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Updated almost 4 years ago,
Long Term Investment
Investment Info:
Condo buy & hold investment in El Lago.
Purchase price: $115,000
Cash invested: $115,000
Sale price: $115,000
1st Property
What made you interested in investing in this type of deal?
I'm thinking that Property and Gold are the real investments with the Fed printing money like they are.
How did you find this deal and how did you negotiate it?
Saw it on MLS. Contacted the listing agent and made an offer. Seller countered and we made a deal.
How did you finance this deal?
I bowered the money from a relative.
How did you add value to the deal?
I looked at the maintenance fee and taxes. I also looked hard at the condition of the property so I could estimate the maintenance cost going forward. In my situation I'm paying $500 per month in HOA fees. I'm paying $300 a month in taxes. I have it rented for $1300 per month. So I'm potentially making $6000 a year best case. I know that's less than 6% on the investment but there should be appreciation over the long run.
What was the outcome?
We will see how it rides out.
Lessons learned? Challenges?
!st investment property. Can't say much at this time
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes I did. I chose to deal with the sellers agent to make the deal. and after that I like her enough to hire her to get my 1st lease deal. I had to pay 1month for that service. I'm thinking I'll probable find my own tenants in the future,