Home Buying in Phoenix>Question Details

hpaish, Home Buyer in 94539

What is resonable good area in Phoenix area to buy investment property ?

Asked by hpaish, 94539 Sun Jan 13, 2008

I am planning to put it in rent. How to find good real estate agent for outsider buyer like me.

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5
You'll have a lot of competition in the rental housing market in Phoenix, as there is a tremendous inventory of vacant homes.

Best places to buy for rentals would homes in areas that have the easiest commutes to Phoenix/Sky Harbor Airport area, or north Scottsdale. The Valley's largest employers are located in these areas.

We still have a great amount of homes selling each month, and a strong number of families that need rental housing. The Phoenix metro area has a high population growth rate. Lease-purchases are becoming more attractive here as well; because those families that were put out of their homes from their adjustable ARMs need a new place to live, yet don't want to 'just rent'.
2 votes Thank Flag Link Sun Jan 13, 2008
Kumar,
I have had several California investors in the last couple of years. There is many good places to find property that would be good rental homes/condos/duplexes/ etc. What are your investment criteria? Are you looking for anything in particular? Will you be managing the rental property yourself? How much are you looking to spend? What are your goals for the property?
There are so many deals that are coming available now. Short sales, lender owned properties, etc. Just think about what your goals are, your criteria and then start from there. Good luck
0 votes Thank Flag Link Mon Jan 14, 2008
Honestly, I don't know about Phoenix since I live in and sell real estate in Flagstaff, 2 hours north of the farthest north spot considered "Phoenix." Nonetheless, you need to ask what kind of tenant you want. Some areas may be easy to rent, but your renters would be students -- it's legal to discriminate against students as a category, and you may WANT to. I know several good agents who have been selling in Phoenix for years. If you'd like me to refer you to one who can help think through this investment, let me know.
0 votes Thank Flag Link Mon Jan 14, 2008
Huh? Phoenix was soooo 3 years ago. Go to Texas.... $190K gets you $2000 a month
0 votes Thank Flag Link Sun Jan 13, 2008
I guess your question is more towards which area will generate a return on your investment or why area will generate the most rental income? That depends on how much you want to spend on what type of investment property you are talking about. Single family- Multi family??? There are a lot of great areas that generate a higher rental rate but the price will be reflected. You also need an agent who is very familiar with the rental rates for the area and be able to honestly tell you how much and how long it will take to get the property rented. We service the investors and also do their property management and that is a win-win for all parties and we are now tied to a certain area or a certain property but it just needs to make sense for our investor clients.
Good investing and welcome to our Beautiful City and State
0 votes Thank Flag Link Sun Jan 13, 2008
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