Arizona Investments

[home2763]

New home builder now taking limited investors. No flipping or renting regulations. 190's to 250's. 900-2100 sq ft. Call before they stop taking investors again. 12 - 15 months build time. GREAT FOR INVESTMENT !!
Carolyne @ Welcome Home Realty 623-925-8888

[sarahk]

Anyone know any 'limited investors'?

Any particular reason for the restriction? Is it really that you're trying to aim for a percentage of owner-occupied to leased? In which case it's the deals which have restrictions, not the number of investors you're happy to talk to, perhaps?

[Phoenix Realtor]

Sarah,

No investors, no second home owners has been the way of the world in Central Arizona for awhile now.

Basically, investors in Las Vegas F'd it up for everyone. They bought so many new homes that they were able to sell them for less than the prices had run up to once they were built. So, they were selling their brand new, move in ready, no waiting homes for less than the current price to buy one and wait 9 months for it to be built.

So, we have not seen any major builders allowing second home or investor purchases for awhile now. Kind of sucks, but it really charged our re-sale market! :)

[sarahk]

We have a similar problem, but it's not the investors causing problems, but the developers - here's how it works
Make low deposit sales on a development
Bank lends money based on x% pre-sold
Development starts
Development finishes
Developer can't hand over to the buyer until the City Council approves the development
Developer stalls so that the handover is delayed
Contract says handover has to be before a certain date, this date is passed
Developer must refund the deposits and cancel the contracts to sell
Developer now sells a the new market price and makes a killing
Buyer has had life on hold, and because they've been committed till now the banks haven't allowed them to sign for something else until the contract was cancelled officially, even though they've seen for some time that the game is up.Right now you'd have to be certifiably mad to buy off the plans.

But initially I was just poking fun at the "limited investor" as no investor likes to think they are "limited" by anything ;)

Interesting to hear whats going on though.

[Phoenix Realtor]

That - is an interesting story. It never ceases to amaze me what scam-sters can think up. Bastages. :eek:

[Chief Tutor]

When I saw this posted, I was going to delete it as I thought the same thing.....Who would respond to a post like this. Then I thought, what an interesting topic of discussion. Good to have something like this and show new members what to avoid. Good Advice that I have seen. Thanks for your response. :)

[sarahk]

Sometimes it's best to let the members mock :)

[Phoenix Realtor]

Mock-on, Barney toy. :D LOL