Condo in Santa Clarita
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $305,000
Cash invested: $42,000
3 Bedroom/2 Bath condo in a great school district.
What made you interested in investing in this type of deal?
Los Angeles County is a hard market, and this was the best cash flow I could find in my budget. I chose to purchase a three bedroom in a good school district in the hopes of renting to a family and having more tenant stability. This would reduce my vacancy rate and make the numbers work.
How did you finance this deal?
5% down with a 30 year fixed rate mortgage
Lessons learned? Challenges?
If you are purchasing an upper condo, be sure to know what the flooring regulations are. I discovered I had to keep the unit carpeted after I was pretty far down the road with the purchase, and I made it work, but I would have had better ROI if I had been able to install laminate or tile during my renovation.