I purchased a buy and hold long term rental condo

[Sam Lusey]

Investment Info:

Condo buy & hold investment in Clearwater.

Purchase price: $135,000
Cash invested: $15,000

I purchased a 2 bed, 2 bath condo in Clearwater Florida. I'm renting it out right now and it's cash flowing 700 dollars a month.

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

A large volume of people are moving to this part of Florida daily. The condo was priced well, and I had a great opportunity for tenants. After mortgage payment and all other fees, I'm cash flowing 700 dollars a month which is not bad considering I only had to put 15,000 into the deal.

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

I spent a month looking at properties and analyzed 100 deals before this one.

How did you finance this deal?

15,000 down payment, conventional loan.

How did you add value to the deal?

Got some minor fixes done, bit of electrical work, plumbing and deep cleaning.

What was the outcome?

Rented out for 700 a month cash flow.

Lessons learned? Challenges?

I learned and am still learning the number of properties you need to turn away from before finding a good deal.

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

No.