Council Ridge Condominium Purchase

[Brennan Medford]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $220,000
Cash invested: $10,000

1300 sqft Condo at south congress and oltorf. Older unit built in the 1970's which I updated with new floors, paint, bathroom and will be starting a kitchen remodel shortly. I also converted the 2nd floor loft into a closed off 2nd bedroom by building dual sliding barn style doors.

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

Saw an affordable home in a great area of town that was very outdated and saw the potential for capital improvements that could instantly raise value.

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

Found it on the MLS and my realtor handled most of the negotiations

How did you finance this deal?

Was my first home purchase so was able to get an FHA loan with 3% down

How did you add value to the deal?

Upgraded floors, created a 2nd bedroom in the loft

What was the outcome?

TBD

Lessons learned? Challenges?

Run deal analysis before making an offer

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

Ross Speed was my Real Estate Agent