Investment Info:
Townhouse buy & hold investment in Hialeah.
Purchase price: $155,000
Cash invested: $155,000
2 Bed 2 Bath turn in key condo
What made you interested in investing in this type of deal?
2 tenants with Section 8 on waiting list. Seller truly believes in section 8 program when used correctly and put me in touch with those people before negotiating the deal.
How did you find this deal and how did you negotiate it?
Peter my Realtor is a friend of the seller for many years. Peter helped my wife cousing buy a condo in this complex and that is how I made the connection with Peter.
How did you finance this deal?
Cash
How did you add value to the deal?
I told the seller that I would do my best to always provide tenants with the best conditions in this unit. Seller wanted me to help an specific single mother and her authistic son live in this unit because her mother lives in the same building. He said to me, "She really needs help".
What was the outcome?
We had a verbal agreement on this and seller accepted my offer.
Lessons learned? Challenges?
To always ask the seller agent if there is anything in specific the seller would want me to do with property. Often times Landlords worry a lot about their tenants and develop relationships over the years.
The challenge I had was not knowing anything about Section 8 program and having to educate myself very quick.
I plan on keeping my promised and only have tenants with section 8 in this unit. Only if section 8 is used correctly.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes.
