First hack, 2 beds, 2 baths condo

[Melissa Hartvigsen]

Investment Info:

Condo buy & hold investment.

Purchase price: $127,000
Cash invested: $6,000
Sale price: $301,000

This was my first house-hack, 2 beds/2baths condo. After living in it I rented it out, and during the first year I contributed a little toward the monthly payments. In year 2 of renting I was breaking even. I held this property for just under eight years, and used the $187,000 in equity to do a 1031-exchange to get more cash flow and traded up in value.

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

My limited budget at the time didn't give me a lot of options, so I went with what I could afford.

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

I used a realtor.