3rd. Investment Property

[Damon Stratton]

Investment Info:

Townhouse buy & hold investment in Mesa.

Purchase price: $106,000
Cash invested: $106,000

2 bed 2 bath single level townhome in Mesa.

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

Passive Income. It is in the same community as my 1st. investment. I am familiar with the rents, and community already.

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

MLS. It was listed for $115,000. At the time, I knew it was occupied by a tenant. I knocked on the door to see if the tenant would allow me to come in to view the property after I expressed to her that I was interested in purchasing it as an investment and that if I was successful in purchasing it, she could continue to have the option to rent it instead of having to move out. I paid her $20 for letting me view the home. I wanted to see its condition. $106k cash offer, as is. closed in 7 days.

How did you finance this deal?

Cash

How did you add value to the deal?

I kept the existing tenant in there. I had no vacancy and no repair costs.

What was the outcome?

Cashflow for the last 3 years..

Lessons learned? Challenges?

I probably could have offered about $2,500 less than I did and still got it, but hind sight is always 5050.

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

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