Beginner Buy & Hold I Have In Orlando, FL

[Christian Salvo]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $44,900
Cash invested: $3,000

This is a 2 bed 1 bath first floor unit near the airport (MCO) in Orlando. It has been renovated twice, once when I purchased (mainly bathrooms) and again in 2018 after a tenant left the kitchen in very bad condition.

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

Was a very very good price near the airport of Orlando (MCO)

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

A family friend who used to be a realtor helped me find it. The seller was very motivated to get rid of it so cash up front was very appealing to them which helped us get a price decrease.

How did you finance this deal?

The will of a deceased family member

How did you add value to the deal?

Recently we put in new kitchen counter tops, refinished the cabinets, painted the entire apartment. When we bought it we put in vanities and vinyl flooring in the bathrooms.

What was the outcome?

The unit has been occupied since I bought it and has been a pretty good source of passive income.

Lessons learned? Challenges?

Pay very close attention to the condition of water heaters and air conditioners. The water heater was bad when I bought it and cost me $1,200 straight out of the gate. Other than that, be sure to check up on the property periodically if you are self-managing. The previous tenant treated the kitchen very poorly and I did not know until I reviewed it when their lease was up. I kept the deposit though which covered about 80% of the renovations I ended up doing.