Mesa Condo Long Term Rental
Investment Info:
Condo buy & hold investment.
Purchase price: $127,000
Cash invested: $35,000
1 bedroom with loft/ 1 bathroom condo I picked up during mid 2020 that has doubled in value and is worth around 250k ( January 2023). It is my one long term rental which cash flows roughly $450/ month and is also on a 15 year loan so it paying off quickly.
What made you interested in investing in this type of deal?
I saw a steal of a deal during covid.
How did you find this deal and how did you negotiate it?
It was on MLS and I negotiated it directly for myself.
How did you finance this deal?
Conventional finding with 25% down payment.
How did you add value to the deal?
I have made partial floor updates & painted the unit.
What was the outcome?
The unit has been rented since the day I closed on it. It is in an area of town that is being redeveloped and high demand for rentals there.
Lessons learned? Challenges?
This one has been a breeze.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Andrew Narsi did the financing on this deal and I highly recommend him.
