Updated over 4 years ago on .
My first Investment Purchase
Investment Info:
Condo buy & hold investment.
First property I ever purchased. I was really just shooting from the hip when the markets were down and got lucky. This is a downtown and ever appreciating area. I learned a lot from managing this one and if the HOA will ever allow STR's, this will phenomenal returns.
How did you find this deal and how did you negotiate it?
Made low cash offer and was accepted to the surprise of my realtor.
How did you finance this deal?
cash
How did you add value to the deal?
I didn't. I learned managing skills and land lording from this.
What was the outcome?
I have owned it almost 10 years now, never a late rent payment, 2x appreciation, and tremendous rent growth.
Lessons learned? Challenges?
I should have done this out of high school instead of age 25. I should have bought more when I could have and rode the appreciation wave to now to refi.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Tammy Jones from Salt Lake City. She and her husband treat me like family and are pro's