My first investment in real estate

[Sean Trichter]

Investment Info:

Condo buy & hold investment in Sandy.

Purchase price: $355,000
Cash invested: $108,000

2/2 - 1185 sf.

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

Newer development with a few phases left, rents on the rise and appraisal came back higher than purchase price. Facility had attractive amenities - gym, pool, playgrounds and pet friendly.

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

Realtor

How did you finance this deal?

Own cash for down payment. Bank financed 30 yr loan.

How did you add value to the deal?

New appliances, new rug, new toilet, paint.

What was the outcome?

Tenant search underway.

Lessons learned? Challenges?

During this search we found a property we liked a lot. If it wasn't for due diligence and the inspection we would have put up $50k plus in renovations. We passed on the property as sellers were not willing to compromise… During our funding for the condo we had trouble with funding due to HOA paperwork issues with builder and underwriting. Although the lender was extremely helpful we had to use a different lender as we were due to close in 15 days. The new lender closed in record time.

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

Realtor and bank for sure.