My 'safe' investment for my IRA
Investment Info:
Other buy & hold investment.
Purchase price: $100,000
Cash invested: $101,650
2 bed/ 2 bath condo, just under 900 sq ft. Updated granite kitchen, water view, nice size lanai.
What made you interested in investing in this type of deal?
I had a similiar condo in RI before moving to Florida which was easy to manage and cash flowed easily as well. Wanted to replace it with another for my IRA since I had sold it when I moved.
How did you find this deal and how did you negotiate it?
Setup a Zillow search and was also working with a local realtor. Realtor got me in within hours of it hitting the MLS. I knew when I saw it that the selling agent had under priced it based on the previous 20 or so condos I'd looked at that were out-dated and were listed about 10 - 15% higher.
How did you finance this deal?
Cash deal.
How did you add value to the deal?
Offered full price with no inspection.
What was the outcome?
Closed!
Lessons learned? Challenges?
If you see a good deal jump on it before someone else does!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, Deb Hanson here in Punta Gorda.