Investment Properties in Phoenix, Laveen, Goodyear and Surprise

What's it take to find great deals on investment homes in the Metro Phoenix, Glendale, Laveen, Peoria, Surprise, Litchfield Park, Avondale and Goodyear areas? I believe it takes dedication and time. If you invest the time in learning the market in these areas, going to homes, viewing prices, square footage and condition you will find some real bargains.

The problem is that there are a lot of investors looking for the same deals. You will want to use patience when viewing properties. When you find a great deal, have all your paperwork completed quickly and sent to the seller (which in most cases is a bank selling the property).

We've spent the last 5 days doing just that - looking and looking, comparing and bargain shopping for just the right homes, with the right prices and amenities.
We were looking in Surprise, Litchfield Park, Goodyear, Avondale and Laveen primarily and some areas of southwest Phoenix.

We decided right off to focus our attention on Bank of America, HUD, and Fannie Mae properties in those cities and avoid the short sale listings. Some investors will want to view all the homes and make offers on short sale homes. However, we decided to avoid short sales because we did not want to wait for responses from the lenders.

We looked at 3 and 4 bedroom homes focusing mainly on homes that would make good rental properties and also appeal to familes with children. Some homes were in really rough condition, while others needed only basics such as carpet and paint. One thing we noticed was how quickly homes were selling and that even on holiday week-ends properties where getting scooped up by investors.

There are bargain homes and bargain prices you just need to be willing to do the work to find them and be ready to purchase them immediately.

Renovation Loans are they worth the time and effort?

Right now, we are hearing more about the FHA 203k renovation loans. What are these loans good for and why are they being used more and more?

We are finding that these are becoming more popular with buyers for fix up homes that will not meet the general standards of a typical home due to needing repairs. These repairs are usually items such as needing a new roof, air conditioner, plumbing issues or flooring.

The normal FHA loan would require all of the above to be in useable condition before approving a loan on the home but with a 203k fix up loan the buyer can get a loan that includes funds to fix the home to meet the FHA loan standards.

Why is this being type of loan being used? I believe it's the low prices we are seeing on homes across the "Valley of the Sun". Buyers are realizing that it's not just the investors that can get a good deal on a bank owned fix up home.

With careful planning of repair costs and matericals it's possible to get a good deal on a home and have it in newly remodeled condition upon move-in. If you need further information contact us and we'd be glad to help.

Daily Donut:Watering the REO house