Bought a ski resort condo in Bansko, Bulgaria

[George Iliev]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $12,500
Cash invested: $14,500

Bought a ski resort condo in Bansko, Bulgaria

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

This condo was owned by somebody who lived in England who had purchased it for 40,000 Euros 10 years ago!

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

My grandpa owns a condo in the same building and knew that the owner lived in England and owed a lot of back taxes

How did you finance this deal?

Straight Cash Homie

How did you add value to the deal?

It was empty so we had to put in a kitchen and furnish the place

What was the outcome?

All in at 13,000 Euros.. this studio can be AIR BNB'd for 50 Euros/night

Lessons learned? Challenges?

I had to fill out a power of attorney so my grandpa could purchase the property on my behalf

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

Lawyers