PORT ST LUCIE FL

[Brett Fordsman]

Investment Info:

Single-family residence buy & hold investment in Port St Lucie.

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

Originally looking for a fix & flip. This house came with a tenant so we did a buy & hold.

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

The old fashion way. Through a newspaper ad from the owner. We negotiated the old fashion way too. At the bar, having a drink, A little back & forth & a handshake.

How did you finance this deal?

mortgage

How did you add value to the deal?

Landscaping was overgrown, the grass & weeds were out of control every where. Cleaned everything up & replanted. All new paint through out. New carpet in the bedrooms. Installed a wood accent wall in the master bedroom. Completely renovated the master bathroom. Minor renovations to the guest bathroom. The jacuzzi was a living space for fish/frogs so we refurbished it & put in an all new screened in porch. New backsplash, high hats & pendant lights In the kitchen. New sprinkler system. New AC.

What was the outcome?

It Paid for itself, we had some passive income, we lived in it for a little while & then we sold it after several years when the market went up.

Lessons learned? Challenges?

not to many challenges. I gave my last tenants a break because they were living with other family members. Owed me some money. Got to remember not to be so nice.

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

No, went directly to seller.