Condo renovation in a 55+Community in Delray Beach, Fl
Investment Info:
Single-family residence fix & flip investment in Delray Beach.
Purchase price: $63,000
Condo in 55+ community, 2B/2B, 2nd floor of 2, golf course view.
What made you interested in investing in this type of deal?
As a Realtor, I was working with quite a few investors who were buying to flip or to rent. I got the bug.. this condo, with a golf course view, unchanged since original build in 1980, was too much to pass up. Once sold, I will look into finding a new diamond in the rough.
How did you find this deal and how did you negotiate it?
As a Realtor I have access to our multiple listing system and was able to contact the listing agent immediately to negotiate. Original listing prices was $85K and I closed at $63K as there was a lot of work to be done.
How did you finance this deal?
I had cash put away.. so no financing.
How did you add value to the deal?
I was able to check the comps and keep an eye out on what was selling. I did not cut corners on the rehab but diligently researched materials, contractors and best deals on appliances.
What was the outcome?
Condo is still listed for sale. However, Season in Florida really begins in January and many of the sales in these particular communities happen in the first quarter of the year.
Lessons learned? Challenges?
BIG LESSON... there was a change in the condo docs during the purchase that was not included in the set I received. So check with HOA presidents to make sure there no new amendments in the works. Inspector advised there were a "few items" in the attic. Turned out to be a truck load which 1-800-Got-Junk disposed of and I am very thankful to them. Scope of Work with any contractor must be agreed upon at outset with clear expectations about how unforeseen expenses will be handled and budgeted.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a Realtor very familiar with this community but I did work with the Listing Agent whom I hold in high esteem.
