Phoenix: Rehab+Sell vs Buy+Hold

[William F.]

I'm moving from South Carolina to Phoenix. In South Carolina I was focused on smaller MF properties, buying and holding. I'm torn on where to go with Phoenix. The MF market here seems totally raked over. I'm also concerned about the long term water supply. If I continue to swing financing along 10-30 year terms, the medium-distant future is a real consideration for a buy and hold strategy. Do you guys have thoughts on: 1) the Phoenix area in general? 2) strategy in Phoenix at the moment?