I live in four corners area of NM. Real estate is still around $110 SQ FT. I want to invest in a couple of rentals in Phoenix areas, where is best?

Asked by Ted, Kirtland, NM Thu Sep 15, 2011

Are there any mortgage programs for investors that can offer rates and terms close to what the Vendee financing program offers? The Vendee financing program is awsome for investors. It is now offering mortgages @ 4% with 5% down, and no PMI, but only certain V.A.properties qualify. This qualification really narrows the choice down. I see all these great prices, but none are thru the Vendee program, so all require 25% down. I really don't want to go over 80K per house. If I can find a program for investors offering close to what the Vendee program offers without the qualifying property restrictions, I feel that I am in a position to buy at least one maybe two properties. I would really appreciate any ideas

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9
Investor X, , Gilbert, AZ
Sun Sep 18, 2011
Like I said Ted. You can take advice from a salesman...Or take advice from a experienced investor. Take yer pick dude.

Investor Mike
Gilbert, AZ
0 votes
Eric Maughan, Agent, Peoria, AZ
Fri Sep 16, 2011
Realtors cannot steer you based upon: Race, Religion, yada yada... but we CAN for investment strategies. there are great opportunites all over the valley. it really comes down to what your particular situation is and what type of investing interests you the most and at what price point. we can sit down, run the numbers and decide upon the most suitable investment strategy, then we can target the best area to maximize your return for effort and risk based upon your personal investment Strategy.

Of Course, I would love to help. Feel free to contact me.
0 votes
Patrick Jorg…, Agent, Phoenix, AZ
Fri Sep 16, 2011
Ted,
Mike below is correct in saying that licensed agents are not allowed to steer people away from certain areas. I would get advice from both professional investors and real estate agents that work with investors. It doesn't cost you anything to have a buyer's agent on your side, and it's always good to have someone else there. Especially when you are purchasing from out of state.
0 votes
Investor X, , Gilbert, AZ
Fri Sep 16, 2011
Realtors can’t steer buyers to certain areas. So shouldn’t you be taking advice from an investor? Or do you feel more comfortable taking advice from a realtor salesman.

I can answer any question you have about buying, investing, flipping and rentals in Phoenix. How much rent to charge in areas. I know everything. Even mortgages.

Investor Mike
Gilbert, AZ
Michshnly@yahoo.com
0 votes
Doug McVinua, Agent, Gilbert, AZ
Thu Sep 15, 2011
Ted

The vendee is going to be very limiting as we really are not seeing many. The 20-25% down is going to give you great rates and also an ability to compete in this market. Anything decent below $100k is going fast and often with multiple offers etc. You will be competing against cash but if we write the offers well we will find one that works for you.

The east valley is still short on rentals in my opinion. The decent homes that are not overpriced are renting quick even in areas like San Tan Valley that have great prices. I looked at one last night that is $65,000 and is actually very nice house. Would need very little to go into a rental.

Arizona Homes for Sale by a Guy from Iowa
Web Reference:  http://www.McVinua.com
0 votes
YourOwnAcre, Other Pro, Gilbert, AZ
Thu Sep 15, 2011
With regards to where is best, it depends on what your strategy is. If you're looking for long term capital gains, a location like North Gilbert where it is now considered a sellers market, would be good. If on the other hand you're looking for cash flow, you may be better off looking in outlying areas.
0 votes
Randy Hooker, Agent, Chandler, AZ
Thu Sep 15, 2011
AT that price point, cash is king. Vendee financing is too limiting, and Conventional financing of properties at that price level makes it extremely difficult to complete with cash buyers/investors. Best advice --> save your money and purchase with cash!
0 votes
Lucinda Tkach, Agent, Scottsdale, AZ
Thu Sep 15, 2011
Ted,

I know lenders that may work for you. Log on my site below to connect with a lender in my area.

I will provide you an investment work sheet for homes you choose. North Glendale, North Peoria and pockets in the west valley to name a few can work for you. Freeway access will be helpful too so tenants can get to employment easy.

Feel free to contact me direct!

Lucinda Tkach
0 votes
Neal Brown, Agent, Glendale, AZ
Thu Sep 15, 2011
There truly are many areas that are suited for investment. The question i would ask you would be what is the length of time you would like to be invested.Scottsdale and the Carefree area to the east and Surprise and Palm Valley to the west show signs they may have benefits in a short term investment portfolio due to inventor levels.
The same holds true for the rental market in those areas as rental prices have had some increase.
Please free to email me any questions.
neal.brown@remax.net
Thanks For the Question.
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