First Real Estate deal

[Jordan Rogers]

Investment Info:

Single-family residence buy & hold investment in Peoria.

Purchase price: $157,000
Cash invested: $35,000

Currently renting out for 1,200. This Townhome is 2 bed and 2 bath. It's 1,022 sqft. It's located in a gated community and it has the lowest HOA I could find 125 a month. It has a pool and a fitness center.

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

I just wanted to get started. Looked for about 2 years and finally decided to go for it.

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

I live in California and everything in my area is to expensive. So I started looking in Arizona. I started with finding a great lender and they connected me to a realtor. Then I flew to Arizona for a weekend and looked at about 10 properties. I chose the best deal and closed as soon as I could.

How did you finance this deal?

I used a conventional loan. The Leander’s name is Fairways in Phoenix AZ.

Lessons learned? Challenges?

I though about buying my first rental for about 2 years. I kept coming up with excuses not to do it. Like I didn’t have enough money or my credit wasn’t good enough. I was scared I guess. I was surprised how easy it was and I can’t wait to do my next deal. I’m planing on buying by next property in 8 months.