Townhome in Palm Beach Gardens

[Tim Healey]

Investment Info:

Single-family residence buy & hold investment in Palm Bch Gdns.

Purchase price: $150,000
Cash invested: $50,000

2 Bedroom Townhome. Updated it this year after it was rented for 3 years, increased rent, excellent cash flow.

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

Cash flow.

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

MLS. Pretty typical process, but back when deals were easier to come by

How did you finance this deal?

30 year Mortgage

How did you add value to the deal?

Renovated 2019; floors, kitchen, paint, appliances

What was the outcome?

The rehab enabled a rent increase from $1505/mo to $1750/mo

Lessons learned? Challenges?

Definitely could've handled the timing on the renovation more effectively. That was a product of me not making decisions regarding sell or keep quickly enough.

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

Yes. I have a local realtor who I met through friends. He seems willing to go to just about any length to help out (he handled all the renovation work and through his contacts got me prices on painting, kitchen etc that were incredible).