Thatcher, Az Real Estate Market
Anybody knows about Thatcher, AZ rental or real estate market in general?
I have a friend whose neighbour wants to sell their house 40-50K below FMV. According to my friend, the area is booming. I live in South Phoenix so it's about 3-4 hours drive. It is more than 2 acres lot. The asking price is $135K and MFV is $180K. I am thinking to rent it out and see how it goes. I have not talked to the buyer yet. I am hoping to be able to ask for seller financing since the owner is retired. Any input will be appreciated. Thanks.
Of course the big question is if FMV is really $40-50k higher, why would seller be willing to let go at that price, especially on a owner occupied property, where apparently the seller is not in financial difficultly. The Answer 90%+ of the time is that its not $40-50k bellow FMV.
Will it rent easily at $1200-1350 per month?
Thanks for the advice.
I have been trying to find a property mgmt company around that area on the Internet, but have no luck. I will try to talk to a few property mgmt to learn more about rental market over there.
He got blind and had purchased smaller house. I have not found out the detail yet. I am hoping to find information about the area b/f even considering to drive there.
You may want to look at finding a property manager through the Institute of Real Estate Management. They have a website (IREM). Members go through a fair amount of training to get their certification. Might be one of many solid places to start your search.
MarleneM
ew86--(AZ)---------------------
Dom't goof around. Fax an purchase contract to that owner immediately and get him to sign it. Either that or take off a day from work and drive over there with the contract.
Just make sure your offer has an inspection contingency so you can bow out of the deal and get back all of your earnest money should your investigation show this is not the good deal you thought it was.
When you face a bargain, buy first, do your due diligence later. Where "buy first" means get it under contract.
Bargains don't sit around waiting for you to shuffle around and think about the situation.
You did do a quick check on http://www.realtor.com for asking prices of similar properties listed for sale, right?
Good Investing***************Ron Starr************
Thanks for all input. Yes, I checked on www.realtor.com, without checking the condition of the house it is below FMV. I need to make sure I can rent the property. The rent around the area seems low though.
See if you can take it Sub To and then LO the property.
[addsig]
Just checked the property. It's not worth to buy. Thanks for all your help.
you just wrote that the property was not worth the buy. Could you elaborate a little more about what you found and why it wasnt worth it. So in a similar situation I dont fall into the same Rat hole?
Well the city is small. Only one major employer. The envinronment does not look that nice. Surrounding by old houses (the house being sold looks nice). Very very very close to rail road. With that price I can get a new house in Phx and I can ask higher rent. The market rent is only $800. I am getting frustrated to find a good deal. I have been buying new houses. I know I pay much more, but it is so painless
. Moreover, new houses appreciate faster.
I don't think it's much "hooter" marketwise anywhere else, especially at those prices.
How many new houses have you done ?
[addsig]
The Thatcher area of Arizona is not a great area for rentals. It would be a hit or miss to try to get someone in there. I do think, however, that if you could sit on it or find someone to rent the property at a reduced rate, that you would turn a pretty penny in a few years. If you are looking for good deals in and around Phoenix, I can help you. Just send me your criteria and I find what properties are available in the MLS. There are some awesome deals out there right now. Feel free to e-mail me directly.
[ Edited by ew86 on Date 08/09/2004 ]