House hacking in Phoenix

[Andrew Martherus]

Me, my wife, and toddler are planning on buying a multi family home in the Phoenix valley in the next couple of years. Looking online, it seems like multi family homes are magnets for low income and sketchy areas. Even when I increase our budget to $400,000 I just can’t find anywhere that I would want to live.

Has anyone else house hacked in Phoenix? How did you find good properties in good neighborhoods? What should I be looking for to keep my costs low and my income high?

[Pamela Sandberg]

@Andrew Martherus: multifamily inventory is VERY slim in the Phoenix area. It goes quickly and commands a premium. Plus The ones that exist tend to be sketchy areas.

One very popular alternative in Phoenix is to house hack with a casita/in law suite/additional dwelling unit. Many homes have them (or have the ability to add them on), and owners use the income to invest elsewhere or pay down the overall mortgage.

Happy to answer any questions about this strategy, the Phoenix market, or anything else!