All Forum Posts by: Noah Corwick

Hi Carter!

Welcome to BiggerPockets and the awesome world of real estate. 

I am an agent and investor in Phoenix, but would would to connect with you regardless. 

Cheers to your future real estate projects! 

I think this is a huge move overall. It allows investors to potentially get more bang for their buck and hopefully provide more affordable housing options for renters. 

I also agree that the change of depth of setbacks is a big part of todays news as well. 

I also think an underrated aspect of this is that it sill hopefully help AZ's water situation too. Running water to a Casita via an existing water line should save water compared to investors building and running utilities on vacant land. 

Hey Felix. It's great to meet you! I love the names of your cats. 

I'm an investor and agent myself, and would love to connect with you as you start your journey. 

Cheers to 90 day challenge! 

Hi Sushree! What about Arizona interests you specifically? Also in terms of big picture, are you looking for a cashflow or appreciation play? 

Arizona is a somewhat interesting market for multi family. It's not built for it as heavily as other states are (1-4 unit properties). The exception to this is apartments, which are swinging up everywhere. There are there are definitely pockets that they do well in though. 

Hey Aaron. I just checked out your REI Simulator and browser extension and I must say, I am impressed! You did a great job and the UI is super clean.

The first house purchase is always the most scary, so I completely understand where you're coming from. Anyone who says otherwise is lying to themselves. I was in your shoes not too long ago myself. 

It seems like you really know your stuff, and at this stage, it's just a mental barrier to cross. 

I'll shoot you a DM, but I would love to help! 

Hi Jimmy. Like Mike mentioned, buying a house Subject To/Seller Carry will be ideal for this situation. 

If you don't intend to actually live in the home, a DSCR loan might make a lot of sense to look into. DSCR loans only look at the potential income/cash flow that you'd generate from the home, not your credit, paystubs, etc. Rental cashflow isn't the easiest to come by in AZ right now due to the high rates, but if you can get a great deal on a house, it's definitely something to consider.

Hi Rod. It all depends on what the goal of this house will be. It sounds like you and your wife will live it in for a while then eventually rent it out. Is that accurate? 

Like Mason had replied, a house with a killer view might be more lucrative, but building on top of hills/mountains is not cheap and the house could be costly. 

Desert Ridge is a very safe appreciation play, especially in recent years. Just look at the success and expansions of Desert Ridge Mall/High Street as perfect gages on the area. Desert Ridge is also regarded as the better overall area compared to Moon Valley as well. 

In my opinion, if you are looking for the safer investment, Desert Ridge might make more sense. If you are planning something grand and have the capital and team to execute, a house with a view in Moon Valley could be a great idea. 

That make sense. A lot of Californians invest in AZ. As far as specific areas, it all depends on how large or small of a fix project you are looking to take on. I can shoot you some ideas over if you are interested!  

Hey Safak!

Congrats to you and your wife! That's really exciting. Your superintendent experience will definitely come in handy as you start this journey.

I am an agent and investor in Arizona. What about AZ intrigues you? 

Hey Mark, 

Definitely a legitimate concern. The market right now is interesting. 

Out of curiosity, how does that $50k breakdown? For example, is it all for the downpayment? Or you including funds for a possible rehab of the units? 

You are right that AZ prices are high now, as we are a state that is not a secret anymore. However, as far as cash-flowing right away, that will be difficult to do anywhere you look based on the current interest rates. It's not just happening in our state. 

Even if you don't cashflow right away, tenants paying half or 3/4s of your mortgage for a year to two isn't the worst thing in the world. Then once rates drop and you can refinance the magic begins. If you are in it for the long term and intend to keep this property for many years to come, then the investment will likely be worth it.