Updated about 6 years ago on .
1st investment paid off :)
Investment Info:
Single-family residence buy & hold investment in Fort Lauderdale.
Purchase price: $285,000
Cash invested: $30,000
Sale price: $360,000
Single family home in fort Lauderdale, built in 1947, was cosmetically in great shape, needed new HVAC and Water heater.
What made you interested in investing in this type of deal?
Market looked good and also timing was right financially.
How did you find this deal and how did you negotiate it?
Wife and I were living in the house as a rental for a year, and offered to buy from the owner.
How did you finance this deal?
Had some cash for down payment, financed through my bank.
How did you add value to the deal?
Upgraded water heater, HVAC and built sunshades, planter boxes, and landscaped property.
What was the outcome?
Property evaluated due to local market and was able to sell for a profit on top of equity.
Lessons learned? Challenges?
The property had some previous issues related to elevation and flooding and did not notice those / seller did not disclose, prior to buying the place. Luckily I disclosed when selling and it did not impact the sale.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Worked with a listing agent.