First investment property

[Tyler Ellis]

Investment Info:

Condo buy & hold investment.

Purchase price: $175,000
Cash invested: $6,000

This is my first investment property. I've been living here since I closed on the property back in Sep 2020, right before the market spiked down in South Florida. The original plan was to live here for a bit while I saved some capital for my next investment property but may now be open to 1031 exchange it into a bigger investment property, like a multi-family. Unit is a 2 bed 2 bath, 1,200 sq. foot condo in Sunrise, FL.

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

Good location near schools, list price was reasonable, kitchen/dining room/living room renovated recently but still had some other rooms/features that needed some work (master bath, windows, etc.).

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

Real estate broker. Listed for 185k and accepted offer for 175k.

How did you finance this deal?

8.75% down + 3.25% conventional

How did you add value to the deal?

Replaced every window in unit with hurricane impact windows, repainted. replaced light fixtures, replaced water heater.

What was the outcome?

Still living here.

Lessons learned? Challenges?

None yet.

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

Probably wouldn't recommend any of them to be honest.