Updated 28 days ago on .
Condo Rental for Military
Investment Info:
Condo buy & hold investment in Gretna.
Purchase price: $285,000
Cash invested: $22,000
Sale price: $412,000
Great rental investment condo to small families and this was rented mostly by military families in the area.
What made you interested in investing in this type of deal?
Smaller start up and cash flow.
How did you find this deal and how did you negotiate it?
I spoke to a Realtor and gave my criteria. I negotiated for a Seller paid repairs and closing costs.
How did you finance this deal?
Stacndard conventional mortgage.
How did you add value to the deal?
Renovated and fixed all small wear and tear.
What was the outcome?
This appreciated well. I was able to sell this for a good return and upgrade to an SFR rental from the proceeds of the sale. Ultimately eliminated a big HOA monthly cost.
Lessons learned? Challenges?
Learned to perform a solid background check of renters. On the repairs, it's important to always have more than 1 quote for any work done to get the best value. The cheapest vendor for repairs may not be the best option.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes I did.
