From Bishop to Buy-and-Hold: $919/mo Cash Flow on Our First Condo Deal

[Gavin Delmas]

Investment Info:

Condo buy & hold investment.

Purchase price: $156,000
Cash invested: $32,000

First rental property — a condo located in Bishop, CA that we purchased at a steep discount after it had previously gone through foreclosure. It was originally owned by a family member who no longer wanted to manage it. We stepped in, purchased it directly, and have self-managed it since. It’s now producing $919/month in positive cash flow. This deal gave us a strong foundation, and now we’re actively scaling into small multifamily opportunities out of state.

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

This property fell into our lap through family, but the numbers spoke for themselves. Once we saw the cash flow and equity position it created, we realized this wasn’t just a one-time win — it was a legit vehicle for wealth-building. That’s what got us serious about doing this long term.

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

The condo was originally a foreclosure. My father-in-law had purchased it years back, and when he no longer wanted to keep it, we negotiated a direct sale. Because of the original condition and our family connection, we were able to buy it well below market — which created instant equity and strong cash flow from the beginning.

How did you finance this deal?

We used conventional financing with about $32,000 down. While the property isn't fully paid off, it has appreciated significantly and built strong equity. At one point, we tapped into some of that equity for a separate business opportunity. As that was paid down, we were able to secure a HELOC on the property, which we're now using strategically to pursue additional investments.

How did you add value to the deal?

We maintained the unit ourselves, stayed ahead on repairs, and kept turnover low with good communication and attention to detail. It’s a clean, functional unit that performs well without needing constant hands-on management. We’ve kept it affordable for tenants while still increasing net income steadily.

What was the outcome?

The property continues to generate $919/month in positive cash flow, even with the mortgage in place. Over time, it has appreciated significantly and helped us build a strong equity position, which we've used to secure a HELOC for future investments. It's proven to be a stable, high-performing asset and has given us the confidence and financial foundation to scale into additional properties.

Lessons learned? Challenges?

The biggest lesson: a solid deal — even a simple one — can completely change your mindset about money and freedom. We also learned that self-managing is doable if you're organized, but as we go out of state, we’ll be focusing on building reliable teams and systems from the start.

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

Not on this deal — it was a private sale — but we’re currently looking to build relationships with investor-friendly agents, lenders, and property managers as we branch into new markets. If you’re in Huntsville, Indianapolis, Springfield, or another solid cash-flow city, we’d love to connect.