I am a newbie and venturing to purchase a investment property in the next 1-2 months. I am investing in Phoenix, Arizona due to I have a brother who is a RE agent there and I currently live overseas. I was wondering if anyone knows of any good property managers in the area? Any help or advice would be appreciated. Thanks.
What suggestions has your brother made regarding where in Phoenix to invest, and why?
@Price Paramore Welcome to the Phoenix, AZ real estate market! I happen to be a Property Manager and also know of other quality managers depending on the location of your investment in the Valley of the Sun.
It's a good idea to involve a property manager as you evaluate properties, a 2nd opinion with your brother regarding the rental side of the property. Sometimes a property manager brings in an element of thought that comes from a different perspective than a straight sales agent. Clearly, you have trust with your brother and that has great value, the extra look would just be a value-added bonus.
Thank you for your service to our great country!
Phoenix is big. It takes about an hour to drive across it. :) Property managers tend to service specific parts of Phoenix. So until you have a location, it's kind of hard to make a recommendation.
Also, I'd like to echo Warren's question: What are you looking at in Phoenix? Avg house price is around $300k. Avg rent is about $0.80 a square foot. There are always exceptions, but for the most part, cash flowing is tough around here. Appreciation is pretty darn good though.
All, thanks for your replies and questions. Yes, I am trying to bring on a property manager to get their expertise on the properties that we are looking at. I feel it will be necessary to make sure we are making a sound investment. Trying to build the team as described in David Greene's book. Thanks for the tip about property manager's working in certain areas. I am currently looking in the Mesa area and may venture farther if we can't find anything. I am also looking for 2-4 unit multifamily properties. Eventually I would like to adventure into the commercial multifamily. My main goal is to build to 50 units in the next 3 years. I have found one 4-plex in Mesa that I am looking at.
Let me ask a question and see if anyone has encountered this. For the 4-plex, the owner wants to make the transaction as a commercial property versus a residential. Has anyone encountered this? Any ideas on how to begin the talks and negotiation?
@Doug McVinua , do you work in the Mesa area? What areas do you work around? Sent a PM to start a conversation.
@Ken Breeze Sent a PM as well.
@George Pauley , so do you work in the Phoenix area solely on appreciation? How do you look for properties?
Originally posted by @Price Paramore :
@George Pauley, so do you work in the Phoenix area solely on appreciation? How do you look for properties?
I only live in Phoenix. I invest elsewhere these days. I do have some rentals in the Phoenix area, but I bought them years ago when the market was better. I mostly buy turnkey these days.
@Price Paramore Yes, I work the east valley, the SE Valley heavily. I have some Phoenix, Tempe, Scottsdale (south), lots of Mesa, Gilbert, Chandler, Queen Creek, San Tan Valley, Florence. Working on 2 4-Plex's right now in Apache Junction.
A 4-Plex by most standards is a residential transaction and treated as such by most all parties. Commercial deals tend to be a bit more buyer beware and have fewer disclosures. I just completed a commercial building on the west side so I dabble in commercial occasionally. A commercial deal is done differently with letters of intent, attornies often draw up the contracts etc. We are completely equipped to do a 4 plex with standard residential forms and rarely do we need attorneys.
If you are going to finance the 4-plex the residential forms might be easier for many lenders also.
Happy to look at rents etc for you and will pm also. Thanks, Doug
As a professional PM in the Phoenix market I'd be happy to talk further with you but my strong advice would be. Pick a PM to work with first and let them help you make a decision an a property that your brother suggests. A PM will often have a different perspective on a property or neighborhood versus a sales agent.
@Dick Rosen , thank you for your advice and I would like to contact you. I sent you a PM.