All Forum Posts by: Noah Corwick

Hi Dana!

As others have mentioned, definitely taking advantage of your VA loan status will be ideal for getting your first property.

Have you decided on your overall RE strategy (flips, rentals, wholesaling, etc.)? This will also help determine what type of home you ultimately purchase and provide your beginning foundation.  

Hi Eneyda!

Welcome to BiggerPockets.

Way to put the gears in motion for getting into RE investing. Putting it out in the world is always a great first step. 

Cheers to a successful 2024!

Hi Senen, 

I am in AZ and would love to help your client! 

I have a lengthy history of being in the tech industry as well, so I have a lot of respect for what you do. 

Hi Cooper!

State wise, it all depends on your long term strategies & goals. If you are looking at multi family homes, AZ is tough to get into without a considerable purchase price. AZ's ADU laws are opening up, so long term a SFH w/ an ADU play is something to consider if exploring PHX/Tempe.

I bring up multi family specifically as this is what most new AZ investors start with and bring up. 

There are also a healthy number of 4/5 bedroom homes around Tempe (where ASU is located). So if you intend to rent to college kids (which also comes with it's own inherent risks), you should be able to find something with plenty of space.  

Hi Eskat!

Two very different markets in Detroit and PHX. 

I'm curious, what is drawing you to PHX overall?

Hey Trask. Welcome to BP!

You are already ahead of a lot of beginning investors by knowing the exact strategy that you want to start with. 

I personally believe that House hacking is an ideal beginning way to start your real estate journey, so great call. It kills so many birds with one stone. 

Cheers to a successful 2024!

Hi Cat. Welcome to BiggerPockets!

Those are awesome goals.  

BP is an amazing place for connecting with other like minded RE enthusiasts.   

Hey Blanca, great to meet you. 

Inventory on the duplex/triplex front is a bit low in the greater PHX area, but there are creative options (homes with casitas, homes zoned for multi family, etc.) that are out there. 

House hacking is always a safe bet, which should give you plenty of possibilities and allows you to put a much lower down payment. 

Hope to connect with you! 

Hey Robert!

Great to meet you. Way to get back in the BiggerPockets saddle.

I'd love to connect with you. I'll shoot you a DM. 

Quote from @Bonnie Low:

I want to second what @Noah Corwick said about knowing what your strategy is going to be. It's absolutely crucial for doing your underwriting. Ideally, you want a property that lends itself to more than one strategy because that gives you options should anything change. I don't know about Maricopa county or your city, but we've seen a lot of jurisdictions severely restricting STRs or eliminating them all together so if you think you're going to pursue STR and you're not in a key vacation market that relies heavily on vacation rentals, then you want to make sure the numbers work for other strategies. I always run my numbers as a long term rental just so I know that option is there as a fall back. Also, be very careful buying a condo as they are almost always in an HOA or governed by strict CC&Rs. This means the ruling body will set the rules about what you can and can't do with your property and that can change at any time. A lot of people get burned when their condo association decides to restrict rental options. SFRs can be in HOAs, as well. Generally speaking, I recommend you avoid HOAs all together if you can avoid them, though in some parts of the country that's hard to do.

Running your numbers as a long term rental so you know that option is there as a fall back is extremely well said and is something I do for myself and clients every single time. This is a great practice!