ATL Condo - buy-live-hold-rent-refi

[Cory Pennington]

Investment Info:

Single-family residence buy & hold investment in Atlanta.

Purchase price: $67,000
Cash invested: $3,500

Bought FHA style loan for 3.5% down, lived in for 3 years, now renting (approx $600 profit/month before, which will change after refi) and currently doing a cash-out refi to pull out capital for further investments.
Appreciation is approx 200k

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

I moved to Atlanta bc the housing market was so low and could buy in a booming city and I wanted to be in film industry. This was the deal that made me move. I should've kept buying real estate instead of hustling my way into movies, but it worked out and I'm coming full circle.

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

I found it on Zillow, an agent helped me navigate it, the owner financed an FHA style loan.

How did you finance this deal?

3.5% down

How did you add value to the deal?

mostly waited for the market to come back, I also lived in it and got in good enough with HOA to acquire one of the 3 rental permissions in the building then furnished and rented it.

What was the outcome?

Rental income has been outstanding ($400 mortgage and $1750 rent)...Now I'm refi'ing to pull out $100k for my next deal.

Lessons learned? Challenges?

I got lucky, first purchase and will probably never be this lucky again.
I lost my second home in divorce, it had $250k equity :( ....so, prenump.