Best So Cal purchase for me yet

[Adrienne Markes]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $65,000
Cash invested: $65,000

This is an upper level, carriage unit condo in a gate community with a 1 car garage with direct access. 2 bedrooms, 2 baths, laundry. Rented with washer, dryer & fridge to compete with most apartments in the area.

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

My husband and I were having a conversation with another agent we knew from a local hang out. He shared a strategy one of his investor clients had and the search criteria. This was during the crash in CA. He sought out properties that were 5 years or newer, condo (low maintenance) and selling for half or less of the peak price.

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

It was listed for sale on the MLS as a bank owned.

How did you finance this deal?

Cash

How did you add value to the deal?

Did basic cosmetic updates, paint and carpet, added appliances.

What was the outcome?

Solid rental from day 1. Estimated value today is $202k.