Investment Info:
Condo buy & hold investment in Tampa.
Purchase price: $110,000
Cash invested: $37,000
Investment 01
After analyzing the property and the market I took the leap and purchased myself.
30% Down - 2.99% Rate - 15 year - Market Rental Rate - $1595 per month
Condo HOA Includes Trash, Water, Sewer, Outside Maintenance, Parking, Pool, Clubhouse
Minimal repairs needed and immediate cashflow the days after closing.
Next investment goals will be in Orlando, Florida & Puerto Rico.
What made you interested in investing in this type of deal?
This opportunity presented itself and I took it because of the cash flow potential it had.
How did you find this deal and how did you negotiate it?
Seller called me one day to list their condo. After meeting with them, and explaining their options I went home thinking that it was a good opportunity for in investor. I called the Seller, made an direct offer, no selling fee charges and they accepted.
How did you finance this deal?
My local bank approved me for a conventional loan for the amount of the deal.
Savings and 401K
How did you add value to the deal?
Offered direct purchase, no selling fees, no showings or open houses and 30 day close.
What was the outcome?
I am now the owner of my first cash-flowing rental.
Lessons learned? Challenges?
Shop around to other banks. I went directly to the bank I had a relationship for assistance but feel they could of done a better job. They weren't very knowledgeable about condo investment financing so it was a frustrating process.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I hope to collaborate with other investors, realtors, etc. for my next deals and learn as much as I can.
