Updated over 2 years ago on . Most recent reply
My First Real Estate Investment
Investment Info:
Condo buy & hold investment.
Purchase price: $272,000
Cash invested: $35,000
I am currently remodeling this condo while living in it. After the remodel the plan is to turn the property into a long term rental and use the extra value created through remodeling to finance a new deal.
How did you find this deal and how did you negotiate it?
I found the deal on the market. It was right around the time that interest rates were beginning to go up. The property had been on the market for about 2 weeks when I looked at it and they didn't have any offers, which was very uncommon at the time. It was on the market for $280k. I went in initially at $265k, they countered at $272k and I accepted.
How did you finance this deal?
Conventional loan
How did you add value to the deal?
Replaced all the flooring. Took out popcorn ceiling and replaced with smooth. Impact windows and a new AC.
What was the outcome?
Still in the works. We are hoping to rent it out once everything is complete and cashflow a few hundred dollars per month.
Lessons learned? Challenges?
The true value of labor has been the main thing I've learned. What projects are difficult/time consuming and which ones are easy fixes. I will never take tile out again for example.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
BluEdge Professional Real Estate.