A beautiful 2 bedroom, 2 bathroom condo in the Le Parc Condominium in Brickell. This building is highly sought out by people who want to live near the noise, but not within it. Brickell is the financial center of Miami and it is a very busy area. Le Parc is located only a 3-minute walk away and it is a new building (2016). Many of the units in this building are investment properties with tenants. My property is worth much more today, but I am still committed to my buy/hold strategy.

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

This is actually my first property and I just loved the building. I saw value in it's location and purchase price. I bought it slightly below market value, which is good. Not an AMAZING deal, but it's a good deal and I'm happy with that. Now rent in Miami is off the charts, and as a realtor in Miami, I can manage the property myself. It's close to home.

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

I found it myself. I am an experienced and dedicated realtor who is always on the lookout for great deals, either for myself or for my investor clients. A lot of the times, great deals are not "found". They are simply good deals that you negotiate into great deals with the other agent. You can decrease the purchase price by pulling on levers such as no-financing, strong down payments, appraisal contingencies, and so on. It doesn't always work, but when it does, you have created a great deal.

How did you finance this deal?

25% down payment with conventional financing.

How did you add value to the deal?

Decreased purchase price with a heftier down payment and a higher deposits. And then I simply improved the condition with deep cleaning and cosmetic changes (nothing too serious).

What was the outcome?

A good deal for me as an investor. Plus I was the buyer agent for myself, so that saved me some money as well.

Lessons learned? Challenges?

I learned that the answer is always "no" unless you ask. I felt that I was offering too low of a price and that the other aspects of my AS-IS contract offer wouldn't be enough to compensate for that. But they accepted. So the answer is always "no" if you assume their response. Never do that. Simply ask and talk it out. Things may end up going your way!

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

I don't want to sound too cocky, but I highly recommend myself as an investor agent in the Miami market for various reasons. I know the market very well, I think like an investor, and I am very easy to work with. I'm here to help you find good deals.