All Forum Posts by: Sean Bozigian

Since you mentioned already having a primary and needing 20% down for the next purchase, would you consider converting your current primary into a rental and buying a new primary residence? That would be the most straightforward approach and allow you to pick up another property with less down, but I totally understand if it’s not feasible for your current situation.

I’ve helped a few investors over the past year with assumable mortgages. In each case, they’ve been able to bring significantly less than 20% to closing and assume rates well below the current market. Plus, these assumptions are much more straightforward and above board than sub2 or other creative financing options. Happy to discuss more if you’re interested!

Welcome and congrats on getting started!

@Jarrod Ochsenbein congrats on the solid first month! What's worked best when it comes to finding tenants?

Hey Mike, 

There are plenty of options for house hacking in the Phoenix area, from small multi-family, to homes with ADUs, to rent by the room setups. It ultimately comes down to your budget and desired level of privacy in your living situation. Happy to chat more!

Sean

Hey Jackson - welcome and congrats on jumping in and making some moves! 

@Sagar Mukala The days of finding deals that meet the 1% rule here are behind us (for now at least). You'll have much better luck in other areas of the country if that is your primary focus. 

The Phoenix area is viewed more as a long-term appreciation play for many - your statistic on population growth being one of the many contributing factors. 

Hey Rod - as others have noted, this generally comes down to personal preference. You're going to get more bang for your buck if you stay in a Phoenix zip code, but if that isn't a major factor for you, I'd recommend a further look at Grayhawk. There are numerous subdivisions (some gated some not) offering a wide array of styles and sizes.  

Glad to hear things continue to move in the right direction for you, Ashley!

@Austin Bull not exactly. In the Phoenix area, we saw a peak in prices last May, followed by a period of declining prices through the end of the year. A lot of factors contributed to this (mortgage rate shock, ibuyers pulling out of the market, affordability concerns) to name a few. For the first time in a couple of years, buyer demand was down significantly while we saw an increase in supply. This meant that the buyers who WERE in the market had much more negotiating power.

Since January, this has reversed course and we have seen prices appreciate month over month to this point. Much of this is due to historically low inventory levels. I hope this helps clarify a bit! Happy to have a more detailed conversation about the market and specific strategies at any point. 

@Austin Bull Welcome to BP and congrats on taking the steps to get your first property under your belt! 

In regard to timing the market, I''ll use this most recent correction as an example as to why it is so difficult to do. When the market started reversing last summer, many were excited for a chance to finally "time the market" and find a deal. Don't get me wrong, some were able to do so, but by means of luck more than anything else. Many passed up on a window of low buyer competition and more motivated sellers because they were waiting for the "perfect" time. Fast forward to today and prices and competition are back on the rise. In hindsight, November would have been the best time to close on a home. However, we didn't know that until just a couple of months ago. Real estate is so difficult to time because data lags months behind what we are seeing in real time. 

Life can change fast - if you are in a position now to take the steps to start building wealth, I would personally take full advantage. Hope this helps!