First Rental - Condo in Wocester

[Artem Sopot]

Investment Info:

Condo buy & hold investment.

Purchase price: $100,000
Cash invested: $24,000

Got my foot in the door with real estate rental properties with a condo in Worcester. Traditional loan with 20% down and returns a nice cashflow. Followed along every step of the way in purchasing and managing the property following along with the Bigger Pockets books which proved to be beyond helpful. Now I'm on the hunt for the next deal!

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

Main driver was the price (100k was what I could afford at the time) and having a mentor in the same space of 100k condos.

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

Through my friend and real estate agent - he brought me the deal, we ran the numbers and pulled the trigger.

How did you finance this deal?

Local bank for a traditional loan, been saving for the down payment since I got interested in real estate.

How did you add value to the deal?

Fixed it up myself, self-managed the rental process.

What was the outcome?

Cashflow proved to be much better than predicted - conservative estimates and a little boost in the housing market.

Lessons learned? Challenges?

Literally learned everything on the fly - first deal and though I was as prepared as could be with books and podcasts and a reliable mentor, this being my first deal still made it a huge learning experience every step of the way.

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

Dan Pareen - my real estate agent and an investor himself with many rental properties - helped both on the purchase and the property management side. No nonsense, straight to the point and a pleasure to work with.