Updated about 4 years ago on . Most recent reply
The Deal the Started it All
Investment Info:
Condo buy & hold investment in Garden City.
Purchase price: $170,000
Cash invested: $170,000
We were lucky to run into this deal. My dad owns a real estate brokerage. My wife and I relayed to him that we were interested in picking up an investment property and it just so happened that one of his clients was looking for a partner to purchase a condominium that was in foreclosure. We were able to jump quick and get into the deal with 25% down and we've been hooked on real estate ever since.
What made you interested in investing in this type of deal?
Wanted to jump into the short term rental market
How did you find this deal and how did you negotiate it?
Found this through my dad who owns a local real estate brokerage and his client was looking for a partner to purchase this.
How did you finance this deal?
Commercial loan since we couldn't get a traditional mortgage on a condo
What was the outcome?
Cashflowed very well. Began our addiction to real estate
Lessons learned? Challenges?
Managing our own short term rental takes a lot of time
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, Gary and Amber McKee at Bear Lake Realty in Garden City, UT.