The First Property I Ever Invested In When I was 19

[Christian Salvo]

Investment Info:

Single-family residence buy & hold investment in Orlando.

Purchase price: $53,500
Cash invested: $2,100

This property is a 2 Bed 1 Bath second floor apartment right next to one of the largest universities in the U.S. (UCF) and also next to a plethora of great restaurants and an out door shopping mall (Waterford Lakes Town Center).

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

It was a really affordable housing price that was in an amazing location. We paid cash in full which helped me avoid giving my money to a student housing company and keep it in my pocket. It also gave me an opportunity to start my portfolio with a more affordable property and learn the ropes.

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

A family friend who was a realtor at the time helped me find it.

How did you finance this deal?

Money from a family members will.

How did you add value to the deal?

I lived in the unit for 3 years during my studies at UCF. During that time I renovated the apartment mostly myself but also got hired some contractors to put flooring in.

What was the outcome?

I currently have a tenant there and it is providing me with consistent income.

Lessons learned? Challenges?

Being that it was my first investment property I learned way too much to fit here but the main take-aways are:

-Outsource complicated renovation work to a professional instead of doing it yourself.

-Keep a digital spreadsheet of the financial information to better keep track of the cash flows.

-(If you manage the property yourself) Find a good handyman for maintenance whilst you own it.