First Condo Investment

[Colin McCarthy]

Investment Info:

Condo buy & hold investment.

Purchase price: $64,000
Cash invested: $13,000
Sale price: $238,000

2 Bd/2Bath Condo a block from the beach

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

Rock bottom prices and ability to do short term rentals

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

Met with a local realtor and asked him to broker.

How did you finance this deal?

20% Down conventional

How did you add value to the deal?

Small remodel and furnished the unit

What was the outcome?

It paid for itself from Day 1...made a nice profit when sold and we always had a place to stay at the beach.

Lessons learned? Challenges?

Be bold...don't be afraid to learn.

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

Not that I would recommend.