Advice on strategy

Hi, I’m a relatively new investor, but have been reading like crazy.

I’m not interested in chasing foreclosures, rehabbing, or short sales. I’m just looking for a good (fairly new) rental property with some appreciation value in Phoenix, where I live.

This market is almost crazy here and investors are mobbing the place, so I’m not sure a single undervalued property (that doesn’t require extreme renovation) is left. So the question is, do I wait until things soften up here and the market creates motivated sellers? Or do I jump right in with the rest of the crowd, hoping the market here has 1 more year of 20 %+ gains? I understand irrational exhuberance as much as any dot-com victim , but its hard to stand by and watch my neighbors snagging 20% gains on their investment properties.

i live here too… and i almost cannot afford to buy ! i read an article by the author of 'rich dad poor dad, here on the website, and his advice is don’t hang around where things are already “good news” but look for darker markets that could have potential to rise. (it was way more than that, but in a nutshell…)
my friend bought a place to live (NOT investors…very conservative) and found that they didn;t want it afterall, when it was finally built 3 months later. after paying all the costs, and fees connected with the deal, they made a cool 50 000 !!!
if i knew what to do, i’d advise you, and take my own advice !!! :-X

the properties I bought in phoenix were pre–build I bought them for market value put 1500 down on each then had to close when they were done. By the time that happened my property went up 40k each now 2 years later they have gone up 120k each! Adapt to your area when things are building try to buy new builds when there not find motivated sellers…