All Forum Posts by: Erik Benitez

Investment Info:

Condo buy & hold investment.

Purchase price: $215,000
Cash invested: $60,000

A 2 Bed 2 Bath Condo in the heart of West Palm Beach, FL.

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

We are looking for long-term rental properties or university housing. (We are very close to Palm Beach Atlantic University)

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

MLS. On the first day on the market we sent an offer in with our real estate agent offering 15K over asking.

How did you finance this deal?

Standard financing with 20% down.

How did you add value to the deal?

Still in the works but we are going to do a fresh coat of paint, remove the popcorn ceiling, update ceiling fans and service the HVAC system.

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

The Albert Team is who helped us get this property!

@JD Martin Thank you. Good to know on the title search!

Just had a seller remove a line from the contract which states that the seller is responsible for all open or expired permits and any liens on the house. Went back and forth with them. Checked public records, all permits were closed. They would not leave the liens clause in. I even asked if they could tell me for sure that there wasn’t any outstanding liens and if there wasn’t I would sign the contract as is. They decided to cancel our transaction and select another offer. In this situation, do you believe they were trying to hide that fact and maybe pawn off any liens to the buyer? Never had this happen before.