First Property! Betting on Vegas
Investment Info:
Condo buy & hold investment.
Purchase price: $140,000
Cash invested: $40,000
Bought condo to live in while building a home in Vegas. Then rented condo out to military family.
What made you interested in investing in this type of deal?
It made sense for the amount of cash on hand and the move we were making
How did you find this deal and how did you negotiate it?
It was a sellers market - looked at about 50 properties and none were what we wanted. This popped up the day we were flying out. Put in an offer for the asking price the day it came on the market.
How did you finance this deal?
Traditional 20% down loan
How did you add value to the deal?
Lived in the home for 4 months which saved us a lot of money as compared to renting a place
What was the outcome?
Tenants are signing second year lease. Hoping for the best! Wondering if I should pull the equity out though and use it for another property.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Ryan Whittman was helpful.