Updated over 4 years ago on . Most recent reply
My First Investment Property
Investment Info:
Condo buy & hold investment in Lima.
Purchase price: $67,000
Cash invested: $16,000
Very Clean & Update 2 Bedroom, 1 Bath Condo with attached garage!
What made you interested in investing in this type of deal?
This was my first investment property at the age of 22. I did not have much to put down & renovate so I needed something move in ready. I also grew up in same school district so knew the area was great!
How did you find this deal and how did you negotiate it?
I was showing clients a more expensive condo down the street & that evening going home I noticed a brand new for sale sign. I knew the agent well so called him right away to look at it. I wrote an offer that evening for $8,000 under asking As-Is & got it!
How did you finance this deal?
I received a conventional loan from a credit union where I knew the lender very well. I had to jump through a few hoops to get the deal done. I learned financing for a 22 year old Self Employed is not easy. You are considered a huge risk to the lender. My best advice is get to know a good lender! They can possibly pull a few strings to get the deal done for you!
What was the outcome?
So far so good! Very first week I found an engineer new to town to rent the condo for $825 a month. Keeps great care of it, so far have only had to put $30 in repairs due to the property being updated & in great shape at time of purchase. I purchased for $67,000 & appraised for $76,000. So happy with it currently buying another one in the same neighborhood.
Lessons learned? Challenges?
The first one is the toughest one! I looked at so many properties scared to pull the trigger but finally did when I saw this one!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
With me being a licensed Realtor I wrote up the offer myself & represented myself. I used Topmark FCU in Cridersville to finance it & was extremely satisfied!
