Investment Info:
Condo buy & hold investment.
Purchase price: $360,000
Cash invested: $36,000
Sale price: $525,000
We owned this for just over a year. It served as a short term rental and vacation home. Our profit on the sale was over $150,000.
What made you interested in investing in this type of deal?
We were looking for a place to make memories for our family and also make some money!
How did you find this deal and how did you negotiate it?
We found it on the MLS and offered above asking price, and asked the seller to pay for our closing costs so we could limit out of pocket expenses.
How did you finance this deal?
A vacation home loan.
How did you add value to the deal?
Literally nothing. We bought it turn key and it rented from day one.
What was the outcome?
A cash flowing STR. We only held it for just over a year bc we got an offer market offer of $525K (purchase price of $360K!). Since the HOAs kept increasing the dues, we decided to sell.
Lessons learned? Challenges?
HOAs take away a lot of the control that we like to have on our real assets. We sent the money but we didn't feel great about the management and allocation of that money.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Caleb Drake sold this for us and it was the easiest transaction EVER!
