My first deal! 1B 1BA condo

[Shane Coles]

Investment Info:

Condo buy & hold investment in Aurora.

Purchase price: $165,000
Cash invested: $5,000

Primary residence

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

I needed to get started somewhere, and the height of Covid presented a buying opportunity for this unit.

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

MLS, through a realtor.

How did you finance this deal?

FHA loan, 3.5% down

How did you add value to the deal?

Upgraded the bathroom, kitchen, some appliances, built a laundry room, replaced cabinet hardware, replaced damaged flooring tiles.

What was the outcome?

Current value is about 205K, purchase price was 165K

Lessons learned? Challenges?

Hire a professional when you cannot do the work yourself.

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

Theresa Ikeda was my realtor, Erin Pearce at Loan Zone mortgage was my lender.