arizona real estate market – hot REO properties

Lately I’ve come across some really hot REO properties available in Phoenix, Arizona. Note Arizona is a hot market just because more and more baby boomers will settle in a warmer states and Phoenix has a lot to offer. Recently with the crazy real estate markets prices have dropped some 200% in some spots for REO properties where you can pick up a nice condo in a good location for around $30k which was selling for $90k 2 years before, but now the owner is going into foreclosure. I’m currently trying to package a deal with in the year if prices stay slammed to buy mutliple units together and rent them out for a 100% ROI.

How many chances does a real estate investor get with a market fallen like this? Right now is better then ever because so many people DID lose their homes and landlords will be happy to service them. In Phoenix where the average 3/3/2 is $800 month and you can currently pick one up for $50-80k you are looking at a 20-50% ROI plus instant equity to tap into for future deals down the line.

I’m currently considering my Hawaii equity because I have around 80k I can use to buy a set of properties to rent out. I think if I bought over 4 I’d move to Phoenix in the meanwhile making sure they were fixed and rented correctly to the highest paying renter.

For more information I’m working with RE Agent named Michael Buttery. He has been more then excellent on replying to all my emails quickly and sending me listings I’m only interested in.
Please let him know I sent you. His email is mdb4@cox.net and his website is http://HomeSmartInternational.com and http://www.valleyhudhomes.com