Updated about 3 years ago on . Most recent reply
Investing in Up & Coming Areas
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $410,500
Cash invested: $19,426
This 3 bedroom 2.5 bath single family home is in a rapidly growing area 5 minutes from the Park Circle neighborhood in North Charleston. The property was recently acquired and is rented by the room. Currently in the process of converting the garage to a forth bedroom/studio in order to add value to the property! Great potential to use for AirBnB, mid-term or long-term rentals.
What made you interested in investing in this type of deal?
Seeing the potential for future home appreciation and cash flow now!
How did you find this deal and how did you negotiate it?
During a time when all buyers were competing in over-ask & multiple-offer scenarios, this deal was found listed FSBO on Zillow. The seller had just fallen out of escrow and we swooped in and listened to what was most important to her! Sometimes money isn't always a seller's #1 motivation. The seller was moving out of state & couldn't take her furniture with her. In order to help alleviate this paint point this deal included a Bill of Sale for furniture in the home!
Most Popular Reply
Hey @Elise Watt,
Congrats on your project. It looks like you found a good one with some great income potential opportunity. Make sure your potential buyers know to work with a good mortgage broker that has DSCR programs because the short term rental lending space has been tightening up big time in the last few months.