Updated about 5 years ago on .
My first investment property
Investment Info:
Single-family residence buy & hold investment in Fort Lauderdale.
Purchase price: $555,000
Cash invested: $101,000
Bought this home undervalue in the beautiful neighborhood of Coral Ridge Isles. Plan to hold this property for long term as it grants tremendous cash flow at an average of 5k per month. Currently renting it out as a vacation rental, advertising it on websites such as Airbnb, Vrbo, etc.
What made you interested in investing in this type of deal?
Cash flow potential
How did you find this deal and how did you negotiate it?
Zillow and I worked with a local realtor.
How did you finance this deal?
private lending
How did you add value to the deal?
furnished the property, fixed plumbing internals, fixed roof, and replaced boiler.
What was the outcome?
A fully furnished property with great cash flow.
Lessons learned? Challenges?
Always buy below value and never be afraid to jump on an opportunity when it presents itself even if its out of state.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Worked with an agent and mortgage broker.
