Condo Purchase in Odessa Texas

[Dylan Bennett]

Investment Info:

Condo buy & hold investment in Odessa.

Purchase price: $72,000
Cash invested: $72,000

A condo in Odessa Texas. This was a long term buy and hold purchase. It is in a oil driven economy. I expect this town to become more demanding as oil prices go up, hopefully resulting in higher demand for rentals. It is a 1 bed 1 bath condo renting out for $1100 a month for a year.

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

With the potential of Oil prices on the rise I wanted to be able to capitalize off this in some form or fashion. A friend of mine from this area bought a condo within the same condo building and was very pleased with his cash flow. The condominium has a project manager on site which is a small fee (well worth it).

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

Found this deal through a friend who had a condo within the same property. There wasn't much negotiation that took place. I gave what the seller was asking at 72,000.00 because I knew the demand that was beginning to take place at this property.

How did you finance this deal?

All cash purchase