In search of Advice for selling a house!

[Alex Fisher]

My parents own an Investment house in Columbia, SC. The Address is 1035 Karlaney Avenue, Cayce, SC 29033 located less than 5 minutes from campus and Columbia. . You can find it on Zillow.com listed at $164,900. Its been on the market Since September 2015 and has struggled to sell. My parents have owed the house for about 8 years in which they rented it out to me, and my brother, and friends whom all went to University of South Carolina. Its  a 3bd 1bath house with renovated kitchen, new windows, and new roof, and new insulation. I am in the midst of getting my real-estate license so I can make some personal investments. Its obvious the 1 bath is a big hindrance to buyers which my Mom doesn't want to put any more money into the house to add another bathroom.  Because I think the house its perfect for a rental, I considered the possibility of buying the house and putting about 10,000 for an additional bathroom off the back bedroom. I figured I could recoup some of the cost if I rented it out for a year to a few years.  As a newbie, my biggest fear is making a bad investment being 24 years old and putting my self in some hot stuff. So I am asking experts on their advice as far as what I need to consider before pursuing this house as an investment.  I figured I have an opportunity to get a good price for it because they are my parents, and my dad may even go in it with me so I am not stuck with the full burden of my first investment endeavor. Any ideas?

[Damir Kamber]

@Alex Fisher you want make your mistakes at 24 versus at 40. I say buy the house, add another bathroom and rent it out. Make some money while someone else is paying down the balance. What would the cash flow look like if you were to rent it out? Many different opportunities with a student rental. You can rent it per room, having one master lease and the person on it sub-letting the other rooms. I suggest you listen to the Real Estate Guys podcast about student rentals, lots of great information there. 

By adding the additional bathroom,  you will add value to the property and will be able to sell much easier once that time arrives.

Go get yourself your first deal!

Cheers,

Damir 

p.s. always always always make sure the numbers make sense before going into a deal!!