Buy & Hold Rental in Mesa, AZ

[Andrew Kleiner]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $93,500
Cash invested: $6,800

I bought this property when my wife and I got married. Moved to CA for grad school and have rented it out for 14 years. Just did a cashout refi to pull out my original investment and the rest to get into other properties.

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

An old guy I would fish with told me not to kill the golden goose and rent out my property while in grad school. Best advice I was ever given.

How did you finance this deal?

Conventional 30 year with $6800 down.

Lessons learned? Challenges?

First two tenants were garbage, wrecked some things, had to evict one. Background checks and income verification are key!

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

I had a property manager for the first year and we did not see eye to eye. His concept of a qualified tenant and mine turned out to be very different.