Investing in Condos, is it always a bad idea?

[Berenger Greer]

Investment Info:

Condo buy & hold investment.

Purchase price: $250,000
Cash invested: $18,000

Condo in Smyrna a short walk to Truist Park/Circle 75 business offices. Got it on great terms at 250k PP with a 315k ARV. PITI+HOA fee paid for by long term tenant. Just had to do a quick cosmetic flip, paint, kitchen, and bathrooms.

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

Short commute to a major hub for all sorts of professionals. Many sought after amenities nearby. Smyrna GA is rapidly growing with over $3B of added infrastructure to come within 2 miles of home within the next 3-5 years.

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

Met with lady who had for sale sign on condo that has sat on market for 120 days. Was willing to work out a fair deal.

How did you finance this deal?

Conventional loan

How did you add value to the deal?

Cosmetic rehab

What was the outcome?

Cashflows for two years with loan structure, after 2 years I plan to sell and reinvest more (if I cant refinance a lower rate, of course.)

Lessons learned? Challenges?

No challenges.

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

I am an agent. Used Jan Wagner at Banksouth to lend on the deal