First rental property

[Michael F Arroyo]

Investment Info:

Condo buy & hold investment.

Purchase price: $145,000
Cash invested: $30,000

Heart of the West Fenway, a short walk to Longwood Medical and Academic Area, Simmons, BU, NU, Back Bay, Fenway Park & Newbury St. Condo quality unit in fantastic, well-managed condo association offers hardwood floors, updated kitchen w/ dishwasher/disposal, high ceilings, tons of natural light from 3 windows. Common roof deck w/ sweeping views, laundry right outside the unit. Pristine move-in condition. The owner is seeking a quiet, non-smoking responsible tenant to enjoy this great property.
This unit is the only studio in the 02215 zip code with a deeded parking space.

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

In 2003 I needed a place to live and purchased this condo.

How did you finance this deal?

I put 20% down with a 30-year mortgage. Then I pay off the mortgage in 15 years.

How did you add value to the deal?

I fully renovated the kitchen and bathroom in 2020.

What was the outcome?

This property has been rented since 2012 and has appreciated greatly since 2003.

Lessons learned? Challenges?

Find a qualified listing agent who has a portfolio of rental properties. They will be able to guide you in many facets of owning a rental property.

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

Yes, Michael Grappo, of M.J. Grappo Realty, is a seasoned real estate broker and investor. I highly recommend him with all of your real estate ventures: http://mjgrapporealty.com/