From a rental to a sale (2 years)

[Alex Sanfilippo]

In 2012 I invested in a foreclosure condo that needed a little bit of work (Under $6k.)

I initially did around $2k of work on it to get it to a livable state. I rented it for 2 years to students as it was near UNF campus.

Just after the 2 year mark, I had students that were graduating and moving away, at this point I did some market research and decided to sell the condo.

My main motivation for listing the condo was that it was the only one for sale in the development. I put $4k of upgrades into the place then listed it.

Within 24 hours I had more than 6 offers and 3 of which were cash offers that were for more than my asking price. (This turned into a bidding war.)

In the end I ended up making around 40% more than my initial investment.