Rehab & Flip? Buy & Hold? What are the best REIs in Arizona

19 Replies

Hi Everyone, I am brand new to BP & REI in general. I will be moving to Arizona sometime in 2017 (scottsdale specifically) and I am looking to get as much information as possible on the investment market. My goal is to gain another form of income, both short and long term. What are people investing in out there and why? If purchasing for hold and rentals, are single family, multi, condos or apartments more profitable? any great recommendations for contractors, real estate agents, lenders? Any and ALL information would be greatly appreciated! Thank you in advance.

keyowrds: arizona, phoenix, scottsdale, mesa, tempe, chandler, glendale

Hi Chelsea,

The Phoenix market is hot right now. Buy and holds are hard to come by. Your best bet is flips.

Our agent is one of the best and only deals with investors.

PM me if you'd like their contact info.

HI Chelsea, I don't work in the Scottsdale market, but I do know that the market right now is a sellers market and 'great' deals are harder to find, but as always they are out there. My recommendation would be to get into the local REIA AZREIA.org they are one of the best in the country and you can learn tons and meet seem great contacts.

I have looked at some of the 'flips' in scottsdale and in my opinion many of them are Subpar so if you produce a superior product than I would imagine that as long as you can find the right deal you will not have any problems.  

What I would say, flips are work..   It is a job. not an investment.  I am not saying don't do it, but if your looking for wealth building flips are not the way.  Flips can be means to an end if your wanting to try to build cash.

Best of luck and keep us updated on your progress.

Most of the real estate investors I know in the Phoenix metro area have all but given up on finding "good" deals. Wholesaling simply doesn't happen in market conditions like these. Even the most sub-par properties are getting full and over asking offers sometimes within hours of hitting the MLS. Many of the guys I know in the business have gone and got their real estate license and are making more money doing traditional real estate deals.

Good luck! 🙂

Welcome @Chelsea Garber

I agree - in the greater Phoenix area, its hot but its hard to find the so called "great" deals. It is very competitive here and the market is very saturated with "investors."  I would definitely just start networking with more and more people here and educating yourself on what angle you would like to take.  The AZREIA is a great place to start.  If you need any other information as far as things from a real estate agent - feel free to PM me any time and I will help where I can!   Good luck! 

thanks @Taylor Campbell , I have definitely noticed there are A LOT of investors in the PHX area. I am going to continue doing my research and hopefully can attend the AZREIA meeting in november/december when I am in town. Hopefully this will all help me narrow down my goals. Thanks again!

Is there any problem with a new investor with no experience to attend AZREIA meetings?  I would like to continue to network and thought this would be a good place to start.

I was in your shoes four months ago, and I had been learning and comping wholesale deals every day, until I found my current project in Scottsdale. I bet I looked at 200 before I found numbers that ran. 

But I did. At first I didn't even believe it. I thought you made a mistake!!

I like the monthly AZREIA meeting (there was one yesterday), and I'd say many to most there...were less than a year into their investing. 

Hey guys. There is a meeting on Oct. 10th in Phoenix and its $20

Monday, October 10
Exceptional information!

5:15 pm Workshop – Important Lease Provisions. It doesn’t matter if you are a new investor just getting started or have been a landlord for years, what you don’t know can hurt you. We will go out on a limb and “Bet you don’t have them all” regarding the lease provisions that Mark Zinman will cover. Why? Because some of these provisions aren’t very common and many landlords miss them.

Market Update with Alan LangstonThe complete market update will be delivered just as it is at every meeting. You will see all the trends and current events information. You will hear Alan Langston’s analysis of what it all means to you as a real estate investor. This is must know information for the serious real estate investor.

Main Meeting – Market Analysis with Tina Tamboer. You must know your market. A major part of understanding your market is understanding the numbers and the trends. Our expert presenter, Tina Tamboer of the Cromford Report, will provide you with her unique perspective on what is happening in our market today and her projections for the future.

Go to http://azreia.org

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I'm also moving back to AZ next year. I have a condo in Mesa right across the street from the new Cubs Spring Training facility that I'm thinking about turning into a vacation rental. 

Had anyone had good success with VR's in the Phoenix area? I'm also looking for buy and holds but it looks like the market is pretty high right now. Any further insight to the current market would be appreciated.

@George Temes

Can you give us the details on the deal you finally moved on? Is it a flip? Who did you buy from? How big, how much $?

Just interested in what you found and where.

Thanks!

Originally posted by @Jake Saliba :

@George Temes

Can you give us the details on the deal you finally moved on? Is it a flip? Who did you buy from? How big, how much $?

Just interested in what you found and where.

Thanks!

The key was the zip code. It's in 85254, so I knew I had location on my side. I subscribe to about 15 wholesaler mailing lists, so I get pa steady flow of properties to comp. The problem is that the margins are rarely what they're advertised (both in ARV and cost of rehab), so I just had to do my own research. Fortunately for me, because I had a bunch of unexpected problems with contractors that has eaten up thousands. If I didn't have those margins, I'd be much worse off.

I'm just bringing it to market, but reconsidering my initial plan to do a straight flip (that would list at $385K), because the rental market is so strong. I may do a lease/purchase if my numbers run. 

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