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Updated about 6 years ago,
Stewarts Ferry Condo
Investment Info:
Single-family residence buy & hold investment in Nashville.
Purchase price: $75,000
Cash invested: $7,000
Condo - 2 Bed, 1.5 Bath - Downstairs has Kitchen, Living Room and Half Bath. Upstairs has 2 Bedrooms and Full Bath. Minutes from the Airport and Downtown
What made you interested in investing in this type of deal?
It was my wife's condo before we got married and we decided to rent it to make some cash flow each month. This was our first investment property.
How did you find this deal and how did you negotiate it?
Luckily, my wife already had the condo and a mortgage that is in-house at a local bank.
How did you finance this deal?
My wife originally financed it through a local bank.
How did you add value to the deal?
We added tile floors in the downstairs area. We have added granite countertops throughout the house. We have re-carpeted the stairs and upstairs area. Added new face plates on the wall outlets.
What was the outcome?
So far so good! We are making a few hundred dollars each month cash flow and the value of the property is raising due to expansion and growth in Nashville. We plan to hold onto this property for the long haul!
Lessons learned? Challenges?
Find a good painter, electrician, plumber. Learn how to do as much as you can by yourself to save some money, but also have a professional ready if a tenant needs something fixed quick.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Not on this one!