Miami Condo (Allapattah Buy and Hold)

[Jason Brown]

Investment Info:

Condo buy & hold investment.

Purchase price: $300,000
Cash invested: $90,000

Nice 2/2 condo in very high demand area in downtown Miami. Idea was to secure favorable mortgage before rising rates while also leveraging extremely competitive rental market.

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

Ideal location. Strong comps based off of square footage and bed/bath count. Ability to command a premium on rent due to real scarcity of inventory.

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

Found on MLS. Negotiated with a realtor.

How did you finance this deal?

Conventional

How did you add value to the deal?

Was able to negotiate discount on deal due to owner needing to sell and being willing to accept current tenant at below market rate for another 5 months.

What was the outcome?

Strong rental comps in area well above 3K monthly.

Lessons learned? Challenges?

Condo financing and due diligence can be challenging but it's you should look to leverage all the established HOA and property management have in the form of systems, processes, and advice.

[Jason Brown]

Quote from @Drew Sygit:

So, what's your ROI and Cash-on-Cash?

Well I self manage but my CoC after reserves and vacancy is 11%.