All Forum Posts by: Pamela Sandberg

Small multis (2-4 doors) are pretty hard to come by in Phoenix. There are a LOT of investors who want them so the competition is fierce. You'd probably be pleasantly surprised at home much equity you have in the property, just because there is so much demand right now!

Scottsdale STRs have been doing very well for awhile now! Happy to answer any questions about the Phoenix market. 

Sedona has gone CRAZY over the past few years ... investors have jumped in everywhere and driven the prices up substantially. Not sure the returns will justify the high entry point over the next couple years. Just IMHO.

Phoenix, on the other hand, is very close to Sedona has has a vast market with all kinds of different opportunities. We are projected to add thousands of jobs here in the Valley over the next couple years. These are people who will need houses to buy and rent! I'm happy to answer any specific questions you have about AZ in general or Phoenix specifically. 

HI Tyler, and welcome to Phoenix (soon)! House hacking with a casita/in-law suite is a solid strategy. Many investors have made that work here in Phoenix. It can be a little difficult to find properties that are properly zoned for that, so you have to do your research. I'm happy to answer any specific questions about the area, strategies, etc.!

Happy to answer any questions I can about the Phoenix area! There are a LOT of different neighborhoods with a LOT of different factors affecting cash flow and ROI.

If you Google "Arizona Residential Landlord Tenant Act" you'll find the text of the statutes. As far as "landlord friendly", a lot of things can drive that perception - how restrictive legislation is, what your obligations are for holding and returning security deposits, oversight by local housing authorities, etc. IMHO a lot of investors get hung up on whether a state is labelled "landlord friendly" or not. The fact is that EVERY state has some legislation, and landlords work with it. If you do your research and understand your obligations, this doesn't have to be a barrier to making the right deal work, regardless of the state!

Arizona is not an attorney-closing state, so you can have title do it. But especially on your first few deals you might want to have an attorney or Realtor review your docs. 

@Harshil Patel: both SF and condos do well in the Phoenix rental market! Healthy rental rates and low vacancies are common here. What I would really look at are the HOA dues, which are often higher in condos. This can also reduce your homeowners insurance premium, so it's important to run the actual numbers on a specific property to accurately project cash flow.

@Simon C.: MF is tough in Phoenix right now. There is very little inventory in the 2-4 door market, so prices have been driven up, and rent hasn't quite kept up. It's hard to make them cash flow. That said, it can be done. A similar option that works well here is to get a property with a casita/in law suite/etc. If you rent them separately, this essentially functions as a duplex. You can also diversify your investment by getting a long term renter in the main house and STR in the guest house.

Happy to discuss the Phoenix market - let me know if you have questions!

@Kris L. is right - there are few MF on the market, and it's hard to make them cash flow. A similar option that works well here in Phoenix is to get a house with a casita/in law suite/etc. This functions like a duplex (as you are living in the main house and renting out the additional unit). The numbers often work better though.