Updated almost 4 years ago on .
Buy & Hold | Nov 2018 - Present
Investment Info:
Condo buy & hold investment in Falls Church.
Purchase price: $328,000
Cash invested: $20,000
Our first primary residence purchase. Planned to stay for 2-3 years and move on to new property.
What made you interested in investing in this type of deal?
This was my first purchase with my wife (primary residence). Just getting into real estate and wanted something nearby work, life, and family.
How did you find this deal and how did you negotiate it?
We found it on the MLS and contacted our realtor. Negotiated through a realtor and received seller credit for repairs at settlement.
How did you finance this deal?
401K and savings.
How did you add value to the deal?
Replaced rear doors.
Repaired drywall and painted throughout home.
Added recessed lighting in bedrooms, kitchen, and living room.
New hardware in bathrooms and kitchen.
New bathroom vents.
What was the outcome?
Property appraised at close to $400K. We refinanced at a much lower interest rate and took out a HELOC to roll into our next investment. Actively looking now.
Lessons learned? Challenges?
Buy real estate and wait! The value of this property has appreciated 20+% in the under three years.