FIrst home investment, ready for our next step!!

[Dunn Dela Cruz]

Investment Info:

Condo buy & hold investment.

Purchase price: $375,000
Cash invested: $25,000

First home investment from 2018, my wife and I put in $15000 on renovations ( all done by yours truly). Now that we have equity on our home we want to take our next step with real estate investing. We are moving towards on making our condo a Short Term Rental and quickly adjust it to a Long Term Rental if short term doesn't work for us. Use the equity we have and do it all over again with a different property. I wish I new about BIGGERPOCKETS sooner.

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

Investing was not our goal, we just wanted a place we can call our own (mindset before BiggerPockets). Until we quickly realized we weren't going to be financially free and will be stuck in the same ol "rat race" as most people do. After a few trials, life challenges and finally stumbling into the Bigger Pockets community....Our journey to be financially free began.

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

We did not do our DD, we just trusted everything with our Agent (big NO NO ). Fortunately it all went well for us newbies.

How did you finance this deal?

FHA loan

Lessons learned? Challenges?

We ran into so many challenges, to name one, I had ZERO experience with doing renovations, sounds like a fairy tale but it honestly all worked out, I was patient and I really believed I could get it together and get the job done. I've definitely learned that I need to do my homework, due diligence, and ask for advise/help. It is such a humbling experience when you find inside of the wall is covered in mold...YUP.