Condominium number 3 in North Carolina
Investment Info:
Condo buy & hold investment in Charlotte.
Purchase price: $160,000
Cash invested: $40,000
Two BR, two Bath Condo in great growing area of Charlotte NC.
What made you interested in investing in this type of deal?
My Brother in law and his wife live in Charlotte NC and the area is really seeing an influx of people and business. The rents are comparable to the Philly Suburbs, where we live, however the properties are cheaper so the numbers made sense.
How did you find this deal and how did you negotiate it?
Found when visiting family. Negotiated the price and moved forward
How did you finance this deal?
Used Heloc for down payment
How did you add value to the deal?
Immediately updated kitchen counters and some flooring and minor repairs.
What was the outcome?
found a renter fairly quickly for $1300/month
Lessons learned? Challenges?
Negotiate assuming the old A/C unit will die...like our did.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, Eric Madara is our agent and he helps us find deals. Yes, I do recommend Eirc