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Old 03-18-2009, 09:13 PM
 
1 posts, read 1,948 times
Reputation: 10

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Hello all,
I am looking to purchase some investment / rental property in the Mesa / Gilbert / Chandler area. I have been looking around, and it seems like there are some good bargains there. Possibly open to some areas in Phoenix, but I have heard that can be a real mixed bag.

I am looking mainly at fourplexes. My main concern is vacancy. Are there a a lot of rentals in this area? Is it hard to keep places rented? I have looked on Craigslist, and it seems there are a lot, but that also encompasses the Phoenix area.

I would like to generate some cash flow, and am willing to put the 20-25% down. It seems there are some great deals, but maybe thats because I havent actually seen these units in person. Or maybe you could never rent them. I have also noticed some properties have dropped in price dramatically in the last 6mo (40%+) Are these isolated cases?

I have done a bit of research, but I would love any advice on the subject that a local or experienced person might have. I am located in California, but will be visiting AZ in April.

Thank you very much!
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Old 03-21-2009, 06:52 PM
 
Location: Scottsdale, AZ
11 posts, read 33,228 times
Reputation: 16
Default rental info

I relocated to Scottsdale from Chicago last month and I used a very knowledgeable real estate agent that came highly recommended to me by several close relatives who also moved here from Chicago and New York. She was extremely helpful and very knowledgeable and most of her business is with home buyers and investors. I would highly recommend her to you, send me a Direct Message if you would like her contact info.

I am also in the process of purchasing several rentals here as well (Glendale & Phoenix area) and I anticipate being able to rent them immediately and with positive cash flow. With low interest rates making your monthly mortgage payment pretty low you should be able to charge less rent per month than other comparable property in the area. You will need to put a minimum of 20% down for investment properties these days and a trick my parents just taught me is to put the 20% down and then buy your rate down even further with with excess cash, this may be more advantageous that putting 25-30% down.

Good Luck!

Jenny

Last edited by MDWJenny; 03-21-2009 at 07:04 PM..
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Old 04-05-2009, 07:31 PM
 
Location: New River
21 posts, read 66,852 times
Reputation: 22
Jenny:

I am looking to do the same, please PM me the name of the realtor.

Thanks!
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