Augusta, GA Investment within 1 Mile from Augusta National Golf Club

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $224,000
Cash invested: $50,000

Long term rental with STR availability for the week of The Masters.

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

This was a property that we were watching for a long time. We loved the location of this property, and when we had the opportunity to jump on the deal, we took it!

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

We found this deal through Zillow and were watching the property for over 6 months. The seller was distant from the property and it was clear that the property had essentially been let go. We knew we could come in and bring it back to its potential, which allowed us to negotiate the price from $275k down to $224k.

How did you finance this deal?

We financed this deal with a DSCR loan while using funds within our network to pay for the downpayment.

How did you add value to the deal?

There were lots of cosmetic issues with the home as it had not been taken care of the last year of the seller's ownership. We were able to do cosmetic work to bring it back to its potential, as well as updating the bathrooms and furnishing the place to beautify all of the rooms.

What was the outcome?

We have a successful long term rental that also allows us to rent the home to patrons during the week of the Masters through a clause in the lease.

Lessons learned? Challenges?

We knew that we were purchasing a property that had not been maintained in the last year. This of course brought additional challenges during renovations as we found small things that needed repair, like some plumbing items, drywall replacement, etc.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Sarah Chapman was an amazing realtor during this transaction and we look forward to continuing to work with her for more deals in the future.