All Forum Posts by: KJ Kaya
KJ Kaya has started 1 posts and replied 3 times.
Post: New to Real Estate Investing in the Phoenix/Scottsdale Area!
- Posts 3
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Originally posted by @Mick Hofmann:
Hey @KJ Kaya the Phx market is hot right now and doesn't show signs of cooling off anytime soon. Prices are on the rise and many properties are getting above asking price. Some say the asking price is just the staring line for many properties. That being said, it is still possible to find deals, you just have to work for them or create them.
Hello Mick! Thanks for your response! I'll definitely get to work on finding deals. What are the types of deals you've been coming across? Are they conventional or creative financing?
Post: New to Real Estate Investing in the Phoenix/Scottsdale Area!
- Posts 3
- Votes 1
Originally posted by @Melanie Johnston:
@KJ Kaya BiggerPockets is a great place to start for building your knowledge and meeting people. You can also stay connected to what's happening in Metro Phoenix when you attend the monthly online meetings of AZREIA and participate in their virtual subgroup meet-ups. Not sure how much longer they will be virtual as most members are itching to get back to rubbing elbows with each other, but you can take advantage of their current online approach to meetings a little longer.
Our MF market is very competitive, as other agents have told you. It's even more competitive than our single-family market, which remains on fire. We just dropped below 8,000 active listings (of all property types in Metro Phoenix) for the first time in who knows how long. To give you some perspective, a balanced market, where neither sellers nor buyers have the advantage, would have 25,000-30,000 active listings. 😳
Having said that, I recently helped two BP members buy SF rental properties. One was a new build and another was a 4-year-old home. These homes rented right away because there is also a shortage of quality rentals.
While there might be a lot of talk about the looming foreclosure crisis, few people in Arizona are expecting to see it in 2021. Because homes have appreciated over the last several years, many homeowners have a lot of equity. If they do need to sell because they've lost their jobs or their ability to pay their mortgage, they can sell on the open market and walk away with cash. I've heard these being called "preclosures."
By the time you are ready to buy in July, it's possible that our inventory might inch higher as people decide that selling is their best option. This would be great for you.
Congratulations on getting such an early start on building your real estate empire! With time on your side, you will do well.
Melanie
Hello Melanie! I really appreciate your response! I'll definitely begin to attend the virtual monthly meetings, and it's perfect for someone like me who's currently in a different state. The outstanding home figures are pretty daunting to a newcomer like me. I was/am still one of the believers in the looming mortgage forbearance collapse - but you're not the only one to mention Arizona's current real estate strength.
Would another way to create opportunities for myself come from something like owner financing? I feel like it would be nearly impossible to negotiate a seller down to 70% FMV in a market like this.
Post: New to Real Estate Investing in the Phoenix/Scottsdale Area!
- Posts 3
- Votes 1
Hello! My name is Kayacan Kaya (my nickname is KJ, it's easier), and I'm an ambitious 19 year old who can't wait to get started in real estate investing. Since beginning my stock investing journey early on in high school, it has always been my goal to one-day own real estate. This dream pushed me to learn options trading, and though I've only been trading since March, I've earned enough to afford the downpayment on a home in the Phoenix/Valley area. I'm mainly interested in rental property investing, but I'd be open to wholesale as well. I live in the Bay Area, California - where prices are insane - but because I go to school at ASU and have family in AZ, investing in Arizona property just seems more logical.
My goal is to find like-minded individuals with who I can either team-up with, or who can help guide me along the way! I've talked to some agents in the area who have dissuaded me from multi-family properties in the area, so I'm looking for some single-family homes as of right now. The market is extremely competitive, I know. But, I believe I can find a property that can create positive cash flow. Where determination is, the way can be found. :)
I'd love to get to know some of you guys in the area and get your thoughts on the current market. My main goal is to purchase my first property by July. I'm always willing to learn, and hopefully, BiggerPockets will allow me to form an investing partnership and friendship with some of you guys along the way!