Condo Purchase - Pensacola Florida

[Tim Hershberger]

Investment Info:

Condo buy & hold investment.

Purchase price: $185,000
Cash invested: $6,000

2br Condo. Currently renovating and will become primary home (near future) allowing us to rent out our renovated 5br home with pool

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

Wanted to downsize when son moves off to college. Will rent out our larger home and start using this as our base home in Florida as I work in the DC area. Eventually it may become a rental too.

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

Was tracking on the MLS. Originally it was under contract until I noticed it popped back up. I gave the owner an offer he accepted knowing with a little work it would be a great place worth much more than currently appraised.

How did you finance this deal?

Conventional. We’ve yet to start using alternative financing.

How did you add value to the deal?

Complete repaint, removed popcorn ceilings, installing vinyl flooring, deep cleaning.

What was the outcome?

Still in progress

Lessons learned? Challenges?

You don’t have to completely remove the popcorn ceiling. You can scrape the ceilings which leaves a nice texture (and covers some flaws). After primer and paint it looks great.

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

We work with Cinnamon Reed from the Reed Group (Keller Williams). Besides a realtor she’s also an investor and runs Air B&Bs as well so she understands what we are looking for.