8% Cap- Condo in North Miami Beach Fl

[Massiel Villar]

Investment Info:

Condo buy & hold investment.

Purchase price: $136,000

1/1.5 condo converted into 2 bedrooms. Maintenance is $265/mo.

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

This building is well maintained and keeps a low maintenance fee. It is a walk away from Sunny Isles Beach which has been developed for the rich and the famous. Hopefully one day this building will be bought out by a developer as this entire area is headed down that path.

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

I am a realtor. I found this deal as soon as it was posted to the MLS by the listing agent. We were under contract within 24 hours.

How did you finance this deal?

cash.

How did you add value to the deal?

removed the tenant who was paying below market price for one paying market price.

What was the outcome?

Rental income went from $14400 to $16500.