All Forum Posts by: Noah Corwick

Hi Janelle!

I've successfully worked with quite a few clients on acquiring LTRs in Surprise/the west valley. 

With their lower price points, the barrier to entry is easier + definitely possible to cash flow out there, but depends on how much you are aiming for. 

The STR market is a bit odd in the greater PHX metro at the moment though. My advice is if you find a STR home prospect, to not put all your eggs in that basket and make sure it pens out as at least a MTR as well.

Hope this helps! 

Hey Austin. Welcome to BP and starting your RE Investing journey!

Pinpointing good rental deals is a bit harder in today's market, but can defintely still be found. It's also shifting to a Buyer's market so it's not a bad time to get a solid deal. There are also some interesting SFHs w/ casitas in the east valley, which create a cool hybrid multifamily investment scenarios. 

I work with investors (new and seasoned) all across Greater PHX in identifying the investing route that makes sense to venture towards and developing a game plan around it. 

I'd also highly recommend connecting with @Clayton Silva on the lending side. Clayton specializes in investment properties (which I find rare in the lending world) and is top tier. 

Cheers!

Hi Vaughn. On the loan side I'd definitely recommend @Clayton Silva. Clayton is very seasoned, primarily works with investors (and is one himself) and can confirm if a DSCR loan would make sense in this scenario.

I personally work with investors as well on the agent side and would love to help. 

Cheers!

Finding cash flow properties is honestly tough right now overall in PHX + there are around x2.5 more sellers than buyers as well. 

PHX is indeed cooling, yet still is a top 20 most moved to city in the US + is expanding like crazy in the northwest and southeast valleys. So it's in a bit of an odd place at the moment. 

If you are in it for the mid/long haul, PHX is a pretty solid market. If short term, maybe look elsewhere. 

In addition to what others have said in this thread, one other thing to consider is if there are any real estate agents involved. If so, you will need to factor in their commissions. Commissions in carrybacks are paid through the downpayment. 

Hope this helps! 

Hey John! I am not one myself, but can introduce you to one on my team. 

I'll shoot you a DM. 

To point you in the right direction, I'd look at rental comps in your neighborhood or the surrounding area. You'll likely be able to find a trend at the price point you're aiming to re-rent your place at. Wouldn't hurt to take a took of comps currently on the market either to see the colors & styles in person.  

Fair point. I'd say right now it's more about appreciation potential based on many economic, infrastructure, location and price point factors. 

I'm sure we would both agree that rentals are a long term play. So if the subject property's location meets certain appreciation potential criteria, it's something to consider in what to do with the property. A blanket approach to area appreciation due to where things are currently at is too black and white in the big picture. 

I'm not saying the property shouldn't be sold, but the right reflective questions just need to be asked ya know.

Hi William, 

I think more context is needed here in order to provide a true opinion. 

-What area of town is the property in? Is the home in an area that is on the appreciation horizon or up and coming? 

-How much equity do you have in the property? 

-Have you looked into the MTR/STR market for where the home's located?

-Obviously nobody knows if/when rates will go down. But have you ran numbers and identified a rate percentage that you'd feel comfortable with from a cashflow perspective? 

Hi Jordan, 

I'm a big believer in following your gut, and it feels like your gut is telling you to try the MTR route with your property. This seems promising from your description with hospitals being near you and the booked listings in your complex. 

Some ideas for furnishing it is to get a lot on FB Marketplace/OfferUp to save money or stage it virtually with the notation in the description that you will furnish it prior to the tenant moving in like Jeff mentioned previously. 

Overall I'd keep this property unless you feel you can upgrade significantly or have a ton of equity. I obviously don't know what part of downtown PHX you're in but be patient as downtown continues to expand.