Buying Experience - 4811 N Winery Cir Apt. 110

[Roberto Echeveste]

Investment Info:

Condo buy & hold investment.

Purchase price: $135,000
Cash invested: $15,000

2-1.5 Condo
Garage + 1 Parking Space

This home had old paint, carpet, tile, and appliances. The following year I put in $15K to be remodeled and rented out at top dollar. 

2020 Rental report showed $1200 
2021-22 Rental report showed $1550 (After renovations)

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

Low interest rates and price of condominium. Also $190 HOA monthly fee.
The rental report showed that this property can go for $1200 a month.

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

Negotiated with the appraisal report. Seller wanted $150K however the appraisal came back $135K.

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

Appraisal Report

What was the outcome?

Bought property for $135K

Lessons learned? Challenges?

1. Always use the appraisal report
2. Home inspections is a must since this home is over 40 years old
3. This Condo has an HOA however the next property I plan to purchase will not have it. HOA has done a decent job taking care of the area. The streets are cleaned and no signs of "homeless people". Also, they welcome renters.

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

Paula Rogers

Modern Broker, Inc.

Lic. 02045634 | Office Lic. 01898142