Applying what I'm learning to expand Family Portfolio

[Gheriane Ulysse]

Investment Info:

Single-family residence buy & hold investment in Port Saint Lucie.

Purchase price: $222,600
Cash invested: $222,600

My family owns this investment property outright; bought in 2006. It's a beautiful rental property with a long time-month to month (13 year tenant) who takes care of everything--hence below market rent; the call for repair we've had was replacing the HVAC 2 years ago in 13 years. On the market for $240,000- Lease-Option, and Owner Financing possible.

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

I did not personally invest in this property. My parents did. However, now that I am studying, researching, learning and ready to apply I am looking to expand our portfolio. Selling this property would be step one in my official investing journey.

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

Father bought it cash, I am not aware of negotiations.

How did you finance this deal?

Bought Cash.

How did you add value to the deal?

Tenant has changed flooring, paint, cabinets, and maintains lawn.

What was the outcome?

On the market for 25 days; possible outcome: seller financing , Lease-Option, or sale and purchase more through 1031 exchange.

Lessons learned? Challenges?

I am listening to podcasts, reading, watching videos to reduce the number of mistakes, and be able to quickly analyze where I went wrong. Looking forward to the entire process with this property before repeating it with our second rental.

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

Our seller agent is Namika Mark, she's been great so far. She answers when called, or returns call in a timely manner. Answers my questions to the best of her ability, and is not ashamed to state she must consult with someone if she's not 100% sure about the answer.