Picking a Phoenix Rental Property Location for Beginners
For you beginners, picking a Phoenix Metro location to start building your rental portfolio can fill your head with self doubt and what “ifs”. By going about it in a logical systematic way, you will be confident moving forward on your goal to build wealth.
Step 1. Get a Map!
Map out your target city and divide out zip codes, neighborhoods, subdivisions etc. You will want to then mark the areas where you live and work and how far you’re willing to travel to handle your investment properties. (Most investors don’t go beyond 15 miles of their own residence/place of employment)
Step 2. Draw Circles!
Since you will want your rental properties to be within 10-15 miles from your home or job, draw a circle with a 15 mile radius around both places. Go ahead and “x” out all the other neighborhoods that fall outside of the circle. Connect the tops and bottom of each circle and create a “path”. Highlight neighborhoods you already travel through on a daily basis.
Let’s look at an example of someone that lives in Queen Creek and works on the Gilbert/Mesa border. They want their properties to be 1/2 way between their house and work in a 10 mile radius.
Here is what the 10 mile radius looks like:
They “X’d” out all the other cities not in their radius. They put an arrow in the area that is 1/2 way to their home and 1/2 way to their job.
This what that area looks like up close, it lands in Gilbert AZ. There are 158 properties for sale and has a solid economic holding. Plenty of great schools, shopping, churches, parks, etc. Make sure you inspect the different neighborhoods, on weekdays, weekends, and at night. Shop in the grocery store and eat in the restaurants. Get a feel for the neighborhood and the type of people you would be renting to.
Stay tuned for our next update, we will go over what type of property you should be looking at now that you have narrowed down an area.
If you don’t have the mapping tools please call us to schedule a consult. We’d love to sit down with you and help you map out your wealth building territory! 602-730-5068 or PhoenixMetroGroup@gmail.com