#5 Wholesaling Contributor
- Real Estate Broker
- Naples, FL
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SFR Number 11 In Cape Coral, Florida
#5 Wholesaling Contributor
- Real Estate Broker
- Naples, FL
Investment Info:
Single-family residence buy & hold investment in Cape Coral.
Purchase price: $83,000
Cash invested: $26,000
Great little 3/2/2. Owner was in a bind and wanted it gone yesterday. Unbelievably, I had given these owners my card three years previously and they contacted me. It needed about 20K in renovation including a new roof, new tile flooring, new interior paint, and trees trimmed. I borrowed 80K from a friend and put in about 26K between closing and renovations. I closed December 10, 2019, got it renovated, and signed a lease the middle of January 2020. I got great tenants that work for the government.
What made you interested in investing in this type of deal?
The day i closed I could have made about 50K flipping it as-is. Too good to pass up!
How did you find this deal and how did you negotiate it?
I had given the sellers my card THREE YEARS earlier. They kept it and contacted me when they needed to sell.
How did you finance this deal?
80K from a friend and the balance out of my pocket.
How did you add value to the deal?
Renovated, brought in great tenants, and improved the neighborhood by fixing the house.
What was the outcome?
Still holding and have good tenants.
