Build your future by investing in yourself

[Craig Armstrong]

Investment Info:

Condo buy & hold investment.

Purchase price: $840,000
Cash invested: $840,000

Two Four-Plex buildings, eight condos, 2 bedroom, office 2 bath, single car garage. First building was built in 2000 and second in 2002, both built by our construction company. We maintain and manage the buildings. The purchase price is sort of a guess, as it was 20 and 22 years ago we completed the buildings.

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

Working my tail off building other peoples awesome houses and seeing my clients turn around and sell the houses, two three years later for a lot more than I charged them to build. And wanting to get a passive income stream.

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

My realtor brought me the lot, I had an architect design the buildings and we built them.

How did you finance this deal?

30 year mortgage in our name

How did you add value to the deal?

Bought vacant land and built the buildings

What was the outcome?

It was rough at first, we barely cash flowed for many years and the rent seemed to be stuck at the same level for many years. But in the last 7 years the rent has really started to escalate to where we are double what we were getting I the early years.

Lessons learned? Challenges?

Never place your own tenants, always use a Property Management Company to screen and place tenants. The few times we placed tenants our selves, it turned into a real hassle.

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

Action Property Management in Sequim WA.
Brody Broker Realty in Sequim WA