Updated almost 4 years ago on .
Second of a Long Journey
Investment Info:
Single-family residence buy & hold investment in Spartanburg.
Purchase price: $47,000
Cash invested: $6,000
Found this home on the MLS and made a sight unseen offer with a 24 hour due diligence period to ensure I had a chance to walk through it before it truly became official. Everything worked out and we have great tenants in there now!
What made you interested in investing in this type of deal?
I knew the location and what the value of the property had in it.
How did you find this deal and how did you negotiate it?
On the MLS. Had rapport with the agent listing it so it was a great negotiating topic of being good for the purchase.
How did you finance this deal?
Conventional Loan
How did you add value to the deal?
New HVAC unit and bathroom flooring. $6k.
What was the outcome?
Everything functions great and the home is a great addition to the portfolio
Lessons learned? Challenges?
Never be afraid to go after what you believe in. But always have a safety net attached. (Sight unseen purchase and all with the due diligence attached)
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Myself!
- Austin Grant McDowell