Second Investment Condo

[Colin McCarthy]

Investment Info:

Condo buy & hold investment.

Purchase price: $120,000
Cash invested: $15,000
Sale price: $218,000

2 Bed/2Bath Condo a short stroll from the beach

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

A previous deal worked out well and we wanted to duplicate the success.

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

MLS, negotiated with local realtor.

How did you finance this deal?

20% down conventional

How did you add value to the deal?

Simple remodel and furnishing.

What was the outcome?

Unit was profitable from Day 1 on short term rentals and sold for a nice profit.

Lessons learned? Challenges?

1031 exchange is the preferred way to go when selling...wish i would have done it.