Santa Ana, CA - Condo Buy/Renovate/Rent

[James Mays]

Investment Info:

Condo buy & hold investment.

Purchase price: $269,000
Cash invested: $9,000

1 Bed/1 Bath Condo - Cash Flowing $600

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

Wanting to stop paying rent and putting money in my own pocket.

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

Through a realtor. That realtor used a show 20% down (conventional) method than later in the process switched to the 3.5% FHA loan.

How did you finance this deal?

Cash at 3.5% down

How did you add value to the deal?

Waived inspections.
Offered $5000 over asking.

What was the outcome?

1st offer was entered and taken by the seller.

Lessons learned? Challenges?

Refinance faster but ended up working in my favor by getting a 2.69% refi rate. I did not refinance for 1 year.

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

Real estate agents and small loan officer.