Single-family residence buy & hold investment in Chadds Ford.
Purchase price: $143,000
Cash invested: $35,750
HOA BENEFITS PRICED IN. Hot water, gas, heat, trash, and snow removal included. Come take a look at this newly renovated 1011 square foot 2-bedroom 2-bathroom condominium in Chadds Ford! It has a beautiful master suite as well as in unit laundry. BRAND NEW appliances and carpeting. Located in the award-winning Chadds Ford school district. Enjoy the quiet, peaceful Painters Crossing community surrounded by nature. Convenient drive to Whole Foods Market, movie theaters, and area restaurants.
What made you interested in investing in this type of deal?
Recently renovated, turn-key property means hands-off no rehab necessary. Move-in ready units are a numbers game only. Great, quiet community in an award-winning school district.
How did you find this deal and how did you negotiate it?
Was targeting condo unit properties in this area. Extensive 100+ property search imported into a tracking spreadsheet - the properties with the greatest potential can be imported, analyzed and targeted with smart research and using the BP rental calculator. Find your purchase limits, start low, and negotiate your offers.
How did you finance this deal?
New investor so I put down 25% from cash reserves (savings). Timed interest rates like a boss.
How did you add value to the deal?
Knowing what I was looking for based on 6+ months of property price analysis and negotiating effectively on properties when I had multiple offers in the air at once. If sellers were fixed on prices I walked away every time.
What was the outcome?
Got a decent sales price in an outstanding community. Cash flow in an area like this should be dependable for quite some time. Time will tell, but if you make your money duriong the purchase I'm more than confident in this property.
Lessons learned? Challenges?
Figure out the costs associated with purchasing a condo within an HOA ahead of time. Be flexible but firm as closing costs materialize. get your hands on them and read all HOA documents before you buy in.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Biruk Clancy at Entourage Realty in Conshohocken, PA.
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