Buy and Hold Rental In Rock Hill SC

Charlotte, NC · Member since 2016 · 4 posts · 2 votes

Investment Info:

Single-family residence buy & hold investment in Rock Hill.

Purchase price: $177,000
Cash invested: $15,000

This is a property I purchased with 5% down as my primary residence in 2018. I have moved and I am placing a tenant soon at $1500/mo rent plus pet rent if they so choose. My mortgage PITI is $998/mo.

What made you interested in investing in this type of deal?

Trying to grow a long term portfolio of rentals as a way to build a solid monthly cash flow and long term wealth.

How did you find this deal and how did you negotiate it?

Found on redfin/zillow, bought through an agent.

How did you finance this deal?

Traditional mortgage, 5% down

Lessons learned? Challenges?

Still learning :)

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Chris Lounsbury

Real Estate Agent · Rock Hill, SC · Member since 2014 · 86 posts · 46 votes

@Jenny Roman i have a few contacts in the area. Im a property manager here so i know a few of the local vendors. Unfortunately most of the top skilled guys are still getting paid top dollar to do work in Clt so most dont really entertain small jobs here. But if you are looking for a small city poised to grow in the nearish future that is part of a major metro, i would say Rock Hill is a great spot. PM me if you want to talk more. Always happy to help.

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Chris Lounsbury
Real Estate Agent · Rock Hill, SC · Member since 2014 · 86 posts · 46 votes
6y
Have you run through the calculator Taylor? Will it cashflow when considering all other expenses? Are you trying to make this a cash-flowing asset or just want to experience appreciation on back end? Just curious about your strategy as I too am in the Rock Hill area and always interested in how others are performing here!
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Jenny Roman
Lender · Member since 2020 · 89 posts · 69 votes
6y
@Taylor Byrd @Chris Lounsbury Sounds like it is an area to focus on for future projects. Are there a lot of available and serious contractors or are you both innate handymen?
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Taylor Byrd
OP
Charlotte, NC · Member since 2016 · 4 posts · 2 votes
6y
@Chris Lounsbury I am going to reserve 10% of the rent for CAPEX and I am managing the property myself so it will cash flow positively a few hundred bucks. I don't really need the cash flow for my everyday expenses so it will be saved / invested for future investments.

@Jenny Roman there are several properties that are for sale in that neighborhood and with the Carolina Panthers moving their headquarters to Rock Hill, a few miles away, the area will certainly see appreciation and growth. This property did not need much if any work. I changed fixtures, painted, etc.
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Chris Lounsbury
Real Estate Agent · Rock Hill, SC · Member since 2014 · 86 posts · 46 votes
6y
@Jenny Roman i have a few contacts in the area. Im a property manager here so i know a few of the local vendors. Unfortunately most of the top skilled guys are still getting paid top dollar to do work in Clt so most dont really entertain small jobs here. But if you are looking for a small city poised to grow in the nearish future that is part of a major metro, i would say Rock Hill is a great spot. PM me if you want to talk more. Always happy to help.
1 Reply
Ron T.
Investor · Sharon, SC · Member since 2014 · 77 posts · 40 votes
6y
Dont forget your property tax will increases by 2.4x in York Coutny with it not being your primary residence.
Ive seen several people make that mistake and get hit with a huge surprise at year end that screwed up cash flow.
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Taylor Byrd
OP
Charlotte, NC · Member since 2016 · 4 posts · 2 votes
6y
@Ron T. Thank you for the reminder!!
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