Hello! What's the best way to determine rental price for single family homes on the market? Similarly, what's the best way to determine whether the neighborhood you're considering is poised for growth'? (new investor here, living in the Phoenix area, working to find a good CF on 1st deal, with growth for the future - just like the rest of us, right?) Thanks all!
In one word. Research. Look for patterns of potential growth. "The trend is your friend". Yes, many of us are seeking the same haha.
For instance, the new TSMC plant is being built in North Phoenix and demand for property around the area is likely to go up. Hope this helps. Thanks.
Where I invest the community is extremely generous and helpful.
With that in mind, I'd say the best way to determine rents in your area is to find a local REIA or similar meetup. Search your social media outlets for Phoenix investor groups. Get involved with those groups and helpful people will give you priceless information.
Someone here on BP may help too, and one thing that has helped me get responses from this much larger community is to use a heavy number of targeted words, because many of us have set up keyword alerts. Mine are my city, my state, and my target neighborhoods. That helps me to be involved in all the local chatter.
If none of that helps, Rentometer can get you in the ballpark, but unless you pay, it's not terribly accurate, only a basic estimate. Best of luck!
There are great resource tools here on BP. Also for AZ the AZREIA reports/research appears insightful too. And I'd use local neighborhood knowledge.
Hi Elizabeth, Congratulations on your search for your first deal, don't get to discouraged of the availability of good properties, They go fast here!!!
I'm looking at two this morning , One is a 4 plex just NE of the Airport. Another one in Glendale.
Both to do the re hab on. I just moved here and have my new General Contractor's license.
ROC 331866 Hopefully you can land something soon. Properties are shooting up since the demand is so high.
Please feel free to go to Realtor.com to see a couple that I did in last area. ( we just moved here 6 months ago.)
121 W Evans Pueblo Colorado
2215 West Street Pueblo Colorado
125 Idaho Avenue Pueblo Colorado