Updated over 2 years ago on . Most recent reply
Primary Residence - Jupiter, FL
Investment Info:
Townhouse buy & hold investment.
Purchase price: $515,000
Cash invested: $100,000
Bought this single family townhouse as my primary residence after trying to buy for about a year. With interest rates going up and not liking other places, I had to go a bit higher on my budget >$500k and put more down (20%) for a really nice townhouse. I love the area and think the area will only continue to appreciate being near the beach and Jupiter, FL, a highly desirable area. This investment is a straight buy and hold play, as my primary residence. I might rent it in 3-5 years.
What made you interested in investing in this type of deal?
Great location and needed a primary residence. Also a great long term hold for possible rental.
How did you find this deal and how did you negotiate it?
I had used an agent who was local and an investor himself.
How did you finance this deal?
Loan - I took a loan from my dad to come up with the part of $100k for the downpayment.
What was the outcome?
Paying a little more than I wanted in monthly mortgage, expenses - buty with minimal work needed and newer condition I think in the long run with interest rates going up and rents continue to go up this was the best situation and I've very happy.
Lessons learned? Challenges?
Keep going and don't give up. It took me almost a year and a half to find a place and it finally worked out. Also, sometimes you need to be honest with yourself about what you really want and the tradeoffs you are okay with on lifestyle, location, and paying a bit more. In my case, I'm not saving as much as I could of with multifamily or cheaper place, but I'm extremely happy in my house, neighborhood, and location. If I ever rent this place out, it will rent super easily for top dollar.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes I worked with great local Jupiter agent at Waterpointe Realty.