Anyone bought a US Property? (Phoenix?)

[Neil4Speed]

Hey Guys,

So the other day my dad and his work buddy were chatting about vacations and my dads friend told him that he was going to Arizona for a couple of months. My dad asked him about the cost of a hotel for that long, and his buddy told him that he bought a place down there recently.

Anyways, this got the bug in my parents head about getting a place down there, part investment, part vacation home. They have been looking in Scottsdale and the places that you can get down there are pretty crazy. 2400+ Sq.Ft, Pool, AC with Upgrades, and occasionally Golf Course/Gated Community as well for all around.. $175k!

I was wondering if anyone has bought around there and has any tips on areas, or how to go upon it. My parents would for sure be using a Realtor, anyone have any connections down there?

Thanks in Advance!

[g9chan]

Realtors usually rip off foreign "investors". They know the real estate in that area while the foreigners don't.

2- The Phoenix area is extremely overbuilt, so housing prices there are extremely depressed. $175k may be paying way too much.

I think if you don't know what you're doing, you're going to get ripped off. There are people out there who make a living from ripping off retail fish... it's sick.

[Just Confused]

You can buy good rental properties in the US right now.

But I would question why you would want to buy a second place you intend to use yourself. Here's my reasoning:
1/ We all live in our own "boat anchors" here in Canada, so you don't need another place for moss to grow in a foreign country.
2/ It means you have to pay for it instead of the tenant paying for it, and
3/ You have to take your vacations to the same boring place every year.

If you purchase investment properties on the other hand, you can use the income from the rental property to buy yourself a vacation anywhere in the world and go somewhere different every year.

Keep in mind, the best rental properties are not in the same socioeconomic neighbourhoods where a middle class Canadian would spend his free time.