All Forum Posts by: Pamela Sandberg

I'm obviously biased, but Phoenix is a great option for Cali investors. It's close, it's much more affordable, and we have steady appreciation that is fueled by good job projections in coming years. Happy to answer any questions I can!

I've also had great luck with AZ Property Inspections!

Welcome, Robert! There are lots of great networking events. AZREIA is the big one, but there are smaller groups too. I'm happy to send along details or answer any questions I can about the area!

An agent might be able to help you find neighborhoods or pockets that are less competitive. We also know tricks for dealing with a competitive market. Might be worth it to have some help as you are looking!

Setting up an LLC is Arizona is SUPER easy and cost-effective. I wouldn't let that stop me from using a hard money lender!

You can get great deals by wholesaling, but there can also be some real challenges for newer investors. There is usually no inspection period or appraisal. There is no time to go through a traditional lender, so you need to have funds ready to go in cash or from a hard money lender. You're assuming the risk of major repairs (like HVAC, roof, etc.). These can be difficult to deal with on your first BRRRR project. I might suggest getting your feet wet with one or two traditional deals so you're more comfortable taking on these risks.

Consider filing a complaint with their regulatory agency. (Here in AZ, it will probably be the Department of Financial Institutions.) That tends to get a response real fast, as lenders don't want to lose their license. 

It might be worth running the numbers on a few other rentals in the Phoenix area to see how this one compares. If you find another property that has better prospects for renting/resale/etc., it might be worth it to sell and invest in a different property. 

A LOT of SoCal investors have looked here to AZ for better deals. The entry point is much more manageable, the landlord laws are a little easier to work with, and it's close enough that you can drive or fly over without spending a fortune. If you are interested in out-of-state investing, be sure to put together a great local team that can take care of any questions you have or problems that arise! Happy to answer any questions I can about the Phoenix market. 

And yes, as @Randy Bloch and @John Andrews mentioned, regulation from both HOAs and municipalities can throw a wrench into your plans. The Phoenix area is generally one of the most lenient areas in the country for STRs. That is changing, however - I went to a fascinating legal conference about how they are dealing with that in Sedona. It's important to know what changes are in the pipeline.