Updated over 5 years ago on . Most recent reply
San Diego, CA 2/1 Condo
Investment Info:
Single-family residence buy & hold investment in San Diego.
Purchase price: $175,000
Cash invested: $10,000
Currently living in: 690 square feet, 2 Bed/1 Bath condo. 1st floor, pool, jacuzzi, dog park, laundry facility. Cash invested (doesn't include cost of living/upgrades) is only down payment. Considering a HELOC while living in, or cash-out refi prior to moving/renting condo.
What made you interested in investing in this type of deal?
2013 properties were affordable and I was fresh out of college, working first job.
How did you find this deal and how did you negotiate it?
MLS sites, Keller Williams realtor. No negotiations as this was a heavy seller's market.
How did you finance this deal?
Conventional 30 year fixed mortgage. 5% down, 3.875% rate.
How did you add value to the deal?
Within about 1 year re-appraisal dropped PMI. House-Hacked at different times with roommates. Upgraded windows, closets, ceiling fans, AC & heating.
What was the outcome?
2X equity from appreciation + upgrades.
Lessons learned? Challenges?
At the time of shopping (2012-2013) I wish I bought a duplex or larger. At the time I was only concerned with a 2BR condo within my budget. Didn't even consider house-hacking or investment returns other than long-term appreciation.