March 23, 2006

Anyone want to buy a home for 200% more than it's worth? Great! One's available in West Phoenix.

Anyone been to the West side of Phoenix? Generally an awful area. And location, location, location. Here's a sucker who must've bought a home to flip during the ponzi scheme and lo and behold, the music stopped. A few years ago, $230k would've got you the mansion (the only one) in West Phoenix. Now? 1,300 sq. ft.

I'd make an offer of $65,000. Tops. Probably could rent it out for $600 a month. Seriously, you couldn't pay me to live there. Not $5000 a month.

$230 - Buy My Investment Rental Home
Reply to: weshawk1@hotmail.com
Date: 2006-03-23, 9:19AM MST

I am looking to sell my rental property. It is a very nice newer (2002) 1300 sq ft single family home in a very quiet neighborhood. The home comes with very reliable tenants who have lived there for 3.5 years. Unfortunately I am in desperate need to sell, and will transfer the property for what I owe on it. No realtors, no hidden fees... Comparable homes are selling for $235k-$255k, so you will be walking in with a bit of equity on a turn key investment.

14 comments:

Buzz Kill said...

If he has such great tenants why is he selling?

Bake McBride said...

The definition of a great tenant is one that, at the very least, covers the mortgage payments ;)

buzz kill said...

So he wants someone to take over his negative cash-flow situation? Good luck with that!!

Bake McBride said...

"negative cash-flow situation?"

But isn't that an investment....

buzz kill said...

Yes, I'd like to make an "investment" which loses me money from the get-go so I can pay and pay and pay. Ah, the pride of home-ownership.

Bake McBride said...

LMFAO ;)

Anonymous said...

Nothing wrong with negative cash flow on rentals as long as it isn't too much negative:

The 27 year straight line depreciation helps at tax time.

The property itself can appreciate over time. No capital gains as long as you roll the gain into the next rental property.

Bake McBride said...

"Nothing wrong with negative cash flow on rentals as long as it isn't too much negative"

Agreed....If you're in a position to absorb the initial loss.

Anonymous said...

The insanty level here in West Phx is just unbelieveble.
This lady here in West Phx. bought house 8 months ago for $269k of course she already has heloc ( don't know how much?). She puts house for sale @ $399k. House sits on market for few months. No buyers. Now she is asking $430!!!!.
WTF, is she stupid or something wrong with me?

Out at the peak said...

Some sellers revise the listing upward after they calculate that they need to make 'x' to pay all the bills and transaction fees.

panicearly said...

I know of some one who bought in w.phoenix about 40 min out in some new subdiv. 2 years ago for 250k. the guy was selling time shares for a living
at some new resort like development in the area. They gave him an employee discount so he bought one himslelf.

insane in the membrane

Anonymous said...

After being in Tempe/Scottsdale/Phoenix for a miserable 15 years, I had a chance to go to the extreme west valley (Avondale, Tolleson, Buckeye). We drove for what seemed forever. This is what's out there: the origional poverty stricken shanty towns + new cookie cutter boring homes that are triple overpriced + sign flippers on three intersections (Richmond Homes) next to weedy fields. I was so horrified that I sweated and shook all over for hours later! It's the kind of place that makes you want to wretch!!!!!!!!!

Anonymous said...

WTF is everyone moving to Phoenix? That's about as close to hell as you can get besides the Middle East

Anonymous said...

Never buy anything that eats.