Brrr a condo in Derry New Hampshire

[Percy Herb Daniels]

Investment Info:

Condo buy & hold investment.

Purchase price: $152,000
Cash invested: $24,000

2 Bedroom Condo
Almost a complete gut and redo.
I did it while working my W-2 job.
It took me about 1 1/2 months
30 applicants to rent it for 1,650 a month.

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

I was looking to see if this is what I would be interested in when I retire.
There was no outside work.
It is a condo with very low HOA fees of $277 a month.

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

Found this on the MLS and offered all cash with no inspections. Which is very common right now in the area this is in.

How did you finance this deal?

I used a hard money lender to purchase it and used my own money to rehab it. When I was done I refinanced my primary residence to pay back the hard money lender.

How did you add value to the deal?

The condo was in very bad shape. I did most of the rehab myself.

What was the outcome?

We rehabed and finished in 1 1/2 months. It is now rented for 1,650 month

Lessons learned? Challenges?

It was hard to do while working my W-2 job. Part of the Condo rules is no work on the condo nights and weekends. But the guy next door was fine and never complained when I was there. I did talk to the people in the building and told them if I did disturb them to please let me know and I will stop immediately.

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

Yes, I worked with an agent that got me this one and also help me purchase a second Condo in the same complex.