My first investment baby step

[Floyd Alsup]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $107,000
Cash invested: $5,000

My first investment property. Turnkey, 1 bedroom, 700 sq ft, HOA $183.00, 8% for PM, I almost break even. Same tenant. Not at all happy with lack of cashflow. Will do much better next time. I will be buying again in Las Vegas, possibly April of this year.

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

I just thought it would be the easiest way to get started.

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

Both through my real estate agent.

How did you finance this deal?

Had money saved for down payment, then conventional loan.

How did you add value to the deal?

Painted and cleaned.

What was the outcome?

breaking even, almost.

Lessons learned? Challenges?

Never buy a one bedroom condo. HOA fees are the devil's own curse. Should be managing myself and save the 8%.

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

https://www.facebook.com/BandDRealEstate/
Barry and Dawn are the best!