Couple’s $360K condo deal now earns $4,530/month
A Florida couple, Ted Garber and Jamie, purchased three occupied condominiums for $360,000 in 2022. These properties, located about 90 minutes away from their home, have since generated $4,530 in monthly rent, marking a profitable investment for the long-distance duo. The purchase price allowed the Garbers to buy the condos at slightly more than 1% of the purchase price in rent, meeting one of their investment criteria.
The three condos were initially listed for between $390,000 and $400,000, and Ted managed to negotiate the price down to his target of $360,000.
Financing the $360,000 purchase was done through a commercial loan, which was amortized over 20 years with an interest rate of approximately 5.5%. The couple invested $113,548 in total, including a 25% down payment and transaction costs. Upon purchasing the condos, they brought in $3,675 in combined monthly rent. Presently, the properties generate $4,530 in monthly rent, reflecting a positive return on investment despite higher HOA fees and insurance costs.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
