Updated almost 5 years ago on .
First real estate property owned
Investment Info:
Condo buy & hold investment.
Purchase price: $335,000
Cash invested: $33,500
This is a simple 2 bed 2 bath condo with a 2 car garage. The layout was perfect for a starter home and I bought it so I can live close to work and build equity instead of paying a landlord.
What made you interested in investing in this type of deal?
This property was in a quiet and clean neighborhood within walking distance from my work.
How did you find this deal and how did you negotiate it?
I did not negotiate at all, since it was my first deal and I did not know what to do.
How did you finance this deal?
Traditional bank financing.
How did you add value to the deal?
I did minor remodels like changing out the carpet and adding new paint.
What was the outcome?
The condo was a cozy place to live.
Lessons learned? Challenges?
I learned many lessons from this deal, since it was my first one. I did not know how to look for information such as purchase price; the seller was asking for over 5x the price they paid. Had I known how much they made, I would have been more aggressive on my offer price. I did not know to ask neighbors questions about the HOA and their performance. I did not know to ask about their guest parking policies and CRR's.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No