50 Needle Blvd - Space Coast, FL flip

[Cory King]

Investment Info:

Condo fix & flip investment.

Purchase price: $85,000
Cash invested: $13,000

Situated in one of Florida's most sought-after & growing markets. This condo is just 10 minutes to the world famous Cocoa Beach. For all the space enthusiasts out there, the Kennedy Space Center is just a short drive away, providing an amazing opportunity to watch rocket launches from poolside. Orlando & its theme parks are 50 minutes door to door.

It is a non-warrantable condo meaning that some loans are limited. Best is either cash or some banks will allow for a 2nd home mortgage, although it's generally 25%-30% down payment. Movement mortgage quoted me at 30% down.

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

ROI was great. I grew up in the area so I was familiar with it and knew it had a great upside as a flip or as a buy and hold

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

came through my sphere. Basically a friend of a friend

How did you finance this deal?

Private Money. I went to initially buy it as a 2nd home, but it required 30% down total and that extra 10% was basically my reno budget so I pivoted to private money to take down and flip.

How did you add value to the deal?

New flooring, paint, fixtures, some appliances

What was the outcome?

Listing on the market this week.

Lessons learned? Challenges?

Working with a new contractor was overall a solid experience. I've learned how to better set expectations up front and over communicate.