Family Vacation Condo

[Nicole Genua]

Investment Info:

Condo other investment.

Purchase price: $160,000
Cash invested: $28,000

We purchased a 2 bed and 2 bath condo for our family to vacation on several times a year. We rent it out during times we are not there to get extra money.

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

We vacation there regularly and wanted a vacation home for our children like we both had growing up.

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

We researched for a year while saving up the down payment. We realized during our research that the market we were interested real estate prices were at a all time low. We decided to invest while prices were low.p2

How did you finance this deal?

Vacation home loan

How did you add value to the deal?

We have changed the furniture and remodeled a bathroom.

Lessons learned? Challenges?

That we would actually cash flow and make money on the property had the homeowners association not required us rent through a specific company. We learned that in the future if we plan to invest in another condo we do more research into the homeowners association. Prior to purchasing we were new and had no knowledge on investment properties. We were unaware of how to run a short term rental and were fine with going with a company.

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

We did work with a very nice real estate agent that was extremely knowledgable on the area as well as helping with those that are looking to purchase for a short term rental.