2 BR, 2 BA Condo Unit on the Beach

[Robert Carlson]

Investment Info:

Single-family residence buy & hold investment in Fort Walton Beach.

Purchase price: $150,000
Cash invested: $10,000

2 BR, 2 BA, 1100-square-foot single family condo unit in 60 member complex on the beach. Not yet profitable, because of the expensive association fees. I hope for this unit to be profitable within the next 2-3 years with the improving rental market conditions in the area. Asset has doubled in appreciation though, so it is not all bad. I at some point will refinance, take extra cash out, and invest in other properties after doing the correct math and using Bigger Pocket's calculators and my own thorough research.

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

This used to be my primary residence. Converted it to a rental property after moving out. Did about a year of research for condos on the beach in this area before finding a great deal. This unit is also in a condo complex built of reinforced concrete and has easily survived many Cat 3 hurricanes. It is also on the 3rd level, making it flood resistant. 

[Robert Carlson]

Hi @Account Closed, great to hear you are cash flowing in FWB despite the substantial HOAs! Unfortunately, I just did not set myself up right for great rental numbers to start after I moved out of the area...while I was there as a primary resident in my condo, I took out too much equity too quickly and really did not consider the next moves. However, I think I can get positive in the next few years and think it is worth holding on to. Thanks for letting me know there are deals in Navarre. I know that area well, having lived in Gulf Breeze for a while after living in the condo on the beach in FWB. 

Wish you the best in finding the perfect BRRRR deal there!

- Bob