Investment Info:
Single-family residence buy & hold investment in Mesa.
Purchase price: $158,000
Cash invested: $188,000
My current investment is a complete remodel in a resort community which I will live in for 2 years and then rent out as a vacation rental or possibly year around rental. I own and am currently living in another home in the same community which is my 1st purchase here and will rent it out as a vacation rental and see how it goes. I'm testing the waters to see which is more lucrative.
What made you interested in investing in this type of deal?
My current investment properties (2) in a resort community (45+) interested me because of it's unique opportunity to rent out a vacation rental for 6 months out of the year where people are willing to pay double what other renters are paying for a SFH in the area outside of the community.
How did you find this deal and how did you negotiate it?
I worked with the realtor that helped me find my first property in the resort. She did all the negotiating for me. The asking price was $180,000 and I offered them $150,000, ultimately, after negotiating back and forth I bought the home for $158,000.
How did you finance this deal?
I paid cash
How did you add value to the deal?
My husband is a contractor and we have been totally remodeling the home ourselves.
What was the outcome?
We'll end up putting another $30,000 into the remodeling project. We plan to live in it for 2 years to avoid capitol gains and then sell it or rent it out.
Lessons learned? Challenges?
None yet
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, I worked with a very knowledgeable Remax agent named Jill Heimpel. I have held a real estate license since 2012 in Seattle, WA and have recently relocated to sunny Arizona and am in the process of getting my RE Brokers license here. I felt that even though I have a lot of RE knowledge I wanted to work with a local expert.
