Haverhill Condo Rental

[Ron Reade]

Investment Info:

Condo buy & hold investment in Haverhill.

Purchase price: $310,000
Cash invested: $15,000
Sale price: $300,000

1800 SQFT 3BD/2.5BA Condo was primary residence until 2010 and rented it until sold.

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

Was originally primary residence. As our family grew we needed more space for kids and couldn't sell at the bottom of market. Began renting property out to cover the PITI.

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

Found this deal through a realtor.

How did you finance this deal?

Did an 80/15/5 loan.

How did you add value to the deal?

I didn't add any value to the deal other than putting in hardwood floors in the living room and building a window seat while I lived there.

What was the outcome?

Had the note paid down by the tenant which then helped to buy a bigger property through a private deal.

Lessons learned? Challenges?

Single units do create the highest risk.

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

I do have a mentor who I speak to on a regular basis. Bounce ideas off of people and find other investors who are doing what you want to do and try to learn from them.