First Investment Property

9 Replies

Investment Info:

Condo buy & hold investment in Destin.

Purchase price: $105,000
Cash invested: $26,250

Rental Investment

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

I wanted to get my foot in the door with real estate investing. Seemed like a good starting investment.

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

I found this deal through my own research and had help from my realtor to negotiate.

How did you finance this deal?

Investment loan through my bank.

How did you add value to the deal?

I completed remodeling of the unit once acquired.

What was the outcome?

I currently have the rental open for short term vacationers / snowbirds. Had my first four renters come through this month.

Lessons learned? Challenges?

Learned finding a good investment is harder than I originally thought. Definitely has not discouraged me from looking for more in the future. The biggest challenge was completing the remodel but I learned a bunch along the way.

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

I would definitely recommend my realtor. I could pass along her information upon request.

Originally posted by @Christian Latimer :

Congrats! I'm still working on getting my first one. 

How much are the HOA fees eating into your cash flow? I'm considering a condo as my first investment as well.

Hey! Sorry, I know I am super late in replying to this. The condo's HOA fee isn't bad. Its a bit over $300 a month. Its not bad for what they offer with it. So far its a small chomp into the cash flow but hoping that will improve once I get closer to the spring/summer time.

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