Property #1 (Hold and Sell)

[Andrea Castor]

Investment Info:

Other fix & flip investment in Washington Township.

Purchase price: $65,400
Cash invested: $12,000
Sale price: $101,000

2 bed, 1.5 bath condo

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

Our very first deal. We learned how to find renters, how to set up the renter/landlord relationship, etc.

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

My mom was a realtor at the time and said we had to buy it.

How did you finance this deal?

$12,000 down (20%), small bank at 5.5% for 30 yrs

How did you add value to the deal?

Nothing except toilets and a doorbell

What was the outcome?

Rented for $1050/mo for 6 yrs (only two different tenants) and sold when the market went back up.

Lessons learned? Challenges?

Hard to see the properties now selling for $120k

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

Yes, Amy Faler!