My second rental condo

[Frank Rubino]

Investment Info:

Condo buy & hold investment in Quincy.

Purchase price: $139,000

My second property was this one-bedroom condo I purchased in 2013 for $139,000. I lived here for 3 years and then turned it into a rental at $1,375 per month. I currently have it listed for sale at $239,000. The address is 45 Oval Rd, unit 34, Quincy MA 02169.

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

I was already familiar with condos from my first deal and thought it would be a good fit for me.

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

I used a local real estate agent.

How did you finance this deal?

I made a 10% down payment on a 30 year fixed.

How did you add value to the deal?

The property mostly just increased in value due to market appreciation.

What was the outcome?

My purchase price was $139,000, current value is $200-$225k. The rent covered the mortgage, property taxes and HOA fee.

[Michael Barnhart]

@Frank Rubino this is great! What do you plan on doing with your capital gains from the sell of this property?