2304 Winston Way Buy & Hold

[Kimberly Kesterke]

Investment Info:

Condo buy & hold investment.

Purchase price: $18,900
Cash invested: $2,500

I found this property by sending out letters to neighbors of another property I owned. One of the owners was an out of town landlord looking to off-load her property. I used the proceeds from the fix and flip project on Battle Row to pay cash for this property. My goal here is to fix up th e condo and raise the rent to market rates in this area of $750.00/ month.

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

I owned a condo in this same area and was experiencing excellent returns. I wanted to acquire another one in this neighborhood.

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

I found it by sending letters to the owners in the community.

How did you finance this deal?

Cash

How did you add value to the deal?

I raised the rents and made a few repairs.

What was the outcome?

I inherited a stable renter, so this was a win-win for me all the way around.

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

None here. All done on my own.