Learning how to purchase with buy and hold strategy

[Robert Newby]

Investment Info:

Condo buy & hold investment in Urbana.

Purchase price: $332,500
Cash invested: $100,000

This is my first "deal." It is not a deal in the Bigger Pockets world, but I am comfortable with what I have done. This is an "A" neighborhood and close to being a walkable neighborhood. 3br/2.5ba on ~1900 sq.ft. washer dryer in unit. one car garage. Water/Electric/Gas on site with tenant paying utilities.

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

No maintenance exterior. Great area. Townhouses and SFH are pricing people out of the market.

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

MLS. The previous deal fell through due to financing and was offered below market value.

How did you finance this deal?

Traditional 30year fixed

How did you add value to the deal?

Painted Garage floor and new hot water heater and garbage disposal.

What was the outcome?

Purchased the property and was rented within 45 days.

Lessons learned? Challenges?

Before you start looking, have a team in place and get all your paperwork for renting completed up front. I had a lease checked by a lawyer, but still needed to create a brand/mission/and standards.
@BrandonTurner it is so hard to write while I listen to your audio books while driving. Listen to the all the books, buy the books and highlight the important sections, make a list of what you need/have (documents and office organization), and get on BiggerPockets.

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

Murray and Company. Peter is running a small boutique company. https://www.mcre.com/