Realtor · Long Beach, CA · Member since 2020 · 17 posts · 2 votes
I am a new investor looking in the following areas: Tempe, Scottsdale, Mesa, chandler AZ
My goal is to purchase a second property, Airbnb the property and Using BRRR.
Budget is 150k : condo or SFH (my budget doesn't give me many options)
Questions:
How can I increase my budget without as much cash? What types of loans can I use to my advantage?
I have 26k cash to bring to the table for DP & closing (this number is growing as I save), but I was trying to get a large enough loan to finance the rehab (ideally cosmetic only)
Thanks in advance!
Also I live in Long Beach California, I have a team in AZ assisting me, but looking for more advice and experience.
If anyone needs any help in the so cal area I am here for you.
Unfortunately, a budget of 150k won't get you much these days. A year or two ago and you would be in business. But with the market being bananas right now, you'd need to up your budget tens of thousands of dollars to find more properties that are in good areas and/or aren't in terrible shape.
I currently have a flip on the market in Phoenix but keep my eyes open for anything that makes sense in just about any area in Metro Phoenix.
200k gives you some more options. I'd look in Tempe, South Scottsdale, Central Phoenix near downtown. You can find a couple of 1 or 2 bedroom condos in those areas right around 200k.
Real Estate Agent · Phoenix, AZ · Member since 2012 · 640 posts · 457 votes
5y
Don't risk all your money on a condo to Airbnb if the CCRs prohibit short term rentals. General rule of thumb is that 90% of associations prohibit them, while maybe 10% explicitly allow them. If your whole model depends on the doing Airbnb, then it's always safer to buy a SFH without an HOA.