89k Naples Condo - Buy, Hold, Flip - 40k profit

[Ariela H.]

Investment Info:

Condo fix & flip investment in Naples.

Purchase price: $89,500
Cash invested: $109,500
Sale price: $159,900

We bought this condo with a tenant in place. It was dark and sad looking but was in a great location with decent amenities. Once the tenant moved, we renovated and furnished the apartment. We used it as a short term rental and then sold.

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

Great price and location.

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

MLS

How did you finance this deal?

Cash

How did you add value to the deal?

We were resourceful in doing a cheap renovation with beautiful results.

What was the outcome?

Easy to sell, 40k profit.

Lessons learned? Challenges?

Condo maintenance fees were relatively high, made it a less attractive property to continue to buy and hold.