Share your PANDEMIC DEALS - Networking

[Felipe Stefanoni]

Hello folks,

My name is Felipe, I'm RE investor and just got my RE license past month.

After a few years of investing in real estate (99% of my investments was raw land acquired through tax lien and tax deeds), I decided to invest in houses to have constant cash flow.

I'm currently living in Baltimore MD and I just got my RE license because it makes sense to me to invest in a career as a realtor,

This year I bought one of the units that I used to do rental arbitrage (airbnb) in Orlando area.

The owner was scared when COVID hits and he thought the RE market was about to sink like 2008-2009 so I got a great deal on it.

I bought a 4bd 3bath with private swimming pool in Kissimme FL

Purchase Price: $210k

I've put 10% down + Closing costs

Mortage rate: 3.5% locked in May 2020. 

PITI: $1285.00 (About $1000 less than I used to pay as rent in this house)

Lender appraisal: $235k (May 2020)

Cashflow: $665 after paying ALL expenses including HOA, utilities, and cleaning crew

(Before the pandemic I was cash flowing about $1k even paying $2100 in rent)

After I bought the house I spent about $3k on the house and did all the work myself

Fresh paint inside, renovated/painted installed fixtures on bathroom vanities and kitchen cabinets, they look as brand new right now, replaced some other fixtures in the house, and more.

All comps inside the resort are selling for about $250k right now.

I'm looking forward to buying a house in Baltimore this year or beginning 2021 and I can lock my rates at 2.8%

Do you guys think it's a good idea to refinance to take advantage of lower rates since the comps are good and most likely I think the appraisal will get a little higher due to the Improvements in the property as well?

I'm looking forward to hearing your pandemic deals as well!

Felipe Stefanoni

Real Estate Agent (MD)