Investment Info:

Condo buy & hold investment.

Purchase price: $291,000
Cash invested: $12,000

A friend introduced me to a couple that needed to move for work. We shook hands on the spot.
Since 2013, the home has gained ~$150k equity. We have used the equity for cash-out refi twice! Once to buy our live-in home here in Nashville, and again to fund the down payment on our first investment LTR (also listed here in BP).
We have great tenants who pay $2,300 a month. After twice refi, it is still giving positive cash flow of $200/mo.

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

South of Boston was turning fast. I knew that if I could find a condo that just needed a little lipstick, and that was within a 10 minute walk to the subway, that I would always have a place in a primary rental market and with exceptional equity growth. The Dorchester market was a block-by-block area at this time, but 7 years later, every block is highly attractive and rehabbed.

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

An intro from a friend to a motivated buyer. I realized I needed to sweeten the pot. I offered to purchase without a buyer agent and have them manage as a FSBO. And I told them that I would move in at whatever pace they needed, so they didn't feel any pressure to find their new home.

How did you finance this deal?

Traditional 20% down

How did you add value to the deal?

Paint, increased closet sizes, added major curb appeal with wood retaining wall and landscaping, repaired a pergola, new fixtures and lighting throughout.

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

Compass property management has been really affordable and responsive.