All Forum Posts by: Lorena Correa

Investment Info:

Townhouse buy & hold investment in Orlando.

Purchase price: $193,000
Cash invested: $6,000

Contributors:
Omar Correa

Bought this townhouse with a conventional loan 25% down. Invested $6000 in new plumbing and painting. Has been rented since day one.

Investment Info:

Townhouse buy & hold investment.

Purchase price: $193,000
Cash invested: $6,000

Bought this townhouse with a conventional loan 25% down. Invested $6000 in new plumbing and painting. Has been rented since day one.

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

Low monthly maintenance fees, great location, great schools, and highly rentable area.

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

Found it on MLS. We put an offer on it and a different offer was accepted, we left our offer as a back up. The previous offer fell through and we moved on to secure financing. We were able to negotiate closing cost assistance in order to cover for the replacement of the plumbing.

How did you finance this deal?

Conventional 25% down.

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

Myself I am a full time real estate agent. My lender was Ana Alvarez from The Mortgage Firm. I received a great Interest rate and closed in 20 days.

Investment Info:

Single-family residence buy & hold investment in Novato.

Purchase price: $129,000

I bought this home in 2011 to use it as a primary and in 2020 I decided to buy another primary and made this one my first long term investment. So far I am happy with the results.

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

Location is great. Very close to main highways and its a corner lot on a cul-de-sac. Rental return in this area is very profitable since in addition to the location the schools are great and there is no HOA in this community.

Investment Info:

Single-family residence fix & flip investment in Orlando.

Purchase price: $135,000
Cash invested: $10,000
Sale price: $185,000

This was a shortsale deal. It took 8 months in process from the day the offer was submitted until the day that my purchase was finalized. Once I closed, it took me 6 weeks to rehab and then we put it live on the market. It sold within 2 weeks.

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

I am a realtor and I believe on what I work on!

How did you finance this deal?

Conventional financing

How did you add value to the deal?

I added full interior paint, changed all baseboards, remodeled kitchen.

Lessons learned? Challenges?

I should've kept it as a rental for 2+ years in order to avoid paying capital gains.

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

I am a real estate agent and so is my husband. We are active members of the Orlando Regional Association of Realtors. I used Bank of England for my financing.