All Forum Posts by: Noah Corwick

All of the comments are spot on for things to consider. 

One thing to add is that when you buy a new build, your PITI will likely not be factoring in the correct state tax number. That's because the city won't calculate the actual amount till a structure is built, aka it's not just a plot of land anymore.

This will obvious cause your property tax bill to go up and also your mortgage escrow account as well (sometimes these things can make your mortgage shoot up a few hundred a month). 

These can make crunching numbers a bit more difficult because due to the guessing game. 

Hi Dean!

Do any of them have a detached casita as well by chance?   

Hey Ricky!

I work with a really fantastic home inspector. Shoot me a DM if you're still looking and want their info. 

This is fantastic Austin! I really appreciate you making this and starting with PHX. 

I'm sure this model will be super helpful in other cities as well. 

But feel free to keep making more for PHX because I'm not biased or anything haha. 

At the rough numbers you mentioned previously, I would say the 4 bedroom units. 

But it also depends on the area of PHX you are targeting as well. 

Hi Cara, 

It all depends on how quickly you want a profit. 

Most investors I know that buy considerable land quantities sit on it for 15-25 years and wait till the demand gets there. They also sometimes put in the infrastructure and then sell it to a developer as well. 

If you and your family are looking to strike sooner rather than later, it might make sense to sell it and reinvest in a new project. 

The 4 unit for sure. The numbers don't work for most Duplexs in the greater PHX area which includes not great cap rates. Plus if you are able to add a garage, that will go a long way for anyone who has lived in PHX for anything longer than a year. 

Hi Jesse, 

I would talk to a lender so they can map out your plan of attack. 

Like others have mentioned, you should hopefully have encountered some appreciation if you got a good deal on it, which will help tremendously. 

@Clayton Silva may be able to help here. 

Hi Jason. 

I grew up in Cave Creek, have lived in North PHX for most of my adult life, and have had a lot of success helping clients find properties in Surprise this year. 

Would love to help if strategize with you! 

Hey Adriana, 

I do not know the Bay Area market, but can connect you with one of my trusted resources who knows it like the back of his hand!