Avenues Condo- Salt Lake City

2 Replies

Investment Info:

Single-family residence buy & hold investment in Salt Lake City.

First property I ever bought. I work for various Pipeline contractors and work had been good for several years. I had a hefty amount in my savings and knew I wanted get into Real Estate. I really was extremely green and flew out to Salt Lake over a weekend and bought this Condo. I really had no analysis and was shooting from the hip. I knew markets were down that was about it. I liked the condo idea, as I could manage them somewhat easily from anywhere in the country and continue my work in the gas and oil. Looking back I definitely would have been better off not paying cash and buying as many as I could, as this condo has since appreciated like crazy every year! Learning experience. It hasn't been empty for more than a week since I bought it, and I have never had a payment be late. Potential to to a 1031, or draw equity out for a deal this year.

How did you finance this deal?

cash

Lessons learned? Challenges?

I would not pay cash for another property but instead buy more, and borrow more. I lost out on lots of opportunity but it was a good learning experience and property until I really knew what path I needed to take.

Reading the Book  "Investing in Real Estate Investing with No and Low Money Down". There is some good stuff in chapter four. I am diving deeper into the subject now.  I wouldn't need to draw the max equity out of the property, so I would still be alright on the cash flow. I am in Pittsburgh area now, haven't been here long but very different from SLC. Happy Investing!

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