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.
March 23, 2006
Anyone want to buy a home for 200% more than it's worth? Great! One's available in West Phoenix.
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9 comments:
If he has such great tenants why is he selling?
So he wants someone to take over his negative cash-flow situation? Good luck with that!!
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.
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.
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?
Some sellers revise the listing upward after they calculate that they need to make 'x' to pay all the bills and transaction fees.
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!!!!!!!!!
WTF is everyone moving to Phoenix? That's about as close to hell as you can get besides the Middle East
Never buy anything that eats.
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