Just logging my first investment from back in the day...

[Jeff Grove]

Investment Info:

Single-family residence buy & hold investment in Lehigh Acres.

Purchase price: $75,900
Cash invested: $15,180
Sale price: $129,500

This was a condo I rented for two years. I got very lucky with timing. Shortly after a hurricane had some minor damage to some other units (the condos were built in the 80's), the condo HOA voted to become a 55+ community. Assuming this would significantly reduce a potential tenant pool, coupled with the scare of the storm, I decided to sell just before everything took a dump.

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

I financed a mortgage for my parents as they had previously bought in this community as a vacation home. After visiting, I realized I could buy a nice little condo where 20% down was only $15k. The rent carried the expenses and I used a local PM to manage. I did see the property, but only twice in 2 years.

How did you finance this deal?

Conventional. Took a 5/1 ARM at a great rate.

How did you add value to the deal?

I didn't.

What was the outcome?

My pockets got bigger. More luck than skill for sure, but I like to think I recognized the head wind causing my decision to sell and take the profit.