New to Real Estate · Los Angeles, CA · Member since 2016 · 12 posts · 3 votes
Visiting some family in Phoenix soon. I live in LA, am new to REI and have been in the learning and research phase. Most interested in buy and hold, brrrr, 1-4 units that cashflow.
I'll only have the weekend, but would love to get some time in walking neighborhoods. Where should I explore? Up and coming areas? The freeway extension that bypasses downtown, does that go through anything interesting? Is there any new light rail planned? what's the scoop? :)
Real Estate Broker · Phoenix, AZ · Member since 2015 · 10 posts · 5 votes
6y
@Ryan Bertolami In the Phoenix market it is getting harder and harder to find strong positive cash flow properties as the prices have gone up so much its hard to make the numbers works. I have found deals over the last year for my investors but they require a lot of searching and being able to pull the trigger very quickly as they go almost instantly. In the last few weeks I have found deals in Tempe and the North Phoenix areas, but these deals require cash only as the properties do not qualify for financing. If you are wanting to leverage you money and do financing it will take patience and diligence.
Fix and flips are going to be a good route as well depending on how much capital you have but most of these deals with be pre mls.
If you would like to discuss more in detail, just send me a PM and I would love to give you more insight.
Visiting some family in Phoenix soon. I live in LA, am new to REI and have been in the learning and research phase. Most interested in buy and hold, brrrr, 1-4 units that cashflow.
I'll only have the weekend, but would love to get some time in walking neighborhoods. Where should I explore? Up and coming areas? The freeway extension that bypasses downtown, does that go through anything interesting? Is there any new light rail planned? what's the scoop? :)
Depends on what you want to accomplish and your budget. Finding 1-4 units is a little tough right now. Coming from LA CA you may find our neighborhoods "tame" ;-) but there are certainly neighborhoods that don't make for good investing.
If you want "drama" in your investing, go it alone, if you want smooth sailing find an investor to work with that actually invests in the type of properties you are interested in. We can have coffee if you have an interest and driving the neighborhoods gives you a better perspective. Here is a deal I did that shows what kinds of returns you can achieve.
multi-units are generally only positive cash flowing if you're buying them pre-MLS. for SFHs, check out the suburbs (i.e. Cave Creek, Glendale, Buckeye, Maricopa County, Mesa, etc.). I'd also check out south of downtown. Lots of deals being made there over the past 24 months. If you ever are looking to partner with someone locally, shoot me a PM. Best of luck!
New to Real Estate · Los Angeles, CA · Member since 2016 · 12 posts · 3 votes
6y
@Account Closed That's an interesting strategy. It does seem like some creativity is needed for the Phoenix market. I'll need to read through that again to fully wrap my head around it. Being new and looking at a tough market out of state, we're certainly not looking for any drama :)
New to Real Estate · Los Angeles, CA · Member since 2016 · 12 posts · 3 votes
6y
@Bryce Deeney Based on my research so far, Phoenix definitely looks like a tougher market than some others for what I'm looking for. I may be open to fix and flip opportunities, but as a way to raise capital for buy and holds. Any opportunity there? I hear the margins are pretty slim.
Thanks for the neighborhood suggestions, a few weren't even on my radar. Will check out south of downtown for sure. Are you talking South Mountain area?
@Account Closed That's an interesting strategy. It does seem like some creativity is needed for the Phoenix market. I'll need to read through that again to fully wrap my head around it. Being new and looking at a tough market out of state, we're certainly not looking for any drama :)
It's actually pretty easy when discussed over a cup of coffee. And, South of downtown is where a lot of the drama is. ;-)
Real Estate Broker · Phoenix, AZ · Member since 2015 · 10 posts · 5 votes
6y
@Ryan Bertolami In the Phoenix market it is getting harder and harder to find strong positive cash flow properties as the prices have gone up so much its hard to make the numbers works. I have found deals over the last year for my investors but they require a lot of searching and being able to pull the trigger very quickly as they go almost instantly. In the last few weeks I have found deals in Tempe and the North Phoenix areas, but these deals require cash only as the properties do not qualify for financing. If you are wanting to leverage you money and do financing it will take patience and diligence.
Fix and flips are going to be a good route as well depending on how much capital you have but most of these deals with be pre mls.
If you would like to discuss more in detail, just send me a PM and I would love to give you more insight.
Phoenix, AZ · Member since 2020 · 42 posts · 7 votes
6y
If you decide to look in the south phoenix area anywhere from 24 st to central ave on baseline or southern are pretty good bets as far as upcoming areas. Lots of new construction and new stores being built. I would suggest staying away from 19 ave.