Current Buy and Hold Investment

[Eric Greenwald]

Investment Info:

Condo buy & hold investment in Phoenix.

Purchase price: $75,000
Cash invested: $26,000

A 2 bd / 2 ba condo in Phoenix, AZ.

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

Wanted to get into another deal and had the opportunity and money.

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

My friend is a wholesaler in Phoenix and been engaged in the real estate investing business for a long time.

How did you finance this deal?

Initially was an interest-only seller carry loan.  We put $26,000 down. Once it was rented for six months, refinanced to a fixed 30-yr loan.

How did you add value to the deal?

It was nearly turnkey. Spent $500 in minor fixes and cleaning before going onto the market.

What was the outcome?

Currently renting for $1099/month. Cash flow after mortgage, insurance, taxes and property management is $435

Lessons learned? Challenges?

Investing in condos is good and bad. Would prefer a SFH for better appreciation, but condos are easy to rent.

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

Look up Chad Vice with The District in Phoenix, AZ.