First SFR Rental in Greenville,SC
The real estate market in Greenville continues to be hot. With decreases in inventory and increases in population prices have continued to quickly rise in the city limits. Being from the area, i feel as though i am hyper-sensitive to over-paying and may wrongly dismiss a few deals becuase of my familiarity with how things "used to be."
Location : A cool little neighborhood just outside of Downtown Greenville. San Souci Heights,29617
Financing: Used HELOC from my primary residence for 20% down payment on a 30 year mortgage
House had been on the market about 3 weeks longer than the homes around it for $99,000 in my opinion it "had the right things wrong with it." After going back and forth i was able to get the house for $88,000.
- Crappy Looking Green House in Backyard (Paid $1400 to remove)
- Hardwood floors were in very rough shape (Refinished for $1200)
- House had been vacant for 5 months and was just REALLY dirty (elbow grease)
AFTER 3 weeks and 3,000 ....
As a millennial my first thought was to throw the house on Facebook for rent, then do some real marketing later. I had so many people reach out that i actually raised the rent from 975 to 1050. Within 4 days i had the house rented for $1050 a month from this singular post...
My mortgage payment is $518 a month and i pay $135 dollars to service the HELOC. Right about 400 a month of cash flow.
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Nice work Mario! My wife and I just moved to the area in March and looking for our first SFR. We are working on getting to know the area. I guess sometimes knowing the area too well may be a detriment.