Single family rental in Charleston SC
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $224,000
Cash invested: $12,000
Third investment property purchased in mid 2020. Started as a primary residence and turned into a rental after a year and a half.
What made you interested in investing in this type of deal?
Continued to build investment portfolio.
How did you find this deal and how did you negotiate it?
I used a real estate agent to find this property.
How did you finance this deal?
Insured conventual financing.
How did you add value to the deal?
I lived in this property for a year and a half and then turned into a rental.
What was the outcome?
This is still a current rental of mine and continues to bring in strong cashflow each month.
Lessons learned? Challenges?
I learned the hard way to get sewer scope inspections with this property. Within a few months of living in the property we started noticing plumbing issues. Long story short and $10,000 later we had to replace the sewer line from the back of the house all the way to the front to connect with the city sewer.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes. I used Ashley Cochran with this purchase and she is amazing. She is also my property manager which makes everything super easy and convenient.