Great Time To Buy A Rental in Tucson

[Emily Erickson]

Investment Info:

Single-family residence buy & hold investment in Tucson.

Purchase price: $244,000
Cash invested: $48,000

Amazing little house that is located in the central area of town. Easy for commuters to the UofA, downtown or North. This will be our 14th SFR door.

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

Perfect “ugly” house that will make an easy long term rental. Was on the market more than 60 days.

How did you find this deal and how did you negotiate it?

I had shown it to a client and they didn’t want to update it. So I kept coming back to it and decided it would be great to add to our portfolio.

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

Negotiated lower price and the negotiated $3,000 in repairs

What was the outcome?

I sign the closing papers tomorrow!

Lessons learned? Challenges?

Some appraisers are sticklers and we had to take bars off the windows to fund. (Hadn’t been asked to do that before)

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

I’m the agent and I love putting together deals to make it a win-win

[Sam Ohanesian]

What do you expect to get in rent? What will the rehab cost?