Condo buy & hold investment in Miami.
Purchase price: $160,000
Cash invested: $30,000
Small Condo in downtown Miami (Little Havana) that we plan to hold long term as we see increased demand for rentals and higher prices.
What made you interested in investing in this type of deal?
We were looking to concentrate more of the proceeds from our fix and flips towards buy and hold properties given the huge demand for housing within our city.
How did you find this deal and how did you negotiate it?
The deal was listed by our title agent who had just opened up their own brokerage and this was their first listing.
How did you finance this deal?
How did you add value to the deal?
Complete interior rehab.
What was the outcome?
Rehab still in progress but we expect to be able to command top rent given the location and the quality of the rental.
Lessons learned? Challenges?
We continue to work on setting our team (contractor, realtor, etc) in place and finding more ways to leverage them for tasks that would take away from our time.
Congrats @Jason Brown ! Keep us updated on the progress!
Thanks @Alberto Nikodimov
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