All Forum Posts by: Jeff Krasowski

Thank you all. For clarification, this was my condo. I purchased in June, and I moved out and put a tenant in there in December when I was let go from W2 job. My mortgage is about 975 on a 30yr conventional @3.5% - including tax and pmi, and I pay 1000 to put a little extra toward principal. It had new carpet installed throughout when I purchased it, and is in great shape otherwise. Capex in thinking would be kitchen and bathrooms upgrades in the future. The tenant is a trustworthy, retirement-eligible nurse originally from the area.

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Investment Info:

Condo buy & hold investment.

Purchase price: $179,000
Cash invested: $17,900

2-3 bed, 2 full bath 1st floor unit, attached private 1-car garage + 2 outside spaces. Central heat/air, wood-burning fireplace w/gas starter, newer paint & carpet. secure entry. patio.

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

This was originally intended to be my condo after getting divorced in Jan 2020. My employment changed late in 2020, and I had the opportunity to move to a no-rent share for a limited time - so I rented this beautiful unit out. I have always wanted to get into REI, and this seems like a not-uncommon way of getting started.

How did you finance this deal?

Conventional 30-year @ 3.5% with no points. Required 10% down due to HOA funding balance. I pay current HOA from my rental income, and still cash-flow $400+

Lessons learned? Challenges?

I'm not sure it has been challenging enough (not asking for any difficulties!) to really learn what I would consider a lot. I suppose, I am learning how to be a business owner (no organization yet, just under my name) and plan/pay taxes, etc. These are among the basics that I often had disregarded, but are essential to success.

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

I worked with my life-long friend Linda Corcoran with Berkshire Hathaway in Western Springs, and Mike McNamara of Proper Rate Mortgage (he was with Guaranteed Rate at the time of my deal.) Both are highly recommended for typical deals - not sure about their interest/experience with investor-specific skills/interests.

@DaveSpooner

Thank you. Yes, credit (very high) and employment check out. This single, retirement-capable person is an ideal candidate. I Appreciate your input!

@David M.

Thank you!

Hey everyone! I appreciate the wealth of knowledge and experience here. I have a condo that I've lived in for five months (conventional with 10% down). I have identified a renter that I would like to present to the board. This is my firs and only 'investment property' day far, and I don't know if I should create a company, or just personally mange it on my own account? All active is greatly appreciated!

Thank you.

@Joel Unick, my question is if the other houses mentioned are really comparable to this property. I have yet to do a deal myself, but it sounds like a good opportunity to me. Best of luck!