All Forum Posts by: Noah Corwick

Hi Carlos, 

Tucson is a fairly inexpensive place to start house hacking compared to a lot of the west coast. You can get more bang for your buck. Tucson's been growing steadily and predictable for years. As the success of PHX continues, Tucson will follow suit. 

The UofA (which I graduated from so Bear Down) will always ensure Tucson is on the map. Heck even culinarily the restaurants that are popping up are impressive (which I take as a great sign of the people and businesses that it's attracting). 

That's an awesome goal to have for 2025 Adam! Adding 1-2 doors this year would be awesome. 

Are you focusing on adding them in the general PHX area? 

Hi Jaimie,

Welcome to BP!

I'm sure you'll be out of here in the summer, but you'll love the winter. 

Always love connecting with like minded RE folks. 

Cheers to a successful 2025!

I agree that I am bullish on this taking the PHX market to the next level. People have already moving to the Surprise/303 area in recent years. Once the TSMC is really up and running, it will only amplify that. Not to mention the general PHX market has become expensive and people have already been looking for cost efficient alternatives in the northwest and southeast corners of the valley. 

I've already been hearing about all the communities and mini cities that they are planning on opening around it as well. Definitely big things are on the way.  

It will be exciting to see! 

The tricky part will be to get the the city to change your property's zoning to multi family (if it isn't already). This can be a very long and annoying process and you're not guaranteed to get approved. Always safest to buy land that is already zoned for it. 

With that in mind, you'd also have to make sure the land you'd buy has water and electric running to it already. Buying land without this and adding the infrastructure to do it yourself will be really expensive. 

Then you'll have to figure out how you fund the project (land purchase + build costs). A lot of Hard Money lenders don't like to fund on land. So you'll have to figure that logistic out. 

But if you're able to figure it out and get it built, you can rent out the units and essentially BRRRR it and pull some/all of your equity out to repay your debts, yourself, and potentially keep the investment cycle going.

I would definitely talk to a contractor to understand what your build costs would look like. 

Properties are sitting on market for a bit longer now that supply is slowly creeping back up. 50 days isn't too terrible compared to the greater PHX area. 

Homes are averaging around 60-70 days anyways. 

So without knowing the listing history, I would say to try to ride it out a month or two more. But also talk to your agent and get their take on this scenario obviously as well. 

Hi @Yael Doron

Way to start 2025 with a bang! 

I'm not the strongest in knowing the Queen Creek market from an agent standpoint, but I have someone that I can recommend to you. 

I'll shoot you a DM!

All of the comments are spot on for things to consider. 

One thing to add is that when you buy a new build, your PITI will likely not be factoring in the correct state tax number. That's because the city won't calculate the actual amount till a structure is built, aka it's not just a plot of land anymore.

This will obvious cause your property tax bill to go up and also your mortgage escrow account as well (sometimes these things can make your mortgage shoot up a few hundred a month). 

These can make crunching numbers a bit more difficult because due to the guessing game. 

Hi Dean!

Do any of them have a detached casita as well by chance?   

Hey Ricky!

I work with a really fantastic home inspector. Shoot me a DM if you're still looking and want their info.