Investment Info:
Condo buy & hold investment.
Purchase price: $51,000
Cash invested: $51,000
1/1 condo that is only possible to rent long term. One story, unit is on the end in a 4 unit complex.
What made you interested in investing in this type of deal?
Already owned one property very similar in same complex plus it is a low entry point with high popularity to rent.
How did you find this deal and how did you negotiate it?
Word of mouth from a friend who knew I already owned one unit. This was an older lady who had kept it as an option for where family could stay when they visited. She was getting older and no children and wanted to liquidate it.
How did you finance this deal?
cash
How did you add value to the deal?
Updated all the flooring, bathroom and parts of the kitchen.
What was the outcome?
Has been rented to same tenant since the remodel in 2020.
Lessons learned? Challenges?
Challenge is getting the condo HOA to take care of some water drainage on the exterior that end up affecting this unit in heavy downpours.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No
