Condo purchase before the market crisis

[Account Closed]

Investment Info:

Single-family residence buy & hold investment in Miramar.

Purchase price: $215,000
Cash invested: $22,000

1/1 condo..was my primary residence.. due to job opportunity had to turn into rental property. I orginally was self managing but it became too much and hired managment company.. best thing I ever did. Opened up S corp for better tax advantages.. has offset tax liability very well. Looking forward to 2019 to really expand my rental knowledge and with buy and hold portfolio. BP has gotten further down that road. tks

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

Circumstances of the last market crash forced me to make some drastic property choices to save my self from foreclosure. Its worked out but I have cautious to over extend my self... time to break out

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

I backed into it and did not do the steps required to avoid big dollar losses.. if I knew then what I know now..I could be so far ahead of the game.

How did you finance this deal?

orginally was interest only and only recently converted to a conventional mgte.

How did you add value to the deal?

By protection my credit score when everyone else was walking away from their homes and by not claiming bankruptsy .. I avoided that pitfall

What was the outcome?

expererience ...falling down... getting up.. and learning about people , trust and always having a plan "B".."C" "D" etc..

Lessons learned? Challenges?

Many lessons all the hard way

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

during 2008 there was no such resources as BP.. everyone was out to save their own skins.. banks were failing .. etc