Who can help me understand the Phoenix Real Estate market

Question

I am interested in buying a small multifamily in the Phoenix area but I need help classifying the properties. What are the best area to buy a small multifamily to house hack?

Melanie Johnston · Answer

@Miguel Bautista Hello! Congratulations on your first BP post.

If you are going to live in one of the units, I would consider looking in Phoenix (central/north/east) and Mesa. They are most likely to be in neighborhoods you would like to live in. The best way to judge what's on the market is to set up an MLS search in your price range and sort through the options and get to know the neighborhoods. Let me know if you need assistance with that.

Melanie

Miguel Bautista · Answer

@Melanie Johnston

Thank you for taking the time to respond to my question. I will continue my search in those areas and see what I come across!

Austin G. · Answer

@Melanie Johnston

Thank you for your quality and insightful posts!  They are very helpful for first time buyers/investors like myself and others that are relatively new to Greater Phoenix, AZ.  I hope you generate many leads and do well!  Thanks.

-DAG

Carlos Gonzalez · Answer

@Miguel Bautista

There are some good Fourplexes, triplexes and duplexes out here in Phoenix. The good properties will be super expensive. I’m talking about from $500 to over $1MM. If you have enough cash saved up to buy those then you’re good but if you’re looking for a lower price range around 300k to 500k then south Phoenix it is.

Tim Winter · Answer

@Miguel Bautista if you want to do a house hack in the Phoenix area, you might check out SFHs with rental units on the same lot. It's a challenge to find any small (i.e. 2-4 unit MF) in the Greater Phoenix area that makes sense right now. You can accomplish the same thing with much higher chance of finding something in a neighborhood you'd like to live in.

There are also some multigenerational homes that have come out over the past decade that also can work with the same setup, though you may have more common space than the other options.

And lastly, you can make your own small MF. Finding small homes on large lots, places with two homes on the same lot, an outbuilding that you can convert with a 203(k) loan, etc.

Let me know if you'd like to go over these and other options in more detail.

David Avery · Answer

Get a full time Real Estate agent,  down payment for your first deal and keep working on your credit.

Good contractor, Maybe a co signer on first deal, and win that Power ball!!!!

Melanie Johnston · Answer

@Austin Gilbreath You are very welcome. Best of luck!

Melanie

Who can help me understand the Phoenix Real Estate market

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