Buy or Sell Homes in South East Valley of Arizona

In our  East Valley Real Estate Investor  article, we talk about a fictional man named Carl who has owned four homes since 1999. The homes were built in the 1970’s and the mortgage on each home is $650. Carl charges tenants $750 per month, well below the $1300-1800 market rate for rental homes in the area. When the air conditioner in one home needs to be replaced, Carl has no choice but to finance it. This creates more debt on what should be a cash flow investment. He is in a real bind and his family is asking him if it is time to sell the investment property. While fictional, this scenario represents a lot of investors who haven’t managed their properties and end up in a different financial position than they had likely intended. When is it time to sell the investment property? The reality for Carl is that it may make sense to sell at least one of the four homes. Because the homes have not been renovated, he may not get market rate on the sale but will still likely have...

Becoming a  real estate investor in the East Valley , or anywhere else, is a big step toward the financial future you desire and as such shouldn’t be taken lightly. Mixed with a traditional retirement plan, real estate offers returns and monthly income that you can access long before you’re eligible to dip into your 401k. Keep in mind it’s a lot more complicated than buying a house, renting it, and collecting income. It takes identifying a clear goal, having a plan for the properties, and a willingness to bend with change. What is a real estate investor? If you have the financial ability to buy a second home, fix it up, and rent it, you may be a real estate investor. Determining whether or not you can afford to become an investor happens when you work with a real estate professional like me, Elaine Beery of Beery Realty, and our team of trusted lenders, to understand if you’re able to qualify for a loan, the loan amount, and loan programs to fit your needs. If you’re a seaso...

There are many homes for sale in Arizona.   Finding a great deal is the hard part, some have great features but there is something wrong structurally, or structurally it is sound, but there are so many other factors that are not desirable. Here are 4 things you can do to quickly find the diamond in the rough. 1.        Find a full time Realtor to have them help you in your search.  (Yea, I know this seems self -serving but REALTORS are educated in the market and the ins and outs of purchasing homes and can help so much through the entire process). 2.          Get pre Qualified (different than pre-approved) by a licensed mortgage broker, they are held to a higher standard than the regular (big Bank ) loan officers.  Make sure you will be dealing with one person the entire time during the process. This is a real factor that I have seen become quite frustrating for many a buyer- as once the l...

These 4 Tips for buying bank owned properties, things you  should know before deciding to look at them.   We all have seen the enormous influx of bank owned properties, but do you know the down side of buying a bank owned property? There are Risks involved, but you can minimize these risks just by doing some due diligence. 1.) When signing the bank addendum, (a document the banks add on to the actual contract) make sure you realize what type of deed you are going to receive.   If it is not a General Warranty Deed, make sure you are getting the home and you fully protected with the most title insurance you can.   Most banks will issue you a Special warranty Deed, in Arizona.   If this is the case, you should look into extending your insurance policy to cover any gaps.    2.) Because the bank acquired the property through foreclosure, the bank will not be able to provide you with the (SPDS)Seller's Disclosure or the (CLUE Report) Insurance discl...