Condo buy & hold investment.
Purchase price: $749,000
Purchased a condominium in a small building - only 12 units. Location is steps from Museum Row in the city. Apartment itself is spacious and well designed.
What made you interested in investing in this type of deal?
Proximity to me so easy to manage, superb location, nicely designed layout of apartment, can be used either as a STR or month to month.
How did you find this deal and how did you negotiate it?
Found on Zillow - price and HOA were low. Did not negotiate enough!
How did you add value to the deal?
By adding a wall, created an office space/additional room.
What was the outcome?
Presently renting it.
Lessons learned? Challenges?
Investigate and take into account the "health" of the home owners association and hire inspector for the whole building, not just condo.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
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