Updated about 7 years ago on . Most recent reply
Initial investment property
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $103,000
Cash invested: $20,000
I bought a small condo before starting grad school. I have lived in it for four years and am getting ready to turn it into my first rental property by the end of 2019. I hope to use my current investment to buy my next property (a multi-family unit), and then generate cash flow from the rental (s).
What made you interested in investing in this type of deal?
The condo is in a great location, where rent-controlled options are hard to come by.
How did you find this deal and how did you negotiate it?
I had my eye on this building for four years before buying. I owned a small house a few miles away which I was renting at a loss. I sold it and bought this to stabilize my ownership and purchase power.