Self-Sustaining Rental Condo

Investment Info:

Condo buy & hold investment.

Purchase price: $135,000
Cash invested: $8,500

I purchased this condo as a property for myself to live-in short term but to rent long term. This allowed me to utilize a low down-payment loan and build my investment portfolio.

What made you interested in investing in this type of deal?

I needed a place to live and wanted to build long-term wealth even though I only needed a short term living solution.

How did you find this deal and how did you negotiate it?

I found it in the MLS and negotiated it myself as I am a realtor in the area.

How did you finance this deal?

Conventional 5% down

How did you add value to the deal?

Being flexible on closing and buying as-is

What was the outcome?

Purchased successfully

Lessons learned? Challenges?

I would collect a higher rent from the start. I was nervous about pricing too high and it back fired a bit.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am the realtor that worked however I have a lender, inspector, and contractor that I could recommend.