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Old 01-08-2009, 05:45 AM
 
18 posts, read 68,974 times
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Hi. I'm currently living in Iowa and would like to purchase a home in the Phoenix area while the prices are pretty low. I'm planning on relocating when I retire in 10 years. I went to college in Phoenix back in the late 80's and very much miss the area. Question is - have any of you had experience renting out a home while living in another state? Are there companies or even individuals in the phoenix area that I could pay a monthly fee to basically key an eye on the house and renters? Are houses as cheap right now as they say? Price range would be up to $60K or so. I lived throughout the valley during college, and would probably like to be out in the Apache Junction area where it's a little less populated - at least it was. What do you think??
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Old 01-08-2009, 05:58 AM
 
Location: Sonoran Desert
34,896 posts, read 45,022,518 times
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I'm sorry but you need a dose of reality. House prices have come down, but nothing like your post suggests. Any house you find for 60K would likely be in a very rundown area or would be totally trashed. Houses haven't sold for 60K since you were in college here. The house would be old and in need of continuing maintenance. It is quite possible that you would be renting to someone on drugs, two or three families of illegals, or that your future retirement home would be the local chop shop or meth lab or pit bull puppy mill. I can only imagine what it would look like 10 years down the road.

If you are serious, you ought to be looking at a new home in a decent (and likely to remain decent) area. Most of these decent areas did not even exist or were just wide spots in the road when you were here. The entry price for that is mid 100s and that is a bargain. You could get a management company to handle it and, while it would show some wear and tear in 10 years, there is a good chance it would still be habitable.
Even if you decided you did not want to live in it, you could sell it and move somewhere else. You'd have the equity to transfer to another place.

Last edited by Ponderosa; 01-08-2009 at 06:07 AM..
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Old 01-08-2009, 02:51 PM
 
Location: Scottsdale, AZ
4,472 posts, read 16,326,631 times
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Would you consider buying a home in a retirement community? Some are fairly large and the one I know of best is Valle Del Oro in Apache Junction. Quite a few different "park models" to chose from and many owners actually add Arizona rooms onto the existing park model to make for a fairly large living space (well enough for a single retiree). The prices start around $20K and can go up to about $100K. You also pay a yearly fee of around $4K depending on lot size. It's a fairly inexpensive way to live when retired.
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Old 01-08-2009, 09:20 PM
 
641 posts, read 2,217,620 times
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Arizona city has a couple 60k homes, but they are small starter homes. There are a lot of retired people here though.
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Old 01-08-2009, 10:43 PM
 
Location: Phoenix
2,897 posts, read 9,714,838 times
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If you enjoy getting shanked and living in the ghetto, then sure $60k will get you a house!
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Old 01-09-2009, 12:31 AM
 
105 posts, read 202,760 times
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$60K should be enough for a downpayment for a used mobile home if you are willing to live in the outer areas of the Valley.
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Old 01-09-2009, 07:26 AM
 
Location: Arizona
824 posts, read 2,192,323 times
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I have to disagree with the notion that your price range would be impossible to find, although I urge you to wait 2 years and re-consider trying to become a long-distance landlord.

There are, in fact, quite a few bank-owned single family houses in safe, outer suburban areas in Maricopa County that are 3/2s, 1,000-plus sq ft listed on the MLS in the $70K to $80K range. Some are totally trashed, but most are not and are usually 2 to 10 years old. It seems quite likely that there will be availability in the $50K to $60K as the market continues its decline.
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Old 01-09-2009, 07:46 AM
 
1,170 posts, read 4,936,197 times
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My preference would be to save my money in a relatively safe place until I'm ready to retire and then decide where to buy. Who knows what will change in 10 years?

Long-distance landlording is going to give you more headaches and less return. Usually only folks that have to move and can't sell consider that as an option. I'm sure there are exceptions but why swim against the current when you don't have to.
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Old 01-09-2009, 10:29 AM
 
11,288 posts, read 24,110,637 times
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$60K?? Even back where I'm from in Iowa City the decent starter houses are getting up towards $200K.
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Old 01-09-2009, 11:34 AM
 
599 posts, read 2,171,920 times
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I wouldn't buy a retirement home in AZ now and plan to live in it in 10 years from now. Too much can change in a neighborhood over that timeframe. Also, there have been some news reports about renters leaving a house trashed without making their rent payments. Even worse, some have even been "cleaning" the house taking everything of value with them (counters, cubboards, light fixtures, carpet, air conditioning units, etc). Most of these cases are owners doing it to their own property, but there have been some renters also. On a personal note, we have friends who were renting their home in CA, and their renters took everything. Too many devastated people losing homes, jobs, etc. This is not just in AZ, but CA (and I would imagine other states) too.
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