Originally posted by @Gary Nakauchi:
That's exactly what I'm in the process of doing. I lived in Rancho Cucamonga, and rent was $1700 for a 2bdrm apt. I'm now renting in Chandler, which I think is actually nicer than Rancho, but am at $1000 a month, in a complex with the same # units and better amenities.
I just bought a triplex in central Phoenix Historical Oakland district, fully occupied, for 99k, using 20k down and hard $ the rest. It's definitely a fixer; nothing hard, just a lot more of "fixes" than you would want to imagine. All major systems are operable. I'm well within my budget and spread out over time, the small fixes are easy. I'm going to re-finance when it's up to bank level appraisal. I'm just restoring it, not trying to upgrade it, because comps in the area are wild. It meets all the BP 2%, 50% rules, ect.
I could never find this like in LA, and that's also why I made the move here. Code enforcement is lax in the area, but I'm leaving them alone lest I awaken a sleeping giant. I'm also hearing that compared to LA, permitted additions are easy to get approved via architect peer review boards, and while I'm not interested in that, it's still good news. My lot is zoned and coded for it 's current set up, as all the houses in that area are.
That's very cool. I looked at the Inland Valley myself but while it's cheaper than the rest of LA and OC, it's not that much cheaper. If it is, it's in a really bad neighborhood and a drive to San Bernardino is longer than a flight to Phoenix hah
At first I was looking at a simple SFH that I can live in, have a yard for my dogs, and call my own while I fix it and upgrade it on the weekends over the course of a year that I live in AZ. Still an option but now I'm looking at duplex or triplexs because they seem to yield more cash flow during the flip/hold. I just finished watching the BP course and have to do some analysis with the 2%/50%70% rule but won't be able to get something real until I go out there and really see what AZ is even like. The best I got is realtor.com and google street view.
A few questions for you (or anyone else) if you don't mind:
1) How did you choose your Zip code or neighborhood that you're in? Why not another place like Tempe or phoenix?
2) Is it hard to find renters for property out in AZ? Do you just list on CL? (I've upgraded a home and sold for a profit but I don't have experience finding and dealing with tenants and estimating rent calculations. Which won't be a concern if I buy a SFH, but will be if I buy duplex/triplex)
3) What is the market like for flippers in AZ particularly Phoenix suburbs, tempe or south scottsdale? Is it on the rise, dropping, peak, etc? I hear it's very competitive for flippers but still possible. Just curious about the market and timing. I am hoping that if I buy property, it will appreciate within a years time when I leave.
Exit strategy may be to stay longer if I get promoted at my job, or to leave and rent the place if the property is appraised low.
