1st cash-flow property

[Jamal Wells]

Investment Info:

Condo buy & hold investment in Atlanta.

Purchase price: $144,000
Cash invested: $2,000

Jamal's first income property (a 2bd/2ba luxury loft) is located directly on the Atlanta Beltline (the city's largest and most comprehensive urban development project). This sustainable redevelopment project currently provides a network of public parks, multi-use trails and transit along a historic 22-mile railroad corridor circling downtown and connecting many neighborhoods directly to each other.
Jamal purchased the property in mid-2012, lived there for 1 year, then, he rented the unit out for a positive cash-flow/income. Jamal made a strategic decision to refinance the property in the summer of 2015. At the time, the property appraised for $100,000 more than the purchase price of $144,000.

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

I knew it was going to be a strong rental due to location and the popular "loft" style.

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

Found it through a friend.

How did you finance this deal?

BofA Mortgage