My first deal March 2013 (with pic)

My first deal March 2013 (with pic)

Project Engineer · Miami Beach, FL · Member since 2015 · 203 posts · 64 votes

This was my first ever deal, and I did a lot of the work myself. I lived in it until Sept 2014.

3/2  1200 sqft

Currently I rent it out for 1300$, property taxes about $2000, insurance $750,  tenant pays utilities.

Short sale purchase price $70,100.00

Rehab cost $30,000.00 ( 22,000.00 initially, the rest over the course of the one year)

ARV $130,000.00

I will either refinance to move on the next acquisition, or will exchange it for an apartment building later.

I would appreciate your thoughts.

Thank you!

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  • Investor · Longwood, FL · Member since 2015 · 221 posts · 130 votes
    11y

    WOW it looks great. I assume this is in Port Orange. I have a house I rent in Daytona purchased in 2005. I have had descent success with tenants. I like how you lightened up that back room.

  • Investor · Bothell, WA · Member since 2015 · 214 posts · 104 votes
    11y

    Very nice work, Pavlos! Is this in Port Orange, FL?

  • Project Engineer · Miami Beach, FL · Member since 2015 · 203 posts · 64 votes
    11y

    Daytona is a completely different market from Port Orange. Where in Daytona? The other property I own is in the same subdivision with this one. Obv its too early to say about my tenants but till now they are great, as I am towards them.

  • Project Engineer · Miami Beach, FL · Member since 2015 · 203 posts · 64 votes
    11y
    Originally posted by @Fay Chen:

    Very nice work, Pavlos! Is this in Port Orange, FL?

     Yes Fay!

  • Investor · Longwood, FL · Member since 2015 · 221 posts · 130 votes
    11y

    my house is off bellview in a sub called cedar point. (South Daytona)

  • Project Engineer · Miami Beach, FL · Member since 2015 · 203 posts · 64 votes
    11y
    Originally posted by @Scott Harper:

    my house is off bellview in a sub called cedar point. (South Daytona)

     Yeah...some areas around there attract bad tenants. You could try prospecting to the students, but generally I dont think it will get any better there. 

  • Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    11y

    @Pavlos Kasselourisheck yeah! Congrats and the transformation is so cool to see. 

  • Investor · Sacramemto, CA · Member since 2015 · 37 posts · 12 votes
    11y

    Nice job on the house!

  • Project Engineer · Miami Beach, FL · Member since 2015 · 203 posts · 64 votes
    11y

    Thanks guys. Its not that I put a ton of upgrades...very basic, but I feel that for the area and price point its sufficient to stand out. 

  • Bulawayo, Zimbabwe · Member since 2015 · 1k+ posts · 253 votes
    11y

    Congrats on the deal Pavlos.making it happen

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