Winter Park Starter Home

[Michael Gangemi]

Investment Info:

Condo buy & hold investment.

Purchase price: $235,000
Cash invested: $11,000

2 Bed 2 Bath
1068 Sqft
2 on suite bathrooms
2 HUGE walk in closets
New Roof
New AC
New Water Heater
New Floors
New Dishwasher
New Plumbing

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

We needed a new place to live and I was seeing traction in my real estate business so we took a leap of faith and it paid off!

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

My girlfriend and I were renting because we were new to Orlando. The association raised the rent form $1,400 to $2,000 over the course of a year. Instead of paying the inflated rent prices I doubled down on my calls as an agent to gain more capital for a downpayment. We got the money together and got beat out on offers for months until FINALLY we found THE ONE. This home spoke to me and I knew it would be a steal to pick up this charming villa style condo for $235K with a back yard!

How did you finance this deal?

Hometown heroes program in FL. $25,000 or 5% Downpayment assistance

How did you add value to the deal?

We structured the deal to where the seller (foreign national) was able to walk away with more money at the end even though he was going to be subjected to higher taxes.

What was the outcome?

Within 4 months of living in our new investment home, our neighbor sold his outdated unit for $30K more than what we paid

Lessons learned? Challenges?

Follow your intuition and never stop buying real estate