I live in Southern Califorinia but I am interested in doing my first flip in Arizona. I have a reliable project manager in Arizona will skilled workers, I’ve contacted a RE agent, and I’ve been preapproved for $250k. I am currently researching and analyzing properties in AZ and would appreciate the feedback of anyone who has done a out of state flip in AZ. How was your experience and is it a “better” market to do my first flip compared to CA? FYI: I have no money; my next step is to find and investor for the down payment on the home.
Where in Arizona are you looking?
@Jenifer Janniere So if I understand your post, you want to do your first flip out of state, you have no money, and you want a partner to come in with the down payment. This might be a hard sell. Lots can go wrong with your first deal, especially in a different state. If you have no money, who takes the loss if the property doesn’t perform as expected or if you end up hiring dishonest people who take your money and then take off?
@Shiloh Lundahl I would be getting a loan to but the down payment, which I don't have and has to be cash would be where the the investor comes in. I have a trust worth PM out there that I have worked with for several years on multiple projects in and out of AZ.
@Antoine Martel I am actually doing research on AZ population now (as I'm replying) to identify the area.
Phoenix market is a great area to do future projects. We are seeing extremely healthy appreciation and at the price point you cannot go wrong.
My favorite areas at this price point would be a small 3/2 in Gilbert (85233 & 85234) some areas of Chandler, and Tempe (85282& 85283). I am very vested in the East Valley.
I have several investments in the Scottsdale market, but unfortunately at this price point you will not be able to find any single family dwelling projects unless you were to get a home at auction (cash needed) or from a wholesaler who would be willing to sell with a small fee on top of what they paid. In south Scottsdale near Tempe.
Hope this helps and good luck!
Originally posted by @Jenifer Janniere :
@Antoine MartelI am actually doing research on AZ population now (as I'm replying) to identify the area.
I see. AZ market is going to be a little bit expensive and you're going to have a large amount of competition.
@Antoine Martel I heard the same at a recent RE Meetup, but I’m staying optimistic.
This post has been removed.
@George Mevawala Hi George! Very helpful, thank you!
@Jenifer Janniere thank you! I appreciate it, any questions feel free to reach out.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.