Time to diversify my long term investment

[Lisa LaGuardia]

Investment Info:

Single-family residence buy & hold investment in Boulder.

Purchase price: $220,000

2 bd 2 bath condo

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

Boulder home prices were rising rapidly, so we wanted some rentals.

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

I was working with an agent, we bought 3 rentals, then sold the other 2, but I’ve kept this one for 17 years.

How did you finance this deal?

Initially through a LIBOR loan, interest was super low,but when it started to climb we then refinanced to 30 yr loan.

How did you add value to the deal?

We paid it off, but then ended up financing 100k out to buy a new primary property.

What was the outcome?

It cash flows about $900/mo and has appreciated $250,000. I now want to use that appreciation to buy another rental.

Lessons learned? Challenges?

HOA fee keeps rising, eating into profits. However the condo is fairly maintenance free.

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

No