My first Investment property

[Denise Picard]

Investment Info:

Condo buy & hold investment in Portsmouth.

Purchase price: $64,900
Cash invested: $64,900

1 bed/1 bath, 609 sf built 1985 near military base. Annual taxes $1,035

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

I could afford to buy with cash as I did not have documentable income yet for a loan. The cashflow is good and the unit has more to offer than competing units in same complex.

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

Referred to a realtor in Virginia from colleague who had just bought 2 SFR in Virginia herself.

How did you finance this deal?

No financing, cash purchase

How did you add value to the deal?

Cash offering

What was the outcome?

Offer was accepted quickly

Lessons learned? Challenges?

No challenges. Had a renter in it when I purchased. Easy deal.

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

Shannon Ward from Coastal Real Estate located in Virginia Beach, VA