Single-family residence buy & hold investment.
Single family dual masters 2br/2ba in Goose Creek
What made you interested in investing in this type of deal?
This was my first deal, so I definitely didn't apply the skills that I've since learned in Bigger Pockets. I bought a SFR with a VA loan for 111,500. PITI is 625. I lived in the house for six months before I got orders to Florida. I now rent it out for 1150.
How did you find this deal and how did you negotiate it?
I used an agent. The biggest thing that attracted me to the house was that it was significantly less than most areas in Charleston. While other naval officers were paying 1100-1200 in rent, I was paying half the price.
How did you finance this deal?
How did you add value to the deal?
Mmmm... I don't know if I did this part as much
What was the outcome?
I make about $500/mo
Lessons learned? Challenges?
Property managers are difficult to find in the Charleston area
Cool! Congrats. Don't forget to add in for vacancy, repairs, etc. Probably cash flowing more like 200-300 with that but still sounds like a sound investment in a growing area. I would imagine you'll benefit from appreciation over time.
In Goose Creek, I imagine she's already appreciated. Pretty much everything under 175k in GC sells in 1 day with multiple over list offers.
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