Updated over 4 years ago on . Most recent reply
3 Deals In 3 Months. Another Single Family
Investment Info:
Single-family residence buy & hold investment in Gilbert.
Purchase price: $390,000
Cash invested: $80,000
Another single family home. Newer construction, only 6 years old and super nice. 4 bedrooms, 3 bath. 2,600sqft
What made you interested in investing in this type of deal?
Confident in the rental market and growth of the area. Also really liked how new the property was. At least 5-8 years before anything remotely major is going to need serious attention.
How did you find this deal and how did you negotiate it?
Fresh to market, my agent knew the seller. Gave them list price at 390 and got like $4,000 in closing costs covered.
How did you finance this deal?
Standard 20% down, 30 year fixed. Rate is like 3.5%
How did you add value to the deal?
No value here, just an instant rental
What was the outcome?
Great tenant in place for the first year who just renewed their lease. Honestly, they are $200+ under market value but I told them I will never raise their rent as long as they stay (my incentive for good tenants to stay). The tenants are truly wonderful, makes things super easy. Home is currently worth $450,000+ with similar comps sold on the same street for that or above. So great equity gain and will continue to hold, nice piggy bank for a while.
