Investment Info:
Condo buy & hold investment.
Purchase price: $90,000
Cash invested: $8,000
third floor walk up condo across from a park, within 1/2 mile walking distance to popular olde town arvada.
What made you interested in investing in this type of deal?
I was looking for rentals in a good location and knew that a light rail train was going in the area within a couple of years.
How did you finance this deal?
traditional mortgage
How did you add value to the deal?
I was ready to buy and made the process very easy. Because of that, the sellers came back to me with two more deals that i was able to buy. Those properties were in poor shape and needed work, but were both great investments.
What was the outcome?
I purchased 3 rentals from the same family. Two of them i completely gutted and renovated. All 3 have been wonderful investments. I also got very lucky that the market went very high very fast for rentals and value, so was able to refi and have a nice chunk of money available for more purchases. I was also lucky that i started dating someone (now in a permanent relationship) with a lot of fixer upper skills. And I'm not afraid to get my hands dirty, so we did a lot of the work ourselves.
Lessons learned? Challenges?
Be good to all and treat people fairly! Treat the sellers well because it's the right thing to do and they might have or know of more properties. The sellers realtor might know of more properties. Treat tenants fairly and they stay longer.
