Ormond Beach condo on the beach...

[Ric Morris]

Investment Info:

Condo commercial investment investment.

Purchase price: $390,000
Cash invested: $100,000

Seawind's Condo on the NON-drivable beach with balcony facing the ocean. South end unit, 1,200 sq ft with 2 bed/2 bath (bathrooms renovated recently.) New windows and slider installed, removed popcorn ceiling, repainted entire condo and replace all outdated lighting fixtures. Condo came fully furnished, but updated when needed with new beds in guest room, refrigerator, dryer and various other decorated items.

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

Wife and I wanted a property on the beach to enjoy ourselves and rent it out when weren't using it.

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

We spent months looking for the right property and found a couple, but we were slow to put a bid in and it cost us in obtaining it. When our realtor found out this property was available, we were the first to see it and put in a bid the next day. We counter the original offer (400k) and then they recounter with with 390k and we accepted.

What was the outcome?

Still own it and rent it out consistently 11 months of the year. We usually hold one month for ourselves. Most of the renters are month long, but this Fall we had to use AirBnb to fill it up.

Lessons learned? Challenges?

Even though we thought the HOA was properly preparing for the future, no one saw the condo collapsing in Ft Lauderdale would cause the ripple effect in regards to updating the property. Massive assessments along with increasing HOA dues has really put financial concern on whether to keep it or not.