First Deal in College

[Mike Behan]

Investment Info:

Condo buy & hold investment.

Purchase price: $18,000
Cash invested: $5,000
Sale price: $180,000

Bank owned acquisition. Purchased, renovated, rented.

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

Appeared to be a sound investment at the onset.

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

Found and negotiated through a real estate agent.

How did you finance this deal?

Seller financed (bank)

How did you add value to the deal?

Updated kitchen and bath, painted throughout, replaced flooring.

What was the outcome?

Positive cashflow for several years and upon exit.

Lessons learned? Challenges?

Learning to deal with other owner/investors in building and tenants.

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

None are in business today.