Investment Info:
Single-family residence buy & hold investment in Tucson.
Purchase price: $162,500
Cash invested: $1,000
3/2, 1295 SF, $125 / sf, rent ready. Ceramic tile throughout the whole home. Split bedroom plan with Large master. Gas & Electric appliances. Low maintenance backyard with direct access to paved community walking trail
What made you interested in investing in this type of deal?
I had been itching to get into the RE market and let my money do some work for me rather than sitting in securities. I was attracted to Buy & Hold because i want to generate cashflow and start setting up a foundation for more fun and lucrative RE projects and a healthy retirement income.
How did you find this deal and how did you negotiate it?
Wanted to stay local and fairly small so worked with a local agent that helped me buy my primary. We found a nice 3/2 in NW Tucson very close to my primary that was quite literally rent-ready and require next to no additional investment (i replaced the garage door opener). It was a hot home with lots of action, but the offer that beat mine was rescinded and my agent was able to get first call. Sensing the pressure, i was able to pull an extra 2.5k off asking.
How did you finance this deal?
Conventional
What was the outcome?
Cashflow of $350 in a home that is rented to a good tenant. A win for me.
Lessons learned? Challenges?
Dont walk away from a home just because it got a contract.
Be persistent in the search for the home that meets your criteria; don't settle.
buying an investment property is NOT like buying a primary :D
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Absolutely: Dan Grammar -- Great agent!
Agent License #: SA556056000
Brokerage: Realty Executives Tucson Elite
