best deal so far in my real estate investing career

[Jose Guzman Nunez]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $125,000
Cash invested: $30,000

off market deal, BRRRR strategy, zero money left in the deal

[Jose Guzman Nunez]

Quote from @Kyle Swengel:

Quote from @Jose Guzman Nunez:

The deal was done in Tucson, Arizona. The cashflow I get from the rental is around $700. I did a cash out refinanced on the property and took all money out from the total investment. I got the property for a great price under market value. 

Would you be able able to deceive every aspect about the deal? I’m wondering what zip code it’s located in, how you acquired it, how you funded it, how you added value, what loan you refi’d it into, and how are you renting it now. If you could break it down in that detail I know it would help me out a lot! I have 8 units in Tucson so I have “invested” interest haha   

So the deal was off market no real estate agents involved. I bought the property from a co-worker of mine at Davis-Monthan AFB. He completed his second retirement and was moving to Florida. We had a conversation about what he was going to do with his primary residence after moving to Florida. He gave me the price he wanted to sell the property for and told me it needed multiple of repairs. I checked out the property in person and saw that it did need a good amount of work, however i saw lots of potential in the property and the location. The house is 8 minutes away from the base, the zip code is 85730. I bought the house right before the big house price increase in the city. I did a lot of work to the house, added new flooring, new kitchen cabinets, landscape work, painted the house, and other small cosmetic repairs throughout the house. I used a traditional 20% down conventional loan for an investment property. I waited six months then cash out refinanced to a 80% Loan to Value. pretty much a new loan. I am renting now as a long term rental 1 year lease.