My first investment property
Investment Info:
Townhouse buy & hold investment in Mesa.
Purchase price: $42,000
Cash invested: $42,000
2 bed 2 bath single level townhome in Mesa AZ
What made you interested in investing in this type of deal?
Trying to earn passive income. It was an attractive price, and provides a great return. The same tenant has been there since I bought it. Not only have I received my initial investment back in rent, but the unit is now worth approximately $200,000.
How did you find this deal and how did you negotiate it?
Foreclosure. Auction purchase.
How did you add value to the deal?
I purchased the property for $42,000 and then rehabed (paint, carpet, countertops, appliances, light fixtures, etc...) for approximately $8,000.
What was the outcome?
Rented quickly for higher, and tenant has been there for over 8 years now.
Lessons learned? Challenges?
I wish I would have leveraged and purchased more properties knowing what the market has done since then.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a licensed agent.