Buy and Hold investment

[Gerson Mora]

Investment Info:

Single-family residence buy & hold investment in Las Vegas.

Purchase price: $144,500
Cash invested: $23,500

934 sqft Condo in a nice area of Las Vegas Spring Valley area. Top floor no upstairs neighbors.
The property cash flow for me $210.00 per month. It was a great deal 👍

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

It is a condo and I know some people don't like them this property was on auction and had great potential.

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

I used a very close friend of mine a realtor she's did all the hunting for me.ahowed me deal ! I made sure to look at the numbers then said yes.

How did you finance this deal?

I used money from my first investment in property. A cash out refill to put down the down no payment and used conventional loan. I made sure to have good credit as well.

How did you add value to the deal?

I painted the whole condo installed the fireplace glass needed to use it replaced all the light bulbs.

What was the outcome?

The property is know worth $160.000 and I only owe $117000 on it. Making a monthly cash flow of $210.00 per month that with paying HOA fees.

Lessons learned? Challenges?

Make sure to always manager property managers.I had a very bad experience with mind I felt like I was getting overcharged for small things so I just decided to manager myself. I set up a system I use cozy.com it's a free website that helps you collect your monthly rent and they can put any maintenance request through there so it makes it very remote

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

I usually Brazil team here in the Las Vegas valley and I used my ken work in he's with the millennium group mortgage lending company.