Updated about 5 years ago on . Most recent reply
Condominium Buy and Hold
Investment Info:
Condo buy & hold investment.
Purchase price: $58,000
Cash invested: $58,000
A spacious 2/1 condo located on East Colonial and Goldenrod. Fully renovated and tenant occupied.
What made you interested in investing in this type of deal?
I bought this property as a long term rental.
How did you find this deal and how did you negotiate it?
I found this deal while I was on the premises looking at another property and made a cash offer.
How did you finance this deal?
Cash
How did you add value to the deal?
I did a full gut renovation. Converted a 1/1 into a 2/1.
What was the outcome?
I was able to rent it out immediately and start collecting rental income.
Lessons learned? Challenges?
Always add 10 percent to what your contractor quotes for a renovation. There is a good chance that there will be issues that the contractor will not be able to see until they start the renovations. Those issues will slow down production and increase your renovation budget.
