Investment Info:

Condo buy & hold investment.

Purchase price: $119,000
Cash invested: $10,000
Sale price: $125,000

We rented this house for a while but then tenants built their own house and were preparing to move at the end of their lease. At the same the HOA changed the rules and disallowed renting. Luckily enough we got an offer for $148,000; we only owed the bank $80K and closed the same day the tenants were moving out.

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

I thought the place was under priced for a 4 bedroom 2 bath condo

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

I offered to buy it on land contract terms because he didn't want to pay realtor and other closing fees. So after a few months I refinanced and took out some towards my next investment property which I also bought thru a land contract.

How did you finance this deal?

BRRR

How did you add value to the deal?

The house was completely redone

What was the outcome?

Great, tenants pay on time. I have a manager and am looking to grow.

Lessons learned? Challenges?

Refinancing was a little stressful coz my credit score was right at the cut off and had provide a LOT of documentation.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My property manager is a realtor so she helps me look at deals