Investment Info:
Condo buy & hold investment.
Purchase price: $65,000
Cash invested: $81,496
3 BR/2.5 Bath Condo
1,319 square feet
What made you interested in investing in this type of deal?
Monthly cash flow & appreciation
How did you find this deal and how did you negotiate it?
It was an off-market deal. I called the owner and offered to purchase the property. The owner accepted the offer.
How did you finance this deal?
Cash
How did you add value to the deal?
Painted the interior, painted the kitchen cabinets, replaced cabinet hardware, new stove & refrigerator, installed new vanities in the bathrooms, new carpet, and replaced the hot water heater
What was the outcome?
I purchased the house at a great price and it has quite a bit of equity.
Lessons learned? Challenges?
Another investor shared some excellent ideas on how to update the property & negotiate with the contractor. Partnering with someone is better than going at it alone. Partnering with someone on a deal goes beyond how much money a person can put in on a deal. Good advice can save time and money. Both are valuable.
