Tried to be an Adult..

[Michael DiSomma]

Investment Info:

Condo buy & hold investment in East Stroudsburg.

Purchase price: $125,000
Cash invested: $2,000

Bought it to live in back in 2006, when I should not have, like other Americans... but never walked away from it. I bought it on emotion. Long story short, I bought in my name with my ex, we broke up in 2008, and my new girlfriend at that time didn't want to move in, so I rented it out in 2009 and it's been rented since.

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

I bought it at a time to own something. I was 25 and was tired of paying rent. I figured a condo would be a good idea since the maintenance outside would be taken care of by the association.

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

My best friends cousin was a realtor at that time and she brought it to us. she said it was a good deal (definitely was NOT) and there was no room for negotiation. I trusted her opinion.

How did you finance this deal?

I was given an 80/20 mortgage.

How did you add value to the deal?

I did not know what I was doing.

What was the outcome?

The economy crashed and as a contractor, I found a way to still pay my bills while applying for hardship and trying to lower my payments.

Lessons learned? Challenges?

Now at 41 years old, I have learned to look more into the numbers.

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

I would recommend everyone to do their research on their own to confirm the storyline.