Family Condo turned in to Rental investment

[Jessica M.]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $187,000
Cash invested: $20,000

2 Bed 2 bathroom condominum in quiet development - near shoppes, access to public bus to city. Coming soon - train station to NYC

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

We purchased this property right after we got married and planned to live here until we decided to grow our family. They are adding a train line, across the street, to NYC. Hence, we knew that this property had rental potential, once we were ready to move.

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

We used a Realtor.

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

Renovated entire space - New Kitchen, new bathrooms, painted, changed fixtures, replaces carpet in bedrooms

What was the outcome?

Currently renting for $1800 a month

Lessons learned? Challenges?

We have a high HOA fee that limits the cash to our pockets. We wish that we used cheaper materials in the master bathroom. We hope to raise the rent in the near future.