Buy & Hold St. Petersburg, FL

[Alci Martinez]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $232,500
Cash invested: $45,000

Beautiful fully renovated Shore Acres 2/1.
This house really stands out on the block with the new bright paint scheme! Gotta love the yellow doors!
Large driveway with covered carport. Plenty of space for several cars.
Easy access to the Shore Acres recreation center and the new middle school.
A short drive to the new Whole Foods and the 4th Street corridor.
Spacious open great room plan with all the bells and whistles!
The first thing you notice is the amount of natural light!
All of the doors and windows are new.
All new distressed grey luxury vinyl throughout with freshly painted walls and new baseboards.
Amazing updated kitchen with large island with storage. Tons of upper and lower new oak cabinets and counter space with custom granite counter tops.
New full size high end stainless appliances that include a mounted microwave and dishwasher as well as new fixtures. The designer slick grey backsplash really ties the kitchen together nicely.
Full size new LG top loader washer and LG dryer.
The floor plan is split with the full size bath in the middle of the 2 bedrooms which adds to privacy.
The spacious bedrooms are off the back of the house with views of the backyard.
The custom bath is amazing with huge over sized vanity with lots of storage.
Large stand up shower with designer tile and built in seat. All high end fixtures as well.
There are 2 covered paved areas out back to enjoy the cooler summer nights.
Fully fenced in yard with access on both sides.
This property also has a brand new AC system.
Available for an immediate move in.

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

The area is very desirable, great schools, restaurants, shops and major airports close by. 12 mins from downtown St. Pete and beaches.

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

I found it through my realtor. We came in all cash and waved all inspections and contingencies. Title cleared and we were closed in 8 days.

How did you finance this deal?

I used a private lender, BackFlip. They are great and very easy to work with.

How did you add value to the deal?

Complete renovation. New kitchen, bathroom, counter tops and appliances throughout the home, including new HVAC.

What was the outcome?

Great! ARV is $386,000.00

Lessons learned? Challenges?

Act quick, these type of deals are always available but to the ppl that are willing to act fast.

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

Yes, Mustafa Lakadawala from Clarke Realty (local to St. Pete), BackFlip (private lender) and Capital Construction (FL licensed GC)