Single-family residence buy & hold investment in Panama City Beach.
Purchase price: $150,000
Cash invested: $20,000
This is a short-term rental property that will be rented to vacationers in Florida.
What made you interested in investing in this type of deal?
I have always love the beaches in florida and decided that I wanted a property that would double as a vacation home for me and a rental home when I am not using it.
How did you find this deal and how did you negotiate it?
I know a real estate agent there that knows the area very well she found it and I bought it.
How did you finance this deal?
How did you add value to the deal?
I got them to cut the price by 10,000 and I due to the roof condition I got 2100 dollars off the closing cost.
What was the outcome?
I know own a home in Florida that can act as a rental and a vacation home. If I want to go on vacation in Florida I can simply call the rental managers and let them know. I also can look forward to a very profitable summer.
Lessons learned? Challenges?
This was the first time I bought a home out of state and it was a brand new experience for me.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Of course I have a real estate agent in Florida that would love to get new customers she has done more than require to make sure this process was as smooth as possible. If anyone wants her information DM me.
Congratulations. You bought in an area where there will be tremendous growth.
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