First Investment - Condo Unit

[Tim Ivanchuk]

Investment Info:

Other buy & hold investment.

Purchase price: $58,000
Cash invested: $12,000

Condo unit. 2BD, 1BTH, 680SQFT.

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

First living area, acquired for primary residence.

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

Uncles brother in law was selling, I was interested once it was offered to me.

How did you finance this deal?

My own money, borrowing some from family.

How did you add value to the deal?

Basic remodeling, replaced AC system. Not much value added.

What was the outcome?

Used as a buy and hold rental.

Lessons learned? Challenges?

Dealing with tenants.. Very interesting.

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

Not on this deal.