Single-family residence buy & hold investment in Panama City Beach.
Purchase price: $89,000
Cash invested: $50,000
Sale price: $249,000
Condo resort - short term rental income for duration of hold period, sold to reinvest in other property.
What made you interested in investing in this type of deal?
I was all about the investment rental income and appreciation available. At first it was to have a beach front condo to be able to enjoy in the area when I lived in another state, I used the onsite property management to make it easy on me due to my demanding job and travel schedule. Price was right. I was able to leverage the condo to allow renovation with other cash on hand.
How did you find this deal and how did you negotiate it?
Used a realtor recommended to me.
How did you finance this deal?
Second home loan, 15 year mortgage with 25% down.
How did you add value to the deal?
Remodeled and reconfigured the dated interior with all new flooring, kitchen cabinets and bathroom, new furniture, paint, etc. Hired contractor for all the heavy “lifting”.
What was the outcome?
For an older condo resort complex, unit slept 6, gross STR income was increased after renovations to between 30-35K per year. Held the property for 12-13 years, sold when wanted to invest in other property.
Lessons learned? Challenges?
Probably held on to this property too long.
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