Tucson, AZ SFH Brrrr - 2

[Amanda McKane]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $75,000
Cash invested: $20,000

Purchased off market fixer that was adjacent to one of my other properties - property had sat vacant for over 15 mos., seller was a tired landlord who no longer wanted to deal with an insurance claim to receive funds for tenant damage. Purchase of the property included a 7 mos. escrow and the removal of several tax liens.

What made you interested in investing in this type of deal?

This property was near another one of my properties and was in need of securing from vagrants.

How did you find this deal and how did you negotiate it?

I looked up the mailing address on county records and back searched the address until it lead me to the owner - I approached the owner at their business and asked if they'd like me to secure the property or wanted to sell it to me.

How did you finance this deal?

Hard money!

How did you add value to the deal?

Replaced all systems (HVAC, hot water heater, plumbing), new kitchen, new bathroom ,exterior and interior paint as well as landscaping.

What was the outcome?

Property appraised for $160,000! Was leased $400 over my projections in under 4 days.

Lessons learned? Challenges?

Patience! We were in escrow so long I almost forgot this deal was happening. The seller was embarassed about tax liens but kindness and patience were rewarded.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Certain Lending (Tm Fazio), The Home Company Co., Property Management (Gina Palmer, Owner)