Fountain Hills, AZ Duplex

[Ryan Hoover]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Fountain Hills.

Purchase price: $430,000
Cash invested: $110,000

Duplex purchased with renters already in placed. Renegotiated rents and extended leases without having to renovate property. There is a lot of potential to increase rents with upgrades in the future.

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

Great rents in a very desirable area of Phoenix

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

I found this deal on MLS originally listed for $460k. The market was very competitive at the time, but not so much in this specific area. I was able to get the price down by $30k and the property would still cash flow about $500 monthly without investing any money into the property.

How did you finance this deal?

Conventional 30 year mortgage.

How did you add value to the deal?

Finding a great property, in an area that was a well kept secret for small multi-family.

What was the outcome?

I plan on holding on to this one for a long time and completely renovating when the current tenants leave.

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

My good friend Zach at www.WainCapital.com is the best mortgage broker in Arizona.