Updated over 4 years ago on . Most recent reply
First property: Claremont, CA
Investment Info:
Condo buy & hold investment in Claremont.
Purchase price: $412,500
Cash invested: $25,000
I was getting outbid by cash investors in the LA area, so I decided to partner with my brother and buy a 3/3 condo one hour east of LA. My brother currently resides in the condo, so we were able to get the FHA loan and at a great interest rate. He's currently the acting property manager and we rent out the other two rooms.
We couldn't have done this without Bigger Pockets. And, a special shout out to "The Book on Managing Rental Properties" by Heather and Brandon Turner. This gave us the confidence to property manage.
What made you interested in investing in this type of deal?
Originally, I did not want a condo. But, I knew that as long as the numbers worked and we weren't losing money then a condo could be a good first rental property. I was just eager to get into the market while interest rates were low.
How did you find this deal and how did you negotiate it?
My real estate agent was crucial in getting this price. It was listed for much higher and she knew the market well enough to know that we could come in at a lower price. Luckily, the seller was eager to sell.
Lessons learned? Challenges?
You can learn to fix up and paint anything on YouTube.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
REA - Alexa Hosseini