Nearhood Law Offices, PLC

Serving Clients Throughout Arizona

Call 480-269-8979

Serving Clients Throughout Arizona

Call 480-269-8979

  • Home
  • Firm Overview
  • Attorney Profiles
    • James R. Nearhood
    • Laura M. Stover
    • Kathleen D. Fox
    • Patricia A. Premeau
    • Robert E. Thomson
  • Areas Of Practice
  • Newsletters
  • Articles
  • Blog
  • Contact
  • Home
  • Firm Overview
  • Attorney Profiles
    • Nearhood, James R.
    • Stover, Laura M.
    • Fox, Kathleen D.
    • Ciupak, Susan M.
    • Thomson, Robert E.
  • Areas Of Practice
  • Newsletters
  • Articles
  • Blog
  • Contact
  • X Close
CONTACT
In This Section

Creative Solutions To Complex Legal Problems

  1. Home
  2.  » 
  3. Developing Real Estate
  4.  » Common mistakes to avoid in Arizona real estate investment

Common mistakes to avoid in Arizona real estate investment

On behalf of Nearhood Law Offices, PLC | Jan 16, 2020 | Developing Real Estate, Firm News

The Phoenix metro is expected to have one of the hottest real estate markets in 2020. That’s according to a recent report from the Phoenix Business Journal. Arizona’s capital and largest city tied with Dallas for the fifth fastest-growing housing market in the United States.

Across the country, home values are expected to increase by 2.8% in 2020. But in Phoenix, more than half of real estate professionals said they predict values in the city will grow faster than the national rate.

While this information may be good news for prospective real estate investors, that doesn’t mean they should jump in headfirst without the right knowledge or strategy, as mistakes can be costly.

Mistakes new investors should look out for

These are some of the most common many first-time investors make:

  • Not knowing who to trust: In the digital age, many people claim to be real estate “gurus” or “experts.” Before deciding to take one of them as a mentor, new investors may want to do their research and proceed with caution.
  • Doing everything independently: Like many ventures, successful real estate investing requires a team effort. A real estate agent can help investors find cheap and suitable property. A mortgage broker can make sure the investor gets a reasonable rate and an investment coach can help push the project towards success.
  • Overspending on renovations: In some cases, new investors may feel tempted to spend money on lavish renovations to attract prospective tenants or buyers. However, some may fail to realize that overspending on renovations can have a significant impact on their cash flow and property appreciation.
  • Only following their gut: For many investors, it can be easy to get attached to a specific venture. However, they must remember that picking the best investment requires extensive evaluation. When figuring out if an investment will be profitable, investors need to analyze market, property and neighborhood data, rental projections and other factors that could be essential for their long-term success.

Knowledge is power when getting started

While it can be tempting to jump into the market right away, investors should try to learn as much as possible. Luckily, with the right tools, assistance and support, investors can benefit from the profitability of the Phoenix housing market.

 

  • Facebook
  • Twitter
  • LinkedIn

Submit a Comment Cancel reply

Your email address will not be published. Required fields are marked *

Categories

  • Business Law (8)
  • Commercial and Residential Leases (2)
  • Construction Disputes (3)
  • Developing Real Estate (6)
  • Estate Planning (13)
  • Firm News (13)
  • Property Taxes (3)
  • Residential Real Estate Transactions (6)
  • Uncategorized (1)

Archives

  • January 2021 (3)
  • December 2020 (3)
  • November 2020 (8)
  • August 2020 (2)
  • July 2020 (5)
  • June 2020 (7)
  • May 2020 (5)
  • April 2020 (3)
  • March 2020 (3)
  • January 2020 (1)
  • November 2019 (2)
  • October 2019 (1)
  • September 2019 (2)
  • May 2019 (1)
  • January 2019 (1)
  • November 2018 (1)
  • September 2018 (1)

Recent Posts

  • Are you thinking about investing in commercial properties?
  • What is the value of a health care proxy?
  • Why Should An Estate Avoid Probate?
  • Are you buying real estate with an easement?
  • What is a construction defect?

Subscribe To This Blog’s Feed

FindLaw Network

How Can We Help?

Email Us For Response
NEARHOOD Law Offices, PLC

Nearhood Law Offices, PLC

7537 E. McDonald Drive
Scottsdale, AZ 85250

Scottsdale Law Office Map

Nearhood Law Offices, PLC

7537 E. McDonald Drive
Scottsdale, AZ 85250

Scottsdale Law Office Map

Toll Free: 888-428-2609
Phone: 480-269-8979
Fax: 480-306-8552

Toll Free: 888-428-2609
Phone: 480-269-8979
Fax: 480-306-8552

Review Us
Review Us
  • Follow

© 2021 Nearhood Law Offices, PLC. All Rights Reserved.

Disclaimer | Site Map | Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters