My first Florida deal! (second real estate investment property)

[Sean Ridlon]

Took down my first Florida deal yesterday. Cash closing will be in 14 days or so. Here's the details:

In a semi-rural area, 1.5 hours from Jax and 25 minutes from Gainesville.

5 flat acres in high/dry forest.

2006 3/2 mobile home. Like brand-new (was a second home with 4 owners who lived in far-away Palm Beach). Rarely used. New well, septic, and power in 2006.

Very low taxes ($1200) and electrical.

Fully furnished to include riding lawn mower, brand new bedding for 9, TV's, furnishings, and all appliances like new and included.

Air strip and private boating launch access.

Insurance $600 per year.

Local property manager has 300 doors under management. Best guess after reviewing with his team was $800-950 per month or 1k if offered with my seller financing.

Asking price was 59.5k.

Offered 50k cash.

They countered with 55k cash to include all furnishings.

Done deal.

Thinking about bringing it under a note to pull some cash out of it later.

[Jay Helms]

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