I normally preach a higher-brow real estate investment philosophy for the Phoenix market, but this is simply amazing to me:
Click on this link for a PDF file of listings for 100 potential rental homes selling — right now — for $100,000 or less. These are lender-owned homes, so they’re going to be fixers. And some of them will need so much work they’re not worth bothering with. But some of them will need next to nothing — $5,000 or less in repairs — and they will be cash-flow positive from the very first tenant.
For the most part these are not Cadillac homes, but they still have a lot going for them: 1,400sf and above, stucco and tile, built 1995 or later, with back yards and garages. These homes can attract decent rents — $800 and above in most cases — and many of them will be appealing to owner-occupants on resale.
I sell a lot of rental homes, and the homes I sell stay rented. A list like this might produce ten workable rentals. But they’ll be choice rentals, attracting premium tenants and selling at a premium price when you’re ready to move on. Take a look at our investments page to find out how I work. Then email me or phone (602-740-7531) to discuss your investment goals.
Prices are low, interest rates are low and choice rental homes are abundantly available at bargain-basement prices. This is a perfect storm for real estate investors in Metropolitan Phoenix.
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Scottish cottages says:
Rent prices go down and economy goes down as well… You never know what happens…
October 30, 2008 — 12:59 pm
Todd Waller | Ann Arbor Homes says:
Greg,
Wow! I thought that 9+ caps were only rarely seen in the West/Southwest of our country! Those are great rates, even by Midwestern standards.
November 17, 2008 — 8:55 am