All Forum Posts by: Noah Corwick

Got it, that makes sense.

I would say hone in on what rental strategy you want (STR/MTR/LTR). I am a big believer in buying a property that is versatile. For example, you purchase a property near a major hospital. You initially can use it as a LTR, but if the MTR market is hot, you can always put it on furnished finder and rent it to nurses. This allows you to not put all your eggs in one basket and pivot based on the market. You will also need to understand the property's HOA restrictions as well to pull this off successfully.

Also like Mason mentioned above, decide if you want to manage it or use a property manager. Both have their obvious pros and cons, but knowing this will help you run numbers. I also agree with Mason that it likely is a good idea to manage the first one yourself just to get the learning experience. 

Have you targeted any specific areas in PHX? 

Hey Adam, 

If you are wanting to dive into purchasing a SFH under $250k, you would likely need to have some funds set aside for rehabbing the property. You will have better luck finding a condo for that price point.

If I am understanding your post correctly, are you looking more for a long term appreciation play? 

Hi Chad, 

How do you plan on purchasing this home? As an investment property? A second home? 

If it's a second home scenario, be sure to account for needing to live there legally and accounting wise for a short period of time each year. 

The only "con" is accounting for when you live there and that being reflected in your ROI each year, since it would affect profitability. So just make sure you run your numbers.

Hi Teena, 

I agree with Walter, and believe targeting North/Central PHX and the West valley is your safest bet. Plus the East valley is very heavy with HOA communities. I'm sure you can find decent pockets in Mesa or Tempe, but it won't be as easy as in the West valley.

As far as areas go, the safest answer is anywhere near a Mayo Clinic. So this would be North PHX, Central PHX, North Scottsdale, North Glendale and East Chandler. As far as the most economical area of these, North Glendale would likely be your winner. 

Hi Charles!

Your first step is to definitely talk to a lender. They will be to help map how much you qualify for and guide your plan the plan of attack from a financing standpoint. 

From there, you will understand your budget and can run your numbers more accurately. 

Hey Michael!

House hacking under $500k is definitely possible, but just depends on your long term goal. House hacking a multi family for that amount will be tough, but it's totally possible with a SFH or townhouse.

There are some awesome strategic areas that will cash flow with a house hack + are nice appreciation plays. I'll shoot you a DM. 

Hey Brian, 

AZ will be happy to see you back!

It's a good time to get back in before rates come back down and things get crazy again. 

I'll shoot you a DM. Cheers!

Hi Matt, 

Like it was mentioned, cities/HOAs still regulate STRs a good bit. 

In the greater Phoenix area, Scottsdale has led the way with limiting STRs. It's difficult to find condos & townhouses that allow for them. For SFHs, you have to register them with the city and certain HOAs are cracking down harder. I mention this because most out of state investors default to Scottsdale. 

Outside of Scottsdale, a lot of areas are STR friendly for SFHs. But obviously you need to be strategic with where you pick.

Nice job Kai'ler. 

To only invest $5k into the deal with those returns is fantastic. 

Great start to your investing journey! 

Hi Kay!

Finding a duplex in PHX at $350k will be a tall order. For on market deals, there are a grand total of 2 currently listed. It might be possible to find an off market deal for that amount, but it will likely be in D level areas. 

I'm not sure if that changes your strategy, but thought it might be helpful as you look at AZ.