Reader Question of the Week:
What is the best source of locating real estate investment residences in Phoenix, Arizona? Tried HomePath, much competition and the profit margin way too low. Searching MLS has not produced anything also.
-Michelle
Monty’s Answer: Hello Michelle and thanks for your question.
The bloom is off the rose for scarfing up foreclosures in Phoenix for big, quick profit. That is not to say you cannot find a good deal, but one must be very aggressive, make quick decisions and have your checkbook handy.
It is unclear to me what you are seeking.
Investment residences in Phoenix covers a variety of property types. When you say searching MLS has not produced results how do you get access to the MLS?
There are a number of possibilities: I suspect you do not have direct access. If that is correct, then you may not be working with a agent who specializes in foreclosures. The other possibility is that your profit margin requirements do not align with what the market place will allow. Like you said, the competition is stiff, and smart.
There are a number of real estate agents in Phoenix that send out a list on Friday of the foreclosures that are scheduled for auction the following Monday. They send the list out and if you want to make a bid they will do the work for a fee, like 2%. They have been doing this for many years. Sometimes, they are also the competition.
This is not to say the courthouse steps are the only place to find value.
It can well be on the open market in the MLS. Unless you have been an agent or are a seasoned agent, Metro Phoenix is too large to keep up with what’s hot and what’s not.
I hope this information is helpful, Michelle. Ask if there are other questions.
Respectfully,
Richard Montgomery
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