Dear all BP, i am newbie and looking for duplex or 4plex in phoenix to purchase. I did some search online, and most people suggested to buy in tempe, scottsdale, chandler, mesa area, Any commends on 85032, 85020, 85021? Thanks.
There are great opportunities in each of those areas, if you do your research and stick to your numbers. Quite frankly, multifamily is hard to come by in Phoenix. They are in rough parts of town, which reduces your rent, and dictates the type of tenants you will get. I would suggest at least looking into single family in those areas. Run the numbers and see what makes sense.
Happy to answer any specific questions I can!
@Eva Huang As a Property Manager and a Broker in the Phoenix market you have chosen popular and common areas for purchase. Nothing inherently bad with the areas in general, demand is typically high for most of the neighborhoods, crime maps might be helpful to you in some areas.
I have been suggesting a few look out a bit further as the purchase prices are a bit lower and returns are a little better. Apache Junction (AJ) has been good recently, I have 2 4-Plex's in AJ I manage that demand is high and we have been able to increase rents significantly.
When I took over these 2 4-Plex's in AJ less than a year ago they had 3 vacancies and a couple of other problem tenants. I have raised rents on all the new leases, $200.00 higher than was being charged with the previous management company. All units are occupied, 0 delinquencies, rent is being paid on time and I must say the owners are pretty darn happy with the results.
One tenant recently requested an early termination for personal reasons. I worked with the tenant to facilitate them leaving 2 months early. I was able to get the tenants to pay the Re-Leasing Fee and other costs so that we now have a new tenant on a new 1-year lease, $25.00 a month higher this year than the previous tenant and at $0 (Zero) cost to the owner. I generated over 190 leads on the unit, 5 applications and found a great tenant and we had zero days of vacancy. Yes, the old tenant moved out one day and the new tenant moved in the following day so the owner had zero revenue loss.
You might think I like long term rentals in the Phoenix market.........lol
@Doug MacVinua. THank you for your info. Please PM me the detail of the 2 4plex.
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