Hello friends!
I've been presenting the advantages of investing in AZ for quite a few months now and the same question comes up again again: "OK Naomi- we understand purchasing those houses is an excellent cashflow deal but how do I know I'll be able to rent the house after I buy it...?
So- this has been our experience in the last few months:
1. For the house the property in San Tan Valley that sold for $ 85.5K and rented for 2 years for $900 our property manager got 8 calls the same day he posted it and stopped accepting any others. He picked the family he liked the most. with the best employment and personal background and children- which guarantees they will be staying there for a while.
2. For another house in San tan Valley he got 11 (!) showings the same day he put it in the market and rented it right away.
3. For our client from Australia who bought a house the last day of his visit for $ 90k, it was rented out for $1000 while he was on the flight back home. When he arrived to Melbourne- he already had a tenant!
This has been going on for a while. There are around 5000(!) foreclosures per month in the Phoenix area which is very sad for the people living there- no doubt about it, but for us investors it means low purchase prices and more and more people needing rentals.
We are hearing hi-tech companies in the East Valley are hiring thousands of new employees. Probably some will be from the area but most likely new people will be relocating to AZ and will either buy or rent. This might create 2 results: purchase prices will start climbing up at the good neighborhoods and demand for rents will grow even more.
If you are considering to invest in AZ, don't wait- we have still good deals out there but I'm concerned they will start disappearing pretty soon...
Feel free to comment or ask by posting here or contacting me directly at: naomiesal@gmail.com.
Coming up- 2 great properties for sale- fixed and with tenant in. Keep checking this blog in the next few days...
Best,
Naomi.
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