Buy & Hold Condo in Norfolk, VA

[John Baker]

Investment Info:

Condo buy & hold investment in Norfolk.

Purchase price: $110,000

Renovated condo directly across from beach, with boat slip included in price.

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

Attractive price point and potential cash flow in an up-and-coming area of Norfolk with close access to beach and bay in that area. Inclusion of 25k from HOA to upgrade boat slip.

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

Local RE agent working with my associate provided this opportunity.

How did you finance this deal?

Conventional loan

How did you add value to the deal?

25k included from HOA for boat slip repair. Unit is currently occupied but we will add a washer/dryer and replace/update appliances as needed when tentant leaves. Also plan for cosmetic updates and minor repairs.

What was the outcome?

Occupied through Sep, 2020, then will be renovated and re-listed as a rental.

Lessons learned? Challenges?

Unique (to me) where the seller wanted to stay in the unit for several months as a renter. It'll be a few months before we can go in and assess any renovations fully though they are expected to be primarily cosmetic.