Apple Valley condo, 20% down, conventional 15-year loan at 2.4%

[Aileen Ouyang]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $256,000
Cash invested: $54,000

Apple Valley condo, 20% down, conventional 15-year loan at 2.4%.
Lived there for 2 years before renting it out for $2100, which covers the mortgage ($1606) and HOA ($303).

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

Kind of by accident. I was living in the townhome myself and one day I went to a real-estate investment seminar and realized that what I had been living in was actually a very good cash flow positive investment property.

How did you finance this deal?

Conventional mortgage

How did you add value to the deal?

Swapped out the 20-year-old carpet for $7000.
New water heater $2200.

What was the outcome?

Case flow positive ~$200/month. Happy tenants.

Lessons learned? Challenges?

Real estate investment can be a lot of fun if done correctly and smartly.

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

Yes, I had a wonderful real estate agent who walked me through everything!