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Old 07-24-2011, 01:15 AM
 
6 posts, read 29,620 times
Reputation: 10

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Hello,

I am considering purchasing some single-family houses to rent out. Look at properties around $50K. I see there are some good deal around the Phoenix area but would love to get some advice from people on this site. If you were in my situation with approximately $150K to invest what area and type of property would you suggest I look into. Also does anyone have any experience with different management companies and any suggestions on a medium sized management company that's been in business for at least 5 years.

Thanks, Alan
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Old 07-24-2011, 05:35 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 13,871,496 times
Reputation: 3862
I work with several investors who buy rental properties in the Gilbert area in the <$150k range, and I own several properties here. These are newer homes whose value will move in line with the value of all Gilbert homes.

Gilbert is my preference because it's a safe city with good schools, and a desirable city for people relocating to the valley; and it is not completely built out. It's also because I live here so it's closer for me to work with properties and with my investors.

There are a couple posters on CD who invest in <$50k homes in Phoenix, so they will probably provide information on areas for that price range.

There is a management company that I refer, if you would like to PM me.
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Old 07-24-2011, 12:15 PM
 
2,879 posts, read 7,295,132 times
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Prices at the low end are going up for sure. I follow the North Central area which would be 85020, 85021, 85014, 85012, 85016, 85013. This also includes the area "between the 7s", which would be an area bounded by 7th St on the east, 7th Ave. on the West, Northern Ave. on the north, and Missouri Ave. on the south. That is the prime area of the Central Corridor, which can be very pricey. I would be looking in the fringes of that block, and near the Light Rail. I would also consider condos in those areas--but would want lower fee (150 not 300). I paid 22K for a TH in 85021--now there is an reo for 28K--that is not nearly as nice of a unit----easy rental at 575 per month with 138 hoa. If you are not handy at all, consider newer houses in STV, Casa Grande, Maricopa or some other commuter Hell area--but the rental markets are very saturated out there.

Yes, you can get a house for under 50K in a good area, but it won't be easy, and it will be older, and smallish, and it will need some updating--It will also have a very nice lot and some good workmanship from the 40s or 50s--minor amount of work and you can get a tenant for 850 pm.

Last edited by khuntrevor; 07-24-2011 at 01:24 PM..
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Old 07-24-2011, 12:36 PM
 
10,720 posts, read 18,853,881 times
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I agree with Captain Bill. I would focus on sub 150K homes in GOOD CITIES. There is no point buying a cheap house in BFE. Location matters. Buy a home in a quality area like Gilbert. I just paid cash for a home in Gilbert in this range.
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Old 07-25-2011, 09:35 AM
 
Location: Phoenix AZ
6,285 posts, read 13,065,055 times
Reputation: 10329
Buying a home in an area you don't know, with an agent you don't know, and hiring a property manager you don't know...

That isn't investing, that's Gamblin' - and the odds aren't in your favor...

Good luck to ya... you might need it...
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Old 09-27-2011, 07:37 AM
 
2 posts, read 7,123 times
Reputation: 18
Default Is Phoenix a good place to buy property?

It depends where in Phoenix you buy. If you do not know the market, don't rely on a real estate agent who says he or she can refer you to a property manager, etc. Been there done that, and as the other posted said, it's gamblin. Real estate agents want to make a commission and move on to the next transaction. They may tell you they are not like that, but they are, trust me, I have dealt with way too many. Property managers are even worse. It's not their property and they just want problems (meaning tenant complaints) to go away and it will cost you lots of money at times. Only buy in a market you know well and live close to.
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