Long-Term Rental in Sunset Beach, NC

[Killian Nowrey]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $235,000
Cash invested: $60,000

Pursued this off-market opportunity due to the shortage of long-term rentals in Brunswick County.

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

The lack of long-term rental supply.

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

Off-market property that was previously listed and expired.

How did you finance this deal?

DSCR loan.

How did you add value to the deal?

Fence, granite, and paint.

What was the outcome?

Exceptionally qualified tenant in place after 3 days of vacancy. Great positive cash flow considering the current market rates.

Lessons learned? Challenges?

I would opt out of "seller possession after closing" moving forward. Nothing bad happened, it just made showing the property more cumbersome.

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

Myself with Landmark Sotheby's International Realty, and MC Mortgage Group out of Wilmington for the DSCR loan.