Condo - Long Beach, CA

[Autumn Kaiser]

Investment Info:

Condo buy & hold investment in Long Beach.

Purchase price: $280,000
Cash invested: $60,000
Sale price: $460,000

First Property, 8-plex condo in Long Beach, CA. Purchased with the intention of renting, but the market was so great, I decided to sell in 2020 and use the capital to take my investment game to the next level.

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

I really enjoyed the vibe of the Long Beach area (still do!) And since it was my first property, I wanted to use it as a learning experience, but also wanted to ensure that I would be living in a place of my choice, somewhere I could be happy the entire time I was living there. It was Long Beach!

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

I was searching RedFin, and came across a beautiful condo that I wanted, made an offer, it ended up not closing, then this one fell through on a previous offer, so I was able to come in and make a bid. I was the second offer in line for the property.

How did you finance this deal?

ARM 30-year loan

How did you add value to the deal?

Fixed up the property, only simple cosmetic changes, and hired a REA with a great team of the best stagers and photographers to really showcase my property in the best light.

What was the outcome?

I received 30k over my asking price in a bidding war

Lessons learned? Challenges?

My selling process was flawless, I wouldn't have changed a thing. However, my agent for the original purchase was horrible, it was a stressful process the entire way through, she was showing me properties that did not match what I was looking for, and in the end, I had to point her to the deal that I ultimately chose. What I learned from that first time buying experience is that WHO you work with matters, A LOT! Take your time and choose wisely.

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

Becky Layton-Harmon (my selling agent) was simply amazing, the honesty and transparency was exactly what I wanted/needed. And everyone that she worked with did an amazing job, I couldn't have asked for better. I would happily refer her and her team to anyone interested in the Long Beach, CA area.