Primary Residence in Alexandria VA
Investment Info:
Condo buy & hold investment.
Purchase price: $216,000
Cash invested: $32,000
This is my primary residence that I purchased and it was also my first home! I currently rent out this property and cash flow around $200. I plan on holding this property and will eventually leverage my equity to purchase another rental.
What made you interested in investing in this type of deal?
I lived at my mothers house until I turned 22 years old. I never wanted to rent, so I saved until I could afford to purchase a home of my own.
How did you find this deal and how did you negotiate it?
I used a local realtor and found this deal on the MLS. My initial offer was not accepted, then the financing fell through with the other buyer and I was the second one in line!
How did you finance this deal?
Conventional financing
How did you add value to the deal?
I remodeled the kitchen and bathrooms.
What was the outcome?
I still own it today and plan on holding this property for the foreseeable future.
Lessons learned? Challenges?
Try to stay away from condo associations with high HOA fees.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Lana Africano, located in Alexandria VA.