"Location, location, location" has long been a mantra in business -- and that's perhaps especially true when you're talking about investing in real estate.
Thanks to the cooling market for home sales and the booming market for rentals, experts think that it might be a great time to invest in real estate. They generally anticipate home sales to continue to wane and prices to continue to fall, which means that investors looking to pick up rental properties may have an advantage.
However, you have to know where to buy if you want your investment to grow. Here are the main Arizona locations that you should be looking:
- Corona de Tucson -- Single-family rental properties will likely give investors a solid footing. Because property there tends to be pricey, young families often prefer to rent. They're also willing to pay more for the privilege of living in an area with great public schools and access to plenty of jobs.
- Phoenix -- The primary appeal of Phoenix for renters is the ability to access just about everything right in their own "backyard." There are cultural experiences, shopping centers, nightlife, entertainment and art museums all around. Experts caution rental property investors to avoid the downtown area and focus on the suburbs instead.
- Tempe -- The Lakeside district of Tempe is one of those Phoenix suburbs that investors should consider, but it gets its own mention because it's a college town. That makes student rentals particularly interesting to investors.
- Scottsdale -- The average home price in this city exceeds $871,000 -- which means that people are looking for rentals. In addition, this is one of the few places in the country that didn't suffer from the real estate bust in 2008. It's a steady market for the wary investor.
As you search for available investment properties, don't forget to look for bargains among the foreclosures and short sales out there.