Investment Info:
Single-family residence buy & hold investment.
Purchase price: $80,000
Cash invested: $2,500
Sale price: $274,000
Bought and lived in the condo, then converted to a rental. Cash flow with first tenant.
What made you interested in investing in this type of deal?
The seller didn't appreciate the value of the condo.
How did you find this deal and how did you negotiate it?
I had been renting the condo.
How did you finance this deal?
Ownew occupied.
How did you add value to the deal?
I refurbished the condo by hand.
What was the outcome?
93 people toured the condo; it sold for 50% more than the list price, in the first showing, with 27 offers.
Lessons learned? Challenges?
You make you money when you buy it.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with Matt Shepard of the Shepard Fong group. The way we hired Matt is that he was the seller's agent of the house we bought, and we asked him to sell our condo a few years later.
