All Forum Posts by: Wes Blackwell

@Serge S.

The article states that this is for city-owned properties, not all properties. So I don't think there is a need to panic. This protection isn't for all Arizonans or even all of Phoenix. Most Arizona rental properties are privately owned.

If the state were to expand the coverage to all tenants, I don't think they would do it without extending similar protections to landlords too given the extreme circumstances surrounding this. 

@Jourdan Johnson

Hey Jourdan! 

Depending on what you're looking to do, you may be better off looking for someone in a specific part of Arizona (like Phoenix, Flagstaff, Tucson, etc). The state is quite large and most people only work part of it, not all of it. 

That being said, I can help you with your needs no matter where you're looking and will reach out to get more information. 

@Sunil Ashtaputre

Well, she did just get engaged to a local. Does he already have a place? Will she be moving in with him? Do either of them currently have children or plan to have them in the future? Etc. Etc. 

If so, it might become a rental faster than you expect it to, so I would probably analyze the deal more so from that perspective... as where someone wants to live and what makes good money as a rental don't always match up. 

That being said, Phoenix has strong market here for condos, so I don't think you'll go wrong. Just make sure the property will offer you an appropriate ROI upon her move out and get clear with her and the husband to be about the timeline.

@Armand P.

Hey Armand! I work a lot with MFH and can tell you that Arizona is a great market for rentals because of the strong economic forecasts. Phoenix has tremendous population and job growth (which makes for a strong housing market) and lots of migration from California and colder states up north (MI, WY, MT, etc). 

Plus, Arizona is a much more landlord friendly state than other areas, so I think you'll find it to be a nice alternative from California (also licensed there, and know what a headache landlording there can be at times).

@Carly Baum

When investing out of state, you have several considerations:

1) Economic Trends of the Local Market (Job Growth, Population Growth, Housing Market, Migration)

2) Having some familiarity with the area or friends/family who live there

3) Likelihood of Travel to the Market

Phoenix has #1 above covered in spades. Tons of California migration (residents and OOS investors), but also lots coming down from colder climates too. Job growth, population growth, you name it.

Factors #2 and #3 may sway you one way or the other, as no one is likely to be an expert on all three markets to be able to advise you properly from an economic standpoint. 

@Joel Carrasco

This doesn't sound like a deal to me. The owner is trying to sell their property for near full retail price, and the best buyer for them is going to be someone who plans owner occupy as a primary residence. And under $300k in Phoenix is super high demand so they shouldn't have any trouble getting that. 

While they do have some medical issues, they aren't pressing enough to not allow you a week to think about it before considering something else, so there's a lack of motivation. 

Ultimately, I would weigh this option against other options/properties that you have. If your money is better spent elsewhere go with those options. This may be an opportunity for someone, but not an opportunity for you. 

@Michael Greenberg

Well, if managing STRs isn't your cup of tea, you probably aren't going to want to manage other types of property either.

Although, it's much easier to find a property manager for SFR LTRs (but you don't like the returns), and perhaps Multifamily may offer you something more appealing in the way of returns and ability to let someone else do the managing.

Another potential option if you want a true hands off experience is a single tenant triple net lease (like owning the building a Burger King is leasing). But you may need some additional cash for that depending on the equity in the STRs you have. 

You'll have to find a mix of returns and ease-of-management that works for you, as the two usually don't go hand in hand. 

Are you going to stay in the Phoenix area or look somewhere out of state or closer to home? 

@Jared Smith

Agreed. I've told my Phoenix area investors that even if there is a slight slowdown due to all this virus hysteria, it's not like housing demand is going to disappear overnight. Heck, one my agents did a couple open houses this past weekend and had 5-6 people through each day like nothing ever happened. Housing demand will remain strong in the Phoenix area and everything will bounce back when people stop needlessly buying toilet paper in droves.

@Amir F.

Here's the thing about agents and foreclosures, and this is true whether you're looking in Phoenix or California:

1) It is such a seller's market that anyone facing foreclosure can easily get their home sold and get equity. No one is upside down anymore like in 2008-2012. So no need for foreclosure / short sales specialization anymore.

2) Phoenix is like ground zero for all things tech real estate, and any seller in the lower price ranges (sub $300's) can get an offer from OfferPad, OpenDoor, Zillow Instant Offers, etc. with the click of a button. 

3) Agents would much rather try to get business from an open house than knock on someone's door who's about to lose their house due to death, illness, job loss, divorce, etc.

You may meet some people at a local real estate investment group, but you're probably better off looking to connect with wholesalers who have direct access to the property. 

Here is everything you need to know about the short term rental market in the Phoenix metro area:

https://www.biggerpockets.com/forums/546/topics/715624-the-future-of-phoenix-short-term-rentals-airbnb

Long story short, have a backup plan in place it gets regulated in the future.