FL Buy and Hold - Bought from criminal:)
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $390,000
Cash invested: $80,000
Bought under market value, 6 weeks full remodel, turned into a successful vacation rental!
What made you interested in investing in this type of deal?
We had friends who had been investing in the area, this was our 5th offer in the area…
How did you find this deal and how did you negotiate it?
I saw this drop out of contract at $469,000… I did some Google research… I’m known for Google research… and found out the seller was going to jail. We took a wild swing and offered $390,000
How did you finance this deal?
HELOC and investment property loan
How did you add value to the deal?
We moved our family cross country for 6 weeks and did a full cosmetic remodel with roof replacement.
What was the outcome?
The property is a cash flowing vacation rental! Mid term technically with two 4 month leases under our belt. We just launched on AirBnB.
Lessons learned? Challenges?
Hurricane happen…. Ha ha…
But we came out on top with insurance.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Rebecca Frey Smart Realty of FL!
