First rental house in the books

[Scott Anderson]

Investment Info:

Single-family 3/2 buy & hold investment in San Tan Valley.

List price $185,000

Purchase price: $160,875

Appraisal: $183,000

Rental income target: $1250 

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

Cash-flow, close to home, all repairs I can do myself. Learning experience.

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

MLS, started making offers 1/day at a price that cash flowed where I wanted. This was my third offer and they countered $5000 over my price so I took it.

How did you finance this deal?

Heloc 20% down/closing costs.
Conventional 30 yr fixed.

How did you add value to the deal?

Almost rent ready, touch ups and minor fixes. New ceiling fan, moved another fan into master. Replaced most other light fixtures.

What was the outcome?

Just secured a tenant with 2 pets $1310/month.

Lessons learned? Challenges?

I learned that I love this. Challenges? How fast can I repeat.