1 Bedroom/1 Bath Condo Ocean Front Upper Keys

[Melanie Horowitz]

Investment Info:

Condo buy & hold investment in Tavernier.

Purchase price: $235,000
Cash invested: $90,000

Vacation Rental Investment Property - Self Manage

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

The ROI on short term rentals.....

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

I was the listing agent on this property when Hurricane Irma hit. A lot of units were damaged within the condo complex and prevented all owners from renting them out for 6 months. So, I bought at a good price from the owner.

How did you finance this deal?

It's a condo/hotel and only a portfolio loan with 25% down is offered.

Lessons learned? Challenges?

I redid the floors and bathroom at a cost of $13K and added over $50k to the value. I decided to do the work the moment the country shut down due to covid......the contractor took one month longer than the two weeks she quoted me. Thankful that we were still in lockdown and weren't allowed to take tenants.

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

I'm a realtor that specialized in investment properties in the Upper Keys.