Single-family residence buy & hold investment in Miami
Investment Info:
Single-family residence buy & hold investment in Miami.
Purchase price: $301,000
Cash invested: $6,200
Sale price: $345,000
Beautiful new 4 bedroom, 2.5 bathroom, 2 car-garage home built in 2015 located in a great community. Tile and wood flooring, granite countertops and stainless steel appliances. NO HOA, NO CDD!! 6-12th grade academy & new park located right across the street. Conveniently located close to major highways and shopping centers. Roof, A/C and appliances still under warranty. Covered patio area with stamped concrete, gated windows and security cameras installed. Bonus Room is a must see.
How did you find this deal and how did you negotiate it?
New construction home - Inventory model home. Requested new construction incentives from builder (appliance upgrade and money paid towards closing cost). Property value increased once subdivision was fully built and completed.
How did you finance this deal?
FHA Loan - 30 year at 3.75%. Refinanced 6 months later at 3.25%.
How did you add value to the deal?
Added wood flooring/removed carpet. Also, added stamped concrete in the backyard.
What was the outcome?
One of the few homes for sale in that area that did not have carpet. Received multiple offers right after listing at and above asking price.
Lessons learned? Challenges?
Should've held longer. This property is now worth $446,400 (big regret).
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I was my own agent (licensed in FL).
