Bank owned duplex converted to vacation rental in Neptune Bch, FL

[Ian Brown]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Neptune Beach.

Purchase price: $430,000
Cash invested: $150,000

Furnished Duplex Rental 2 blks from ocean in Neptune Bch FL

What made you interested in investing in this type of deal?

Very rare scenario - duplex (bank owned) hit auction in Nep Bch 2 blks from ocean

How did you find this deal and how did you negotiate it?

Auction was advertised

How did you finance this deal?

Lending One Fix & Flip Loan 90/10 LTV

How did you add value to the deal?

Complete reno of both units, new siding, new roof, rebuilt garage, landscape, furnishings

What was the outcome?

Property value over $1M and in high demand as furnished rental (30 day+ medium term)

Lessons learned? Challenges?

It took longer than anticipated to close the fix & flip loan. When buying this I should've had back up financing or hard $ option.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Represented myself as buyer's broker