Single-family residence buy & hold investment in Phoenix.
Purchase price: $205,000
Cash invested: $40,000
The house is a 4/2 with pool built in 1973 approx. 2270sqft .
What made you interested in investing in this type of deal?
While renting out our first SFR we decided to push our investing desires to the next level. We decided purchasing property was a sure way to increase our net worth and create generate generational wealth for our kids and beyond.
How did you find this deal and how did you negotiate it?
We purchased this property from a Turn Key Investment group in the Fall of 2016.
How did you finance this deal?
Process was fairly simple and straight forward. With this another property we used money from 401k balance and family friends assistance. We paid back the money to family with the sale of the first property(6479 s Kimberlee way )we had before this one.
What was the outcome?
We have a consistent return on investment in the form of Cash flow and increase equity.
Lessons learned? Challenges?
We learned to be a little more patient on acquiring anything that is presented to us. We could've gotten properties without pools in them and had less expenditures cutting into our monthly cash flow. In hindsight we could've gotten the properties without them because the potential for tenants causing harm is greater than the benefit in having them. Our pools haven't any major problems other than minor repairs.
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