Our unintentional Investment Condo

[Kai'ler Sato]

Investment Info:

Condo buy & hold investment in Fairbanks, Alaska.

Purchase price: $129,000
Cash invested: $5,000

Condo we lived in and fixed up. New flooring, paint, appliances, toilet, etc..

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

We were tired of renting and didn't know what we were doing at the time. Just thought we were buying a condo! Being part Alaska Native, there was incentive where they would pay your down payment and we utilized that tool!

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

In a small town of Alaska and at the peak of COVID there was no Negotiation at that time haha. We just said we would pay full price. However we did not waive the inspection!

How did you finance this deal?

We utilized the down payment program and use our own money to fix it up.

How did you add value to the deal?

It just appraised at 160k. overall 30k.

What was the outcome?

It is currently renting out and cash-flowing. We are considering selling it and investing the cash we get from that in another deal or paying off our consumer debt faster!

Lessons learned? Challenges?

Really wish we would have learned how to better utilize buying real estate and finance and how life changing it can be. We would have bought a duplex and rented out the other side but didn't know that was in the cards for us when it was.

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

Yes, but they were not investor friendly and didn't have the best communication. Overall was a good experience but probably not what an investor would be looking for.