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Updated almost 4 years ago,
First condo flip to investment -
Investment Info:
Condo buy & hold investment.
Purchase price: $217,000
Cash invested: $44,000
This was a condo I had bought prior to even thinking I was going to jump into real estate. I had moved that I had no intention of ever renting - (this was my previous residence in the city and never thought I would end renting it out) I fixed it up a bit and have an awesome tenant in there now. It has appreciated decently over two years, but for sure put more into rehab costs that I would have done if it was strictly going to be an investment. #amateur ;-)
What made you interested in investing in this type of deal?
Again, this was an intial permanent home for me to live in. It is 100 feet from public transportation, walking distance to the lake, and in an area that has been appreciating. Huge back deck which was a huge perk for this part of the city.
How did you find this deal and how did you negotiate it?
I literally saw an open house sign and walked in, got it for 3 K under asking price.
How did you finance this deal?
Conventional finanicng
How did you add value to the deal?
I regutted almost the whole place, new kitchen, restained floors, repainted the whole place - modernizied it.
What was the outcome?
A super cozy and welcoming condo on the northside! Again, the work I put it into it helped it rent very fast.
Lessons learned? Challenges?
SHOP AROUND FOR CONTRACTORS!~!!!! This was the first time I had to use / shop around for contractors and it was a disaster. Much delayed, several issues, disappearing and then coming back for when he could squeeze us in. It was super frustrating.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My local property mgmt company is awesome!