Buying an Income Property In Tucson - I need cashflow

Asked by Hadar Orkibi, Memphis, TN Mon May 12, 2008

My name is Hadar I’m a property investor living in New Zealand.
I’m looking in to purchase an investment property in Tucson. I would appreciate anny advice with regard to buying
an Income property/Cash flow / positively geared.
I was thinking something like 4plex.
This is rarely available in the NZ market at present.
It looks like prices are pretty low in south buy the crime rates are high?

any comments would be great.

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Kelley Koehl…, , Tucson, AZ
Mon May 12, 2008
Hi Hadar!

There are a couple of issues you may need to consider.

One, if you don't have an American Visa, our lending institutions would consider you a non-resident foreign national. The available financing for that group has gotten very small. The last non-resident foreign national I helped to buy income property here in Tucson had to put down 30% in order to get a loan here. The last time I checked, I only found 2 sources of lending that would still finance non-resident foreign nationals. I'd be happy to put you in touch with those people.

My last 4plex buyer had to put down 25%, even as a citizen. Expect to put down a significant down payment.

There are several 4-plex properties available - if you're having to put down 30-40% to purchase them, then there is a greater chance that they will cash flow. Best person to ask would be a property manager, who knows what a unit might rent for, and can help you forecast potential income. I have several people who can help you with that as well.

On an unrelated note, I vacationed in New Zealand last year - that's such a beautiful place!
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Hadar Orkibi, Both Buyer And Seller, Memphis, TN
Mon May 12, 2008
Thanks for your answers.
Hi Kelley, I'm an American Citizen living abroad.
I have research the subject and find that properties up to 4 unit ar still regarded as residential and residential rates will apply.
any comment with regard to the locations ? I was thinking in general Central area- 857119, 85716, 85712, 85711,85711.

S.B Thanks, I agree it is all about buying the right property at the right price.
I'm aiming for minimum 25% Cash on cash return and it lookslike it is achievable.

there are fue things that I need to get use to regard buying in the US like Property Tax and , your Closing fee 3%+- in NZ it is around $600-$1200NZD

0 votes
Robert Nicho…, Agent, Boston, MA
Mon May 12, 2008
Hello Hadar, Cash flow can always be attained if you purchase for the right price. The Key is to set a cash flow target or ROI target, maening you buy a fully occupied property which will enable you to project your ROI. I have brokers in Tuscon that would be more thatn happy to help you.
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