Just got my first deal done!
Investment Info:
Single-family residence buy & hold investment in Las Vegas.
Purchase price: $106,200
Cash invested: $32,200
3/2 Condo in Mountainside Condominiums
What made you interested in investing in this type of deal?
It would cash flow with a small investment down
How did you find this deal and how did you negotiate it?
MLS, lots of reviewing each week.
How did you finance this deal?
Heloc for the down payment, conventional financing for the rest
How did you add value to the deal?
I didn't add value. I still have a lot to learn on rehabbing and BRRR.
Lessons learned? Challenges?
- Follow through on inspections. Take the time to look into issues found by the initial visual inspection.
- Try to get confirmation that the condo is financeable before you pay for appraisals, inspections, etc. If too many units are non-owner occupied, you won't get financing. Greater than 45% non-owner occupied is the limit I believe.
- Know what the true rents are. I've found that sites that give you this can overestimate market rent a bit. Check with Realtors and Property Managers
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Andrea Madsen, Keller Williams Realty in Las Vegas