University 1 bedroom rental

[Account Closed]

Investment Info:

Single-family residence buy & hold investment in Salt Lake City.

Purchase price: $63,500
Cash invested: $10,000
Sale price: $125,000

long term buy and hold rental by the University of Utah

What made you interested in investing in this type of deal?

I rented out of need and never looked back

How did you find this deal and how did you negotiate it?

I found it myself and an agent helped me buy it

How did you finance this deal?

traditional financing

How did you add value to the deal?

I fixed it prior to selling: new carpet, paint, counter resurfacing, new appliances

What was the outcome?

Sold

Lessons learned? Challenges?

It was impossible to sell during the recession. The property also had a fire that burned down an entire building so selling wasn't an option during legal issue debates. Once the market changed, I sold it. It was a condo that did not appreciate as much as my property in Park City but it was rented all but 2 months that I owned it. I learned that I don't want to invest in another condo again.