Condo real estate investment

2 Replies

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $218,500
Cash invested: $50,000

2 bedroom, 2 bath in the Avondale/Irving park boarder. Exposed brick, front and rear balcony, storage space attached, new windows.

What made you interested in investing in this type of deal?

I lived in this unit for 9 years and purchased a new home while renting this condo.

How did you find this deal and how did you negotiate it?

MLS with an agent.

How did you finance this deal?

Initially with an FHA, however, I refinanced to a 15 year in 2016. The PMI has since been paid off.

How did you add value to the deal?

Minor improvements. Nothing major.

Lessons learned? Challenges?

It is not generating cash flow, however, $1,000 per month is being deducted from the principal.

Nice! My first rental was also my first primary residence. I got lucky because some big employers moved into the area when I moved out and rents skyrocketed (as did real estate prices). Otherwise I would not have been cash flow positive right away.

@Bobby Lee That's awesome! I really wish I had some form of cash flow coming in. The only way I could do that would be to refinance, or sell and reinvest into a multi-family property. not really sure what I should do, so I'm just hanging onto it until this lease is up at least.

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