Single-family residence buy & hold investment in Mesa.
Purchase price: $203,000
Cash invested: $46,000
This is the ONE! Charming 3 bed 3 bath home in a great Mesa location resort community! Easy access to dining, shopping, and US 60! Well maintained interior offers an open floor plan and a designer palette throughout. Private courtyard has a pavered patio and Community amenities are close by!
Lot: 2,278 sqft
Built in 2005
Elementary school: Brinton Elementary
Middle school: Smith Junior High School
High school: Skyline High School
School district: Mesa Unified District (004)
What made you interested in investing in this type of deal?
Great neighborhood, Entry Level Pricing at an outstanding price, Cash Flow, Future Appreciation and LOCATION!
How did you find this deal and how did you negotiate it?
Another home in the neighborhood I was living in and when I run daily I saw the for sale sign before it hit the MLS. I called the LA and I was the first person to see it. The owner was actually from OHIO as well and left while cooking a stew for me to see the property. I offered list and got the property!
How did you finance this deal?
How did you add value to the deal?
Minor cosmetic upgrades and water softener system.
What was the outcome?
A cash flow positive turn key property that has increased +30k in value and I recently refinanced and took money out for a huge renovation in Cleveland, OH that I am doing long distance.
Lessons learned? Challenges?
Negotiate for the seller to pay for a home warranty for the year. This will cover a broken ice maker, washer machine break down, AC Unit blower and motor breaking etc. Also you have to go for it! Trust your gut and stay in your market that you specialize in.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
JAREDKSMITH on Facebook/Twitter/Snapchat/Instagram/LinkedIn which is ME!
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