Are you looking to find a good deal like everybody else? Have you thought to owner occupy a triplex or quadplex so you can have positive money flow and live just about for free? Have you thought about getting steady rental income? Are you wondering what's the best investment for with positive cash flow, and in a reasonable area?
There are a large amount of options for foreclosed properties in Phoenix, and throughout Larger Phoenix. These properties are not slim, but most are often mentioned on the MLS so finding them is relatively simple.
Small multifamily repos oftentimes have varied issues with deferred maintenance and typically need some type of work, but many single family houses are in a corresponding situation. You'll need to have some reserves to get these in shape, especially if you will want to live in one.
I might also suggest that you speak with a bank if you haven't already to chat about financing and the options available specially for these sorts of properties as financing a fourplex, even if owner occupied, is different from other Phoenix homes. It will be vital to have your money affairs in place before submitting an offer.
Some things to contemplate before going forward: Can you purchase as an owner occupied? Do you own other real estate? Do you have income property management experience? If you can go owner occupied then you may be in a position to do an FHA loan or other low down loan and put as little as 3.5% down.
When ever you begin the process from being a single family landlord to multi-family business you want to take a look at one or two areas when deciding on the property.
Your experience in owning/managing investment property, and whether or not you are going to employ a property management corporation. You can find out about this from other seasoned owners and read some courses and even get help from a property chief.
Know if the property cash-flows. If in this market it doesn't money flow then it's likely not a good purchase. What is the occupancy history of the property, and what's the activity of the multi-family market and other fresh sales and as discussed before, what's the condition of the property. Many small multi-family properties have a tendency to have deferred maintenance so you'll need to do your due groundwork.
About the Author:
inPhoenix Realty Group is a partnership of experienced Phoenix real estate agents working with buyers, sellers and investors all though Larger Phoenix including helping folk with Phoenix revenue properties like triplexes and fourplexes.
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