First Condo Purchased during my second year in college

[Jesus Sanchez]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $242,000
Cash invested: $25,000

https://www.zillow.com/homes/3943-W-Mcfadden-Ave-Apt-D-Santa-Ana,-CA,-92704_rb/25682692_zpid/

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

I compared my rent cost with a mortgage and it made more sense to buy

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

I found this deal through a local real estate broker. It definitely needed a lot of work but we slowly remodeled the entire unit and added a half bath

How did you finance this deal?

I occupied the property as my primary residence so I was able to get an FHA loan with only 3.50% as the down payment

How did you add value to the deal?

We completely remodeled the entire unit

What was the outcome?

The value has had a significant increase. I was able to refinance from an FHA loan into a conventional loan which lowered my payment and interest rate. The property can now produce positive cash-flow when I decide to rent it out