Another Newbie in Phoenix!

[Michael Thomas McCann]

Hello all! Just another newbie here looking for some advice (any advice would be appreciated). My fiance and I are planning on moving to Phoenix in the next 3 months, i'm looking to buy multi-family and get into my first house (i've always rented). House-hacking just seems so smart to me but as the time to move gets nearer I am starting to realize that it takes a bit more time to find that deal and there just aren't many deals i've been able to find. That being said, i've started looking at places to rent again and plan to just rent for my first year in Phoenix and save up money to get my first property when the contract ends. I've also thought about just buying a single family home to get my foot in the door, knowing that my mortgage payment will be a bit cheaper than rent and actually help me build equity. Any recommendations on what steps to take? Should I just rent for a year and get a multi family after? Or should I just get a single family now? Thanks! 

[Ryan Swan]

Originally posted by @Michael Thomas McCann:

@Bob Okenwa I've been looking on portals for multi-family duplexes and I have a hard time finding any under 300k, should I look somewhere else? Whare do you find that price range in that area?

It's really tough to find let alone buy solid duplexes now. You'd probably be using FHA financing and going up against cash offers, or Conventional financing with 25% down. I had another BP client that wanted a duplex and we wrote maybe 5 really strong offers but struck out on all of them. I encouraged him to pivot to a SFH house hack and we just closed about a month ago. My team has helped at least 3 other BP clients do SFH house hacks in the past 12 months as well.

As Bob mentioned, the House + Casita strategy is also very solid. We've helped buyers close on about 5 of these in the past 12 months. 

I just saw a stat the other day that the median metro home price is now around $450k, so use that number to kind of temper your expectations.