New purchase in Florida

[Ryan Karel]

Investment Info:

Condo buy & hold investment.

Purchase price: $158,000
Cash invested: $30,000

Just purchased a condo in the treasure cost of Florida.

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

This deal was a reo foreclosure with lots of work needed and lots of room for some sweet forced appreciation

How did you add value to the deal?

I am going to renovate the property including new floors, appliances, 2 new baths, and kitchen makeover.

What was the outcome?

Just purchased it yesterday now my real work starts tomorrow

Lessons learned? Challenges?

This was my first foreclosure i purchased. A reo foreclosure purchase takes a lot longer then from a traditional seller