All Forum Posts by: Steven Jenk

Seems like your cash-flow negative for that property.

Your expenses dont include CapEx or management fees (unless you're taking on that added job).

Not a purchasing mistake, but a selling mistake. I used a real estate agent to sell my condo when the market was incredible aggressive. I should have pursued FSBO. I sold the condo in one-week with photos taken off the phone and one open house. I set the price and accepted one of the first offers. I'f I'd have attempted FSBO (prior to going with a realtor), I would have likely saved ~$10-15K.

Investment Info:

Single-family residence buy & hold investment in Washington.

Purchase price: $230,000
Cash invested: $10,000
Sale price: $295,000

First-time buyer, lots of mistakes. I lived in this unit so it wasn't exactly an investment but rather just a use of money.

I'd call my qualify my strategy here as 'waiting for appreciation.'

Lessons learned? Challenges?

I learned that waiting for appreciation is the worst strategy.

Condominiums can do a lot to prevent individuals from renting their units. They can also randomly raise HOA fees for any particular reason.