Hacienda Heights, CA · Member since 2014 · 7 posts · 7 votes
Hello all I'm completely lost as to where to post my questions if I'm interested to invest in a property around Chandler, AZ. It will be for passive income. Ideal property to be under $100k and in rent ready condition that can cashflow positively. Any suggestion/information/precautions as to what to look for in that particular area, information/recommendation to Realtor, property management, insurance agents etc is greatly appreciated! Thanks!
p.s. I've been an out of state owner of a couple multi-family properties in Texas for a few years and although I like Texas the property tax there is killing me. I am looking to recreate my experience in Texas without the ridiculously high property tax in AZ. Due to funds available unfortunately I can only play small this time investing in single family houses under $100k.
Welcome to BP. I just ran your criteria for SFR and there are a total of 3 SFR in chandler under 100k. One of them looks like it might be rent ready, another one is under contract.
There are 16 other properties, mostly condos and town homes.
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Hello and welcome to BP! I don't know about AZ investing now, but there are good cash flowing markets where you can by fully turnkey properties with tenants in place and without the high property taxes of Texas.
Welcome to BiggerPockets @Wayne Tam , thanks so much for introducing yourself to the community! Good luck with your ventures in the AZ market :) Hope you find what you're looking for there.
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I'm from the area you want to invest in. There's nothing in Chandler that is under $100k, rent-ready and cash flow. Even under $150k is almost impossible.
Welcome to BP. I just ran your criteria for SFR and there are a total of 3 SFR in chandler under 100k. One of them looks like it might be rent ready, another one is under contract.
There are 16 other properties, mostly condos and town homes.
This is what I like about BP, you ask a question(s), and eventually someone with "boots on the ground" replies with some factual data. Clearly, the pickings in Chandler for under 100k is very little, but then again all you need is one good property for investment.
Welcome to BP @Wayne Tam. I bought rental properties in Gilbert a few years back and they are cash flowing very nicely. But I find it almost impossible to find properties with good cash flow in Gilbert/Chandler anymore. I don't want to discourage you and I hope you find the property your looking for.
Good luck with your search. Let me know if you find any good investments.
We are considering offering seller financing on some of our rentals, I can sell them to the current tenants that have paid for several years for a solid down payment and the same payment as a mortgage without vacancy, taxes, HOA fees, Maintenance etc.
There are plenty of Condos in Phoenix in the 40-60k range but you have to watch the HOA fees. Another option is to buy these cheap and then sell them with owner financing.
Working my way through the podcasts, it seems that there is a common theme of staying away from condos for investment because of HOAs. Of course, they also say to stay away from HOAs in general for investment purposes, as they can eat up cashflow. But I like the idea of buying a condo low and selling on owner financing.
Check the HUD homes website. It has a link to IRS auctions. There is an up coming auction 1/22/2015 in Chandler, AZ for a SFH. Starting bid is $58,102. Some IRS auctions allow mail in bids.
Thank you all for your information. The reason I wanted to invest around Chandler is because I heard it's a good area compared to Phoenix. I know properties in Chandler are starting to get expensive now so finding one under $100k may be difficult. I head Queen Creek and San Tan Valley are getting developed and have plenty of houses under $100k. What do you think of that area? @Tom Nguyen @Bob E. I see that you both are from around the area do you think it's a good starting point for a buy-hold-rent out investor? Crime rate? By the way I'm only interested in SFR because I don't like paying ongoing HOA on condos etc. I will probably visit the area within the next few months to actually look at some properties and to check out the area. Anything else I should know? Any recommendation for realtor/loan agent/escrow/insurance is also greatly appreciated!
@Wayne Tam I moving to the Phoenix area next month. @Bob E. is actually an investor and real estate agent, best of both worlds. Like you, I am also doing all me research on the area because once I settle in, I plan on buying my first SFR. It seems that a lot of SFR neighborhoods have HOAs, but maybe in the less than 100k there will be less. Good luck on your endeavors!!
@Wayne Tam@Paul Santos Most of the newer properties in Phoenix Metro area will have HOA's. Fees for SFR communities usually run @ $65 a month. There are properties that don't have HOA fees but it narrows the search by a lot, I would just consider it a cost of doing business.