not great due to the location most of these properties are in. I strongly recommend considering house hacking, casita hacking, and the other creative options discussed above. In some cases, the numbers might even support picking up a cheap SF and building a casita/suite/ADU on the property.

It's also important to consider the legal issues associated with house hacking. Many areas of Phoenix are zoned ONLY single family, which means you can't (officially) put another livable unit on the property. And even in the areas where you can, HOAs generally restrict STR. These are not deal breakers, but they are issues that you have to address when house hacking.

Happy to answer any questions I can!

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