Awesome deal for agents.

[Weston Hinton]

Investment Info:

Condo buy & hold investment.

Purchase price: $144,000
Cash invested: $800

Deal was on the MLS, used owner occupancy loan as my primary residence. After a few months I realized the rent potential and wanted to relocate further West and rented it out. I used the commission I was due for the sale as my entire down payment and negotiated the seller to pay for my closing costs. The unit was turnkey remodeled and for the area I got it a price if it was not. This was a great first deal for my personal portfolio.

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

With the HOA being revamped I knew the community was going through a serious overhaul and going to be worth much more as the location is perfect for the valley.

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

Was on the MLS first day I got it under contract. Originally I was thinking FHA but was able to go conventional after the agent listed the property wrong. I was able to then renegotiate and get the seller to cover closing costs so I only had to pay inspection out of pocket.

How did you finance this deal?

Conventional owner occupied.

How did you add value to the deal?

Bought under market, saw future in the HOA plans to gate the community as well as several upgrades.

What was the outcome?

Already has appreciated significantly in value. Got tenants in record time for above market value for that area.

Lessons learned? Challenges?

Had a roof leak first week of my tenants and it was very nice having the HOA cover it immediately and was not a cost out of pocket to me.

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

I am a local agent here in Phoenix and would love to help other grow their portfolio as I am diligently working on mine as well.