First Investment Property

[Michael Akinyemi]

Investment Info:

Condo buy & hold investment in Alexandria.

Purchase price: $363,100
Cash invested: $24,468

House hacking living for close to free. But when after a year this will net $700 a month

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

It was available in this competitive market and met my immediate needs

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

MLS

How did you finance this deal?

Conventional mortgage financing through mortgage leneder

How did you add value to the deal?

Change flooring,
Backsplash in kitchen
Small bathroom upgrades
Painting

What was the outcome?

If everything works out in terms of market conditions, property value will increase much more and rents can definitely be increased further

Lessons learned? Challenges?

Creative thinking can make ok deals great deals

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

Joaquín Camarasa

[Joshua Janus]

@Jeff Haney Live in one unit, rent out the others and use the rents to subsidize your mortgage! Here is a helpful article on it. 

https://www.biggerpockets.com/...