Hollywood Beach Florida - Live In Buy & Hold

[Shaun Hatton]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $350,000

I purchased a condo in Hollywood Beach that is split into 2 separate units. Plan is to renovate and live in 1 side and keep the existing tenant in place. After 6 months of searching, it was the only place near the beach that would let me have a place to live and have a tenant covering a good portion of the mortgage.

What made you interested in investing in this type of deal?

Needed a place that I could live in and have a tenant/income.

How did you find this deal and how did you negotiate it?

Partnered with my broker and found it on MLS. Waited out the seller to come down to a good price.

How did you finance this deal?

Conventional loan

How did you add value to the deal?

Upgrading 1 unit.

What was the outcome?

Working on remodeling 1 unit right now before I move in.

Lessons learned? Challenges?

Hollywood is a competitive market for multi-family investment properties. In the end, I had to go with a condo to get into the right price range and where the #'s and situation worked.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Myself & my broker. Great lender, David Bargas @ Elite Mortgage of South Florida.