Our First Condo

[Michael Braglia]

Investment Info:

Condo other investment.

Purchase price: $105,000
Cash invested: $20,000
Sale price: $189,000

We were looking to purchase our first home but only wanted to live in it for a limited timeframe until we could afford to build our next dream home. We purchased this condo and completely remodeled it to add value and lived in it while we saved.

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

We needed a home to live in but wanted to build equity.

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

Zillow.

How did you finance this deal?

Cash Purchase.

How did you add value to the deal?

Remodeled the property.

What was the outcome?

We built equity in the property and then did a cash out refinance to use that equity to build our dream home.

Lessons learned? Challenges?

I wish the property was able to be rented so we could have kept it as rental income. The HOA did not allow rentals.