Not sure about the $1,000/month. My partner and I are working with a few investors now that ate buying up properties under $100,000 and the basic rents have been in the range of $800 - $900 due to the competition of other rental homes out there. I just want to be honest with you of what we are finding so you know upfront. These types of properties have gone up in value as a lot of investors are still looking in this price range. If you need our help, please feel free to contact me.
Lorrie Feld, ABR, GRI
Certified Short Sale Specialist
My partner just worked with a Canadian buyer on Monday and showed him exactly what you are looking for. We also hooked him up with a lender locally that can do financing for Canadians with 25% down which he was very excited about as it allowed him to buy more properties. If you are interested in finding out more info as he has a list of these different homes that are good buys, please give him a call and tell him Lorrie gave you his info.
Joe Kaminsky - 602-284-0811
Keller Williams Integrity First
Please use the link below to search the mls for homes that meet your criteria. If you need more advanced searching done then we would be happy to do it for you. Prices are low and rents are decent, so you should be able to get an 8-12 percent return on your money right now with no problems.
Good luck contact me with other questions or concerns
Thanks all for answering my question.
I would like to clarify a couple of my points: 1)I am from Canada and the reason I am looking for within 5 years old house is that it would be less maintenance required though I will hire a PM company. 2) Yes, cash flow is important for me. I would like to have a positive cash flow for the property so that I don't need to put the cash in after the initial investment (i.e downpayment). 3) I will only pay cash if the deal is 15-20% lower than the market value. So in most case, I will still need finnance. 4) Phoenix and surrounding area is fine for me as long as it meets criteria. 5) I can increaase my budget as long as the cash flow is good.
Since I am new to Phoenix so I would appreciate if you could also point to me a few areas (by zipcode) that's likely to fit into the criteria and I will do my due diligence to understand the area and narrow down the area. Then will contact the agent (hopefully one of yours here as I don't have any referal yet:-) for assistance and will be able to move quick to get the deal done.
Thanks again for your time and answers.
You have asked several good questions about buying investment property. Several things to think about:
Typically homes that are apprx five years old and newer are in areas still developing and in most cases have suffered the greatest in terms of foreclosure. Those same neighborhoods have seen large number of investors acquiring properties, which translates to a large pool of homes offered for rent. In most of those neighborhoods, $1,000 a month is above the fair market value.
Since cash flow sounds important to you, another perimeter to consider is to look where rental homes are in greater demand. Typically those area also translate into solid neighborhoods. You may end up paying a little more for an investment home but your property will be located in a community that should expect to see more in rent and future appreciation.
Please be careful in selecting your home. I have been managing single family homes in Phoenix since 1977 and my biggest challenge has been breaking the news to a new home buyer that the rent promised is not obtainable.
Front Porch Properties
Sure, I have found some homes within your search area within the Phoenix city limits. More homes, will be available in the suburban cities.
However, with your search criteria, here are some to consider to start your search. Click: http://www.flexmls.com/link.html?rgu3y8kz7it,12,1 Pictures, details and maps for each home is included.
If you would like to alter the search with other criteria, feel free to ask.
May I wish you the best.
Jeff Masich, RealtorÂ®
Arizona Homes and Land
HomeSmart Real Estate
Carlos J. Ramirez, PC, ABR, CNE
Associate Broker/Realtor, HomeSmart -
Your needs can be easily met on all criteria. Our market is exceptional for these opportunities so give me a call at 602.492.1101 and we can get you started with our expert analysis and bird's eye view of the areas that can meet your needs.
This is potentially achievable. The best thing I would recommend is finding a Realtor who can help you. I currently work with investors and groups of investors implementing both fix & flip and buy & hold strategies. My team and I search for these homes via the MLS, Trustee's Sales (auction), and property wholesalers. Please give me a call, and we can discuss your options and my credentials in greater detail.