Miami Beach Studio Flip - Another one down for SF!

[Jason Brown]

Investment Info:

Condo fix & flip investment.

Purchase price: $60,000
Cash invested: $25,000
Sale price: $130,000

Finished flip in Miami Beach. Small studio in South Beach. Great area with potential AirBnB upside for buyer!

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

Price point was great. Needed a full gut rehab but the number worked out to a solid return.

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

Called a realtor about a unit in the building. Found out they had this unit that they hadn't even listed but was in pretty bad condition. Went immediately over to view it prior to them listing it and made an offer as I was walking out so it never got posted.

How did you finance this deal?

Paid for it cash.

How did you add value to the deal?

Full gut rehab down to the studs.

What was the outcome?

Closed December 30th. Was able to get my contractor in there the first week of January and turn it around for end of February. Took a little while longer than the SFHs that I normally do but was able to get a buyer at 130K.

Lessons learned? Challenges?

This was my first time investing in a condo and I definitely found the working around the co-op board and co-op president a little more involved than my normal SFHs that don't have any of those. Also when dealing with investments in this price range you need to make it as easy for the realtors as possible. I called the listing agent, went there myself to view it that same hour without him having to even go there and made him a cash offer on the spot that I had my agent immediately send to him.

[Jason Brown]

Didn't get the total pictures up in time. Here we go.