Wholesaler / Agent / Buyer the Trifecta

[Rich Vidot]

Investment Info:

Condo buy & hold investment.

Purchase price: $90,000
Cash invested: $112,000

No HOA (dissolved in the 1980's) one story 2 units per building and 9 buildings total. 2 bed 1 bath with attached garage. Recent sale in subdivision $245,000 with no garage.

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

No HOA , near the beach and across the street is the city of Lake Park boundary line.

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

It was a cold call from my investment company cold caller.

How did you finance this deal?

I used hard money for half and paid it off in one year.

How did you add value to the deal?

New CAC, added a door, impact window and mini split AC to the 2nd bedroom. New washer and dryer, toilet and garage door opener.

What was the outcome?

It is now a rental.

Lessons learned? Challenges?

The AC worked at the final walk through but the next day it was hot. Get good inspectors to inspect your properties before you close.

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

I personally [on behalf of my company Hit Life Harder LLC DBA Oasis Property Investments] did all the paperwork and negotiations. This was an off market direct to seller purchase.