Beach front Studio in Sunny Isles Florida

[Julio Ramon Barcelo jr]

Investment Info:

Other buy & hold investment.

Purchase price: $75,000
Cash invested: $75,000

Studio in beautiful sunny isles beach Area. currently on airbnb and homeaway from home and rent privately through an acquaintenance I made looking for another deal. going very well . This was a cash deal ( not my favorite nor will I ever do it again) but has been going well and was determined to close on a deal this year. going very well cash flowing 1000-1500 a month after all expenses paid offering beach front experience at more than affordable price. HOA comes out to 751 ( I know expensive) however building wont be around for too long with new development growing in the area. The future is bright

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

South Florida Market is very challenging and after looking at over 100 analyzed properties finally found a property where the numbers made sense.

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

Found it not even looking actually. Looking at xome one day and called Listing agent and went to go see it. I live 5 buildings south so managing the property wasn't going to be difficult. negotiated hard as possible. pretty much consistently asking that my closing fees be paid and also offering to close as soon as possible

How did you finance this deal?

cash deal

How did you add value to the deal?

added more kitchen utilities small details that gave the studio life.

What was the outcome?

cash flow very happy 4-5 more of these and trump my pharmacist salary :D

Lessons learned? Challenges?

first property purchased learned about how to close a deal the steps necessary to actually get to the closing association ups and downs but very happy to have learned this early. also learned the power of airbnb.

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

I just focused on all the bigger pockets books read them all took notes. also watched videos on how to analyze deals. and applied everything I learned and kept analyzing 1-2 properties a day and then found one. I highly recommend you buy those bigger pocket books and study them. Dedicate yourself to life time learning but also apply what you learn and take action and run the numbers correctly and always continue to learn and grow.