Student Rental #1 - Single-Family

[Account Closed]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $650,000
Cash invested: $180,000

First single-family purchase back in March 2020. I turned it into a student rental.

Light cosmetic work to the house since I purchased it. A interior renovation will be needed in the next 3-5 years.

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

Great market for student rentals. We run a 9 month lease and then 3 month beach rental.

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

It was right before COVID. I went under contract in late Feb 2020, it was sitting on the market.

I used a buyer's agent to represent me.

How did you finance this deal?

Conventional loan, 20% down.

How did you add value to the deal?

New floors, created another bedroom, created open floor plan in kitchen/living room, new paint job (interior and exterior).

What was the outcome?

Fully leased student rental for the last 3 years and looks like that will be the case for the next few years as well!

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

My lending company, AFC Mortgage Group!