Multi-plex In Arizona
Hi everyone,
A realtor friend suggested me buying multi-plex in Phoenix, AZ area, saying the real estate is booming there. I live in California, the property list he sent me, seems to have most of the properties pretty old, around 30 years old. Being an out of state owner, I am afraid to get into a maintenance nightmare.
Wonder if there are people with knowledge and experiences running rental units in that area can give me some feedback?
My email address is **Please See My Profile**
I would really appreciate it.
Thanks a lot.[ Edited by tektc01 on Date 05/19/2005 ]
I bought a SFH in the Phoenix area about two years ago. Working through the Marshall Reddick Network I bought this home new it took 6 months to build. THe network set me up with a management company within in two weeks it was leased for a year. In my opinion there is a lot of new construction going on and the homes are affordable. For the next tenant I had to drastically cut the rent to get someone in there. THe management company only got them in for six months then goes to month-to-month. I guess they are having a home built themselves. My reason for selling is that the current rental is costing me money. I am looking for a triplex or fourplex though. Not everybody is buying. Some one has to rent.
Quote:
On 2005-05-19 17:26, tektc01 wrote:
Hi everyone,
A realtor friend suggested me buying multi-plex in Phoenix, AZ area, saying the real estate is booming there. I live in California, the property list he sent me, seems to have most of the properties pretty old, around 30 years old. Being an out of state owner, I am afraid to get into a maintenance nightmare.
Wonder if there are people with knowledge and experiences running rental units in that area can give me some feedback?
My email address is **Please See My Profile**
I would really appreciate it.
Thanks a lot.
<font size=-1>[ Edited by tektc01 on Date 05/19/2005 ]</font>
:-
........hmmm....another Reddick property that sits vacant...
[addsig]
i invest heavily in Phoenix, and just sold a multi family
market is saturated with very low priced rentals and i was net negative with my mortgage on that property
make sure tennant wanna stay, as it is very hard to find renters in the area now
I live in CA and just recently began investing in Phoenix. I bought a six unit building and two houses. All have gone up in value and it took several months to rent out the houses. My six unit is older and is going the route of most of the older multis that I own. There is a four to six month period where maintenance is a bit intensive.
Management companies in Phoenix can specialize. There are some that only manage SFRs and others that do large multis. It is not as easy finding people who will manage 2 to 8 units. My choice is to avoid large management companies. Many are not tuned in to marketing in certain areas. They have only one solution which is to advertise in large newspapers.