Miami Beach 1BR condo - What an intro to becoming a landlord!

[Stan Ossias]

Investment Info:

Condo buy & hold investment.

Cash invested: $60,000

656 sq foot, 1 BR Condo

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

inheritance

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

inheritance

How did you finance this deal?

Bootstrap financing

How did you add value to the deal?

Gutted and renovated the entire unit

What was the outcome?

Work in progress. Taking longer than anticipated to complete the renovation due to unforseen technical challenges

Lessons learned? Challenges?

Central A/C is damaged beyond repair and needed to be replaced, which can't be done economically or with coopperation of the HOA and other neiighboring owners. Many months of costly vacancy, local market rent & resale deteriation, special assessments, property taxes and maintanance fees suggest a quick sale would have been the wise thing to do 2 years ago.

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

Yes and no. We had advice from real estate agents, contractors, friends and lawyers from other regions.