Townhouse in Coldwater Crossing

[Laura Rodriguez]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $143,000
Cash invested: $1,600
Sale price: $160,000

Small townhouse in a very desirable community. It was my first house which I held as a rental for a few years when I moved into a single home.

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

It was what I could afford at the time in the school district that I needed for my son to attend.

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

The community was on my way to work. It was new development. I walked into the office one day and asked if I qualified to purchase one of their homes.

How did you finance this deal?

I was able to qualify for a first time homebuyer program which gave me the opportunity to purchase the home with only $1,600 out of my own money. I took a conventional 30 year loan.

How did you add value to the deal?

I made a loft into a 3rd bedroom and added a patio.

What was the outcome?

I lived there for a few years until I was able to afford a single home. I rented it out for a few years until I decided to sell due to issues with the HOA.

Lessons learned? Challenges?

Working with HOAs can be challenging for rentals. Some HOAs are not very tenant friendly.