Another Buy & Hold in Alexandria, VA

[Aj Parikh]

Investment Info:

Condo buy & hold investment in Alexandria.

Purchase price: $175,000

I bought another Condo in the same community where I purchased my 1st investment property

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

The 1st property we purchased was in that area so we were looking in that area for a while and whatever came up first, we jumped on it.

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

We found it through the MLS. We went in with an all cash offer and were able to knock off 5k off the purchase price

How did you finance this deal?

Since it was all an all cash offer, we are going to cash out refinance in a few months or try to pay it off in the next 5 years

How did you add value to the deal?

We just painted the whole property because we knew that getting new appliances will not add a lot to the rent value.

What was the outcome?

We were able to find a qualified tenant for the property in just 10 days so we will be cash flowing as well starting 10/1/2021

Lessons learned? Challenges?

We could have negotiated even more and got a better deal

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

No. We worked with a family member's agent and he didn't provide the best advise so won't recommend him to others