Cozy Condo - My first investment
Investment Info:
Condo buy & hold investment.
Purchase price: $80,000
Cash invested: $10,000
Live in Reno and Rent!
What made you interested in investing in this type of deal?
My rent was going up and purchasing a condo with a second bedroom would be less expensive. As a teacher, this was appealing, and the idea that I could rent out a bedroom was even better! My roommate(s) covered the majority of the renovation.
How did you find this deal and how did you negotiate it?
I used a realtor who sent letters to the owners in the condo association. This allowed me to purchase off market.
How did you finance this deal?
It was an owner occupied financed mortgage through a local bank.
How did you add value to the deal?
I fixed and painted walls and kitchen cabinets, put in new flooring and trim, remodeled the majority of the bathroom, and spruced up the landscaping.
What was the outcome?
I rented to traveling nurses and now have a long term tenant.
Lessons learned? Challenges?
Learn your strengths and limits. I am not a plumber.