Mesa Condo Long Term Rental

[George Mevawala]

Investment Info:

Condo buy & hold investment.

Purchase price: $127,000
Cash invested: $35,000

1 bedroom with loft/ 1 bathroom condo I picked up during mid 2020 that has doubled in value and is worth around 250k ( January 2023). It is my one long term rental which cash flows roughly $450/ month and is also on a 15 year loan so it paying off quickly.

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

I saw a steal of a deal during covid.

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

It was on MLS and I negotiated it directly for myself.

How did you finance this deal?

Conventional finding with 25% down payment.

How did you add value to the deal?

I have made partial floor updates & painted the unit.

What was the outcome?

The unit has been rented since the day I closed on it. It is in an area of town that is being redeveloped and high demand for rentals there.

Lessons learned? Challenges?

This one has been a breeze.

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

Andrew Narsi did the financing on this deal and I highly recommend him.