Condo #3 Investment with HELOC

[Troy Huczel]

Investment Info:

Condo buy & hold investment.

Purchase price: $40,000
Cash invested: $1,000
Sale price: $75,000

Condo on the canal path in midtown Phoenix. Cash flowed every month and had a healthy return when sold. Used a Home Equity Line of Credit on another property to purchase this property with only a couple thousand dollars out of pocket

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

Cash flow potential in a gentifying area that values were increasing

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

Agent did it all for us and we were considered cash buyers since we had access to the line of credit already

How did you finance this deal?

A line of credit against my brothers primary residence.

How did you add value to the deal?

By being me

What was the outcome?

Cash flowed as a rental and value appreciated over the years to nearly double in value.

Lessons learned? Challenges?

As a landlord, make sure you have all your bases covered in the lease- like who pays for bed bug remediation

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

Monica Klus- agent