Newbie to real estate (and Phoenix)

Newbie to real estate (and Phoenix)

Member since 2022 · 1 post · 0 votes

First time posting, following BP for a while now. I moved to Phoenix from Toronto last month and took over a six month lease that ends at the end of July and hoping to purchase a place by then. I am looking for a real estate agent that can help familiarize me with the cities in the Phoenix area as well as the different neighborhoods within. Right now I am looking for a townhome or condo that I can hopefully househack. 

How difficult would it be to resell the condo when I am ready to move on? It seems like they tend to sit on the market for a while compared to townhomes and SF. Would you pick one over the other even if both have HOA fees?

My lending options are also limited as I am just starting to build a US credit history and right now only have two banks willing to lend to me (both Canadian banks with operations in AZ that use my Canadian credit history). If anyone is aware of any US lenders that are able to approve based on a Canadian credit history please let me know. 

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Real Estate Agent · Chandler, AZ · Member since 2022 · 215 posts · 156 votes
4y

@Gayan Premachandra

Welcome to Phoenix. You should follow Glen Sutherland's podcast "A Canadian Investing In the US". Now I know you are here now but he has a ton of great advice for lending, taxes etc. for Canadians buying RE in the US. I recorded with him a few weeks ago as I beginning to work with a lot of Canadian investors here in AZ. Good luck! 

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  • Contractor · Scottsdale, AZ · Member since 2010 · 2k+ posts · 3k+ votes
    4y

    1. How difficult would it be to sell the condo when you're ready to move on? - Nobody has a crystal ball. But the market in the Phoenix area has been on fire for years now due to severe supply and demand issues. So regardless of whether you're selling a SFR, a condo, or a townhouse, you're in a good position if you're a seller.

    2. Would you pick one over the other even if both have HOA fees? - SFR tends to appreciate more and faster than condos and townhomes do. So for that reason alone, I would choose SFR if you are able to afford it.

    3. US Lenders who can approve based on Canadian credit? - I have a local broker that I've used for all my residential deals for the past 10 years that I really like, who may have options. Send me a private message and I will share his info.

  • Flipper/Rehabber · Phoenix, AZ · Member since 2018 · 268 posts · 152 votes
    4y
    Quote from @Gayan Premachandra:

    First time posting, following BP for a while now. I moved to Phoenix from Toronto last month and took over a six month lease that ends at the end of July and hoping to purchase a place by then. I am looking for a real estate agent that can help familiarize me with the cities in the Phoenix area as well as the different neighborhoods within. Right now I am looking for a townhome or condo that I can hopefully househack. 

    How difficult would it be to resell the condo when I am ready to move on? It seems like they tend to sit on the market for a while compared to townhomes and SF. Would you pick one over the other even if both have HOA fees?

    My lending options are also limited as I am just starting to build a US credit history and right now only have two banks willing to lend to me (both Canadian banks with operations in AZ that use my Canadian credit history). If anyone is aware of any US lenders that are able to approve based on a Canadian credit history please let me know. 


     Hi Gayan, I'd be more than happy to show you properties around the Phoenix area. I know it pretty well as I was born and raised here! Shoot me a private message. 

  • Real Estate Agent · Chandler, AZ · Member since 2022 · 215 posts · 156 votes
    4y

    @Gayan Premachandra

    Welcome to Phoenix. You should follow Glen Sutherland's podcast "A Canadian Investing In the US". Now I know you are here now but he has a ton of great advice for lending, taxes etc. for Canadians buying RE in the US. I recorded with him a few weeks ago as I beginning to work with a lot of Canadian investors here in AZ. Good luck! 

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