2nd. Investment Property

[Damon Stratton]

Investment Info:

Townhouse buy & hold investment in Mesa.

Purchase price: $152,000
Cash invested: $152,000

3 bed, 3 bath in Mesa. 1200 sq. ft. with fireplace. Remodeled.

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

Trying to add to my portfolio. I like townhomes. 2 to 3 bed townhomes in Mesa. I live in Mesa and my company is based in Mesa. Townhomes have been more affordable for me and I have had a good streak with them.

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

distressed property listed on MLS.

How did you finance this deal?

cash

How did you add value to the deal?

I purchased it for $126,500 and had to rehab the entire unit. I invested around $25,000 in repairs and remodel.

What was the outcome?

Quickly rented to a great tenant. Tenant just moved out, and I re-rented to another great tenant about 2 months ago.

Lessons learned? Challenges?

Just wish I would have purchased more properties a few years ago.

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

I represented myself as I am a licensed real estate agent in AZ.