Luxury hi-rise condo

[John Caruba]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $240,000
Cash invested: $240,000

One bedroom condo rental produces $2050 Less taxes ($3,400) and assessments ($615.00 per month). Condo has appreciated $15000 since purchase. Current amortization tax benefits include accelerated depreciation.

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

Good income and upside potential.

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

Found it doing an on line search through Redfin.

How did you finance this deal?

Paid cash

How did you add value to the deal?

Established a good relationship with my broker.

What was the outcome?

Cash back at the closing and my realator waived his fee to help me find a renter.

Lessons learned? Challenges?

Well worth the investment.

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

Greg Pekarsky, RPN Chicago.