MY FIRST & NEW CONSTRUCTION RENTAL IN CAPE CORAL, FL
Investment Info:
Single-family residence buy & hold investment in Cape Coral.
Purchase price: $254,000
Cash invested: $37,200
NEW CONSTRUCTION. WILL BE READY IN JAN 2022!
What made you interested in investing in this type of deal?
I wanted a new construction as my first investment property to lower the risk, less risk for vacancy, maintenance issues. This new construction homes come with 1/2/10 warranty. Southwest Florida is red hot right now and Cape Coral is a beautiful area and the property is located a few miles from a luxury development including shops, restaurants, marinas, & residential living, replicating what is down in Southwest Cape Coral. Opportunity for built in equity in an 'A' graded neighborhood
How did you find this deal and how did you negotiate it?
Simply being a subscriber to Rent to Retirement. New Construction, no competition which was a plus!
How did you finance this deal?
10% down, conventional financing , construction to permanent loan
How did you add value to the deal?
Appraisals of these exact builds in exact same developing neighborhood are appraising for 300K +
What was the outcome?
Purchased the property for $252,000, appraisal came back at 265K before even closing on the property for the construction loan