600 Woodrow Street. USC college rental

[Jeff Floyd]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $200,000
Cash invested: $50,000

3BR, 3 Bath,

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

Daughter was going to the University of SC and wasn’t excited about paying 30k for room and board over 4 years. Now my second child will be staying there for the next 4 years. 2 other rooms covers all expenses.

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

Appraiser told me about it the day it hit the market. Say it would be a great investment. Worth 290k-300k today.

How did you finance this deal?

20% down. Additional 10k for lite renovation and purchasing furniture.

How did you add value to the deal?

Updated unit

What was the outcome?

Been fully rents since purchase.

Lessons learned? Challenges?

Should’ve bought more before now!

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

Since the appraiser found it and he was licensed I let him place the offer through him. My wife is now a realtor so hoping to use her for future deals unless someone brings me the deal.