Updated over 7 years ago on . Most recent reply
Analysis Paralysis in Phoenix/Scottsdale! Please help!
I can't believe it's almost August! That means it's been almost a year since I started reading real estate investing books and listening to the BP podcast and I still haven't made a purchase! Eek! I'd like to buy a home in 85254 for AirBNB/VRBO because I like that area and think it has a lot to offer to out-of-state guests. However, homes in that area are $400K+. Is that too large of a purchase for my first deal? Should I look elsewhere (Mesa maybe?) for a single family home that I can rent long term that would be in the $200K range? Does anyone have a real estate agent in Phoenix/Scottsdale who works regularly with investors? What are your thoughts on the best places to find deals in Phoenix/Scottsdale if you don't use an agent? How do I go about getting my name on a buyer's list? Lastly, I'm interested in partnering with someone--you bring the experience, I'll bring the money! Any advice/suggestions/encouragement to push me closer to finally doing my first deal are appreciated! Thank you!
Most Popular Reply
Forget about the price of the home. $400k isn't "too much" and $200k isn't "cheap"
Only one thing matters: how much income does a property bring relative to its purchase price.
If the $400k he brings in $6k/month that's a lot better than a $200k bringing in 2k/month.
So focus on your return. Not purchase price.