California appreciation in a underpriced beach town
Investment Info:
Condo buy & hold investment in San Diego.
Purchase price: $318,000
Sale price: $495,000
My wife and I bought this property three years ago as our primary residence, then moved out in march of this year. Refinanced it as a rental from 3.125 down to 2.25%!!! We are cash flowing $300 a month and it was appraised this year at $430k!
What made you interested in investing in this type of deal?
I saw that Imperial Beach was an under-developed beach town. I analyzed the area and saw that all the other beach towns were way pricier, thus it contained huge potential growth.
How did you finance this deal?
Zero down VA
How did you add value to the deal?
Kitchen remodel, tore down the old closet walls and created a better one
What was the outcome?
$150k profit
Lessons learned? Challenges?
In the right market, deals are easier. Leveraging the strength of each loan is definitely important. This was my first time ever doing any "DIY" type of work and I found out how easy it was! The hardest part is starting.