Second Investment - First semi BRRR

[Jaime Topete]

Investment Info:

Other buy & hold investment in Oxnard.

Purchase price: $301,000
Cash invested: $35,000

I purchased this condo and lived there for a year. My commute went from walking distance to a one hour drive.
I moved out a year later (to my manufactured home) and I have had the same renters ever since.

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

Honestly, It was all I could afford at the time. I was not to keen to get a condo but single-family homes were just too expensive.
I now find that condos are a lot easier to manage, given that the association (which I hate paying) takes care of all of the structure/exteriors.

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

I found this deal on Redfin

How did you finance this deal?

I went with a conventional loan, 5% down and owner-occupied.

How did you add value to the deal?

I brought my cousin (from the bay area) to come down and remodel the entire condo.
He removed the popcorn ceiling, carpet, old windows, cabinets, vanities, showers and added tile, windows, cabinets and all new hardware/appliances.

What was the outcome?

I moved out and rented the condo to this nice family. I have had no problems ever since. I got lucky with this purchase.

Lessons learned? Challenges?

I have to be very specific with what I want with the remodel. A lot of the material chosen was low quality, such as the paint. I learned that I have to manage and be very specific with what I want or someone else will design the place for me.

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

Yes, Donna de Libro is the agent I use to this day. She is older and professional.
Really nice lady.