First rental property in Ashburn VA

[Dhruv Patel]

Investment Info:

Condo buy & hold investment in Ashburn.

Purchase price: $255,000
Cash invested: $60,000

I bought a condo back in 2019 in Ashburn, VA as a rental property. At that time, my friend encouraged me to get into real estate with the idea of creating passive income and wealth in future (via appreciation). So I bought one and it's been rented out ever since.

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

I just wanted to get into real estate investing and this property was in great area. My friend also owned a rental property in the same community so I figured it would do well.

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

Found this deal via a real estate agent. The agent helped me negotiate somewhat.

How did you finance this deal?

I put 20% down using personal and private lending.

How did you add value to the deal?

I didn't make any renovations as the property was already in good condition. The HOA covers all the exterior.

What was the outcome?

It's been rented out.

Lessons learned? Challenges?

Lessons learned is not to buy a property with a high HOA. My property has around $600 HOA per month. It covers internet, water, trash, cable, and exterior (roof, siding, etc.). But still, I think it's a bit too high.

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

Sanjiv Shah