Updated over 4 years ago on .
SD IRA condo sale after 20 months of ownership
Investment Info:
Other buy & hold investment.
Purchase price: $100,000
Cash invested: $101,650
Sale price: $126,000
Updated fully furnished move in ready 2 bed/ 2 bath condo, just under 900 sq ft in Punta Gorda FL. This was a buy/hold in my SD IRA. Sold just under 2 years of owning for net sale price of $114,700 plus monthly cash flow of $590 for 20 months totaling $11,800. After sale profit $13050 + net rents $11800 for net profit of $24850.
On to the next one. Multi-family preferred!
What made you interested in investing in this type of deal?
Fully renovated condo in great area/location. Low monthly HOA fees and no maintenance.
How did you find this deal and how did you negotiate it?
My real estate agent Debra Hanson at Coldwell Banker in Punta Gorda sent me this after 30 minutes on the market. Made full cash offer and it was accepted.
How did you finance this deal?
Cash from my SD IRA
How did you add value to the deal?
Offered cash and waived inspection. Figuring it being a condo the major items are covered by the condo association.
What was the outcome?
Seller accepted my offer and we closed after 30 days
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Debra Hanson at Coldwell Banker in Punta Gorda. She busts her butt and it shows. Always returns calls promptly and makes sure the i's are dotted and the t's are crossed! 941-681-6402