Buy and Hold in Phoenix area? Are the days of 2% deals gone?

[Account Closed]

Hi all, 

I'm still relatively new on the forums - trying to learn as much about my market as possible. (I'll be moving to the Chandler area in May and looking to buy in Chandler / Tempe)

I'm wondering how everyone in this area is adjusting seeing that its near impossible to find a 2% deal. Are the days of buy and holds over if you want to fit that 2% model?

I've looked into tax liens, foreclosures, auctions but I wont have the capital to fund something for 100% of the home price. 

Ideally I would use an FHA 203k loan to move on something, contract the renovation and live in the property for a few years then down the road turn it into an investment.

I would love to hear your insight on how to find value in this market!

Thanks, 

[Charles Elmer]

We have an airbnb condo in tucson and we have found it to be a great cash cow. The one (big) drawback is since there is no long term lease, most finance companies won't use its income when looking at you for any future loans. So it basically shows up as debt only in your debt to income ratio.