Investment Info:
Single-family residence buy & hold investment in Salt Lake City.
Purchase price: $63,500
Cash invested: $10,000
Sale price: $125,000
long term buy and hold rental by the University of Utah
What made you interested in investing in this type of deal?
I rented out of need and never looked back
How did you find this deal and how did you negotiate it?
I found it myself and an agent helped me buy it
How did you finance this deal?
traditional financing
How did you add value to the deal?
I fixed it prior to selling: new carpet, paint, counter resurfacing, new appliances
What was the outcome?
Sold
Lessons learned? Challenges?
It was impossible to sell during the recession. The property also had a fire that burned down an entire building so selling wasn't an option during legal issue debates. Once the market changed, I sold it. It was a condo that did not appreciate as much as my property in Park City but it was rented all but 2 months that I owned it. I learned that I don't want to invest in another condo again.
