Whelp, I did it.
After spending a few days canvasing neighborhoods and viewing properties, I am now under contract for a suburban home in Oro Valley, AZ (north of Tucson). It's a 4bd/3ba 2-story home in an upscale community, clocking in at 2575 sq ft. I was able to negotiate the price down a bit, with all appliances included, so it's definitely a solid deal. The house is in turn-key condition and I plan to utilize a property management firm to handle affairs.
This is the first of a 3-step "Operation Saguaro" plan. The ultimate long-term goal is to own 2 rental properties (this one being the first) in addition to my own residence I plan to purchase in the mid to far future at retirement. I figured it's best to plant some roots now while prices are cheaper and interest rates are at/near their floor. Gross return for this property will start at 8% which isn't too shabby, much better than any 1% sitting in a high interest rate account.
If all goes well, I'll be drastically changing some fields here for the August entry. That's all the news I have to share at this time. More to come next month... |