LTR in Panama City Beach #2

[Yolanda Salas]

Investment Info:

Single-family residence buy & hold investment in Panama City Beach.

Purchase price: $130,000
Cash invested: $60,000
Sale price: $249,000

3/2 DSF in established beach & golf-cart friendly neighborhood.

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

Added property to my portfolio plan after the RE market crash to create income cash flow.

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

Realtor

How did you finance this deal?

Conventional financing 20% down

How did you add value to the deal?

This home came with a lease contract that expired a few months after closing, with rent at $1200 a month. After the tenant vacated, additional minor repairs to get the home ready for rent, included paint, landscape. Later improvements during tenant turnover, new living room flooring and new roof. When decision was made to sell the property and tenants were out, remodeled kitchen cabinets, added granite, and new bath vanities, improved exterior siding.

What was the outcome?

Good cash flow during the hold period and decent cash on cash return overall.