Looking for advice

[Steven Thomas]

Hey guys, new to bigger pockets. Glad to be here!

Recently moved to Phoenix this year and looking to supplement my W2 income with real estate. 

I realize there are some capital gaps I have, but I'd also am starting to brainstorm ideas for side hustles to supplement that . Ideally I'd like to set a goal at $1000-1500 a mo of gross cash flow. 

Im a mechanical engineer with steady income. Deciding with az near me is more fruitful with cash flow vs appreciation purchases. 

Wife and I are also considering purchasing our first home, but would consider waiting if buying a rental first would help supplement sooner. 

looking for AZ specific strategies, loan types, areas etc. 

Thanks in advance!

[Noah Corwick]

Hey Steven. Welcome to Phoenix! Hope the summer weather hasn't been too brutal for you. 

I'd agree with most on here in saying that jumping into a renal property in a place like PHX is risky unless you've done the proper homework and due diligence. Also with the high fluctuation in AZ, cash flow is much harder to come by than appreciation in my opinion. 

Because of this, I believe a great place to start is purchasing a house to call home base that you can eventually reposition into your first renal property. That way you get a stable place for you and you wife to live, you continue to learn the AZ market, start to form your team/go-to resources, build momentum and really plan your attack. Obviously I'd never recommend rushing into buying a home just for the sake of buying a home. But if there is an area you believe in/see potential in/love the numbers in/etc., maybe you target somewhere there. 

I'd love to chat about areas/cities that you and your wife have been eying. 

Overall best of luck with your endeavors!