Cash Flowing Condo Units in Orlando FL

[Mark Hasham]

Investment Info:

Single-family residence buy & hold investment in Orlando.

Purchase price: $59,000
Cash invested: $59,000

I own 3 Condo Units in Orlando Area. All paid in cash.
I know they have Condo fees, but Im still able to cash flow.
I didn't want a mortgage, so I paid cash for each one .
Im going to expand now to buy properties with Financing, but looking for deals so that thy would cash flow.
Currently, my goal is to have passive income from my rental units to support my monthly expenses by 1.5 This would allow me to breath easier, in case rents fell, or if I had a vacancies

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

To generate Passive income. I didn't want to get a loan, I wanted to have peace of mind that it's all paid for.

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

I was enrolled in a mailing list of some whole saler in Orlando area. I don't live in Orlando, but I am only 3.5 hours away. So, I decided to take a chance.
During wholesale - you cannot negotiate. But the wholesaler showed me comps where I was still paying 15-20% lower than what they were selling.

How did you finance this deal?

I paid cash for them. No financing.

How did you add value to the deal?

I added value by making small rehabs (5K) Some needed just paint job, others needed new appliances (which I actually bought off of Craigs list) and some needed a new AC unit

What was the outcome?

I rented them within 5 days, I got a ton of responses for rent. I kept rent slightly below market (by $25) and I could pick the best ones. They are all cash flowing.

Lessons learned? Challenges?

The contractor I hired for my first Condo were really bad.. I learned not to hire off of Craigs list. I was also not there to supervise. Also, association rules needed to be abided by- example, No work could be done on Sundays.

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

I only worked with my Wholesaler. It has been 2 years, and all three condos have doubled in value. So, I feel like I got in the right time. Im still looking to get more deals (finance them by getting some of my equity out of the 3 Condos and buying more.