Bittersweet -- First primary and first rental property *SOLD*
Investment Info:
Single-family residence buy & hold investment in Charlotte.
Purchase price: $128,950
Cash invested: $10,000
Sale price: $191,000
700 sq ft.
1BR / 1 BA condo
South End neighborhood
What made you interested in investing in this type of deal?
I purchased this condo as my primary residence in 2006; but flipped it over to a rental in 2008. Even after 13 years and the neighborhood literally exploding - I was still not cash flowing what I wanted each month. Partially due to special assessments with the HOA, etc....but essentially I knew I could take my equity and make it work harder elsewhere.
What was the outcome?
I was able to use the proceeds to purchase 2 new investment properties via 1031 exchange that each have a (conservative) cash flow of $350/ month.
