Just bought our first property and excited to buy the next!

[London Treece]

Investment Info:

Condo buy & hold investment in Cuba.

Purchase price: $249,950
Cash invested: $12,250

This is my boyfriend and my first primary residence (for both of us). I have been studying real estate for years now and we decided to get into it as investors last year and bought our first place this year. Its an older unit that had one owner since 1975. We redid the floors, painted the walls changed the kitchen cabinets (thinking of changing the counter-top and fridge as well), as well as some other small upgrades. It really feels like home now!

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

The home is in a prime area of VA, close to DC, the metro and lively area of town. It's a large, clean space, with access to all sorts of amenities, roads, trails, peace and quiet. Many international students rent here and after running some numbers and an analysis based on today's and the past trends, it would make a great long term rental as well as appreciate nicely for a sale later on.

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

I found it on the MLS, and I negotiated these terms:
- 7 day inspection with right to void
- 10 day appraisal without negotiation (Home appraised at $260,000)
- Seller's credits of $6000 to cover a permanent rate buy down from 6.65% to 5.43% (had rate locked with lender) and new electric panel

How did you finance this deal?

Regular conventional loan through Sandy Spring Bank plus a first time home buyer grant of $12,500 through FHLB

How did you add value to the deal?

Did a cosmetic flip to modernize the unit; new floors, new cabinets, painted the walls, removed old fixtures, etc.

What was the outcome?

A great home!

Lessons learned? Challenges?

There are more expenses than you may think (not in a money pit way), especially if you want to do any upgrades. The buying part was easier for us than the after parts haha but still worth while!

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

Yes I was the real estate agent! :)