House Hacking in Phoenix

[Desi Neal]

Hello, I am new to BP. I am interesting in investing in a multifamily property (2-4 units).

I would like to live in one unit and rent the other units out. What are the best areas to begin the search? Any information and guidance regarding the Phoenix/Mesa/Tempe/Chandler market is greatly appreciated!!

[Pamela Sandberg]

The MF inventory in Phoenix is really, really scarce. To be perfectly blunt, most of these properties will probably not be in a place you'd want to live yourself. More importantly, the scarcity has driven prices WAY up, and most of them are just plain overpriced right now. 

One alternative you should definitely research is a house hack with a casita or mother-in-law suite (sometimes called "additional dwelling units"). These ADUs allow you many of the benefits of house hacking but without the challenge of finding an overpriced duplex/tri/quad. 

Happy to answer any questions I can about SF, MF, or anything in between!