First Deal in Greer SC

[Aaron Cook]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $88,500
Cash invested: $50,230 (Down payment, closing cost, plus rehab)

First investment property - completed the rehab in the middle of quarantine while also going to school at night.

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

Had to get started somewhere and a single family home seemed like a "simple" place to start.

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

MLS and hired a real estate agent who is also an investor.

How did you finance this deal?

Bank financing - 30 year 4.6 fixed rate.

How did you add value to the deal?

Completely rehabbed both bathrooms, half the kitchen, new flooring in two rooms, painted entire house, replaced roof (got a hail storm that helped pay for it!!)

What was the outcome?

ARV of 145,000 and renter in place at 1125 per month. Rehab would have been finished in 1.5 months however the cabinets we ordered got delayed due to Covid. The entire rehab was 2.5 months.

Lessons learned? Challenges?

Time, time, time! I wanted to rehab as much as I could my self, I didn't realize how much time every single little project takes. Huge impact on family life, sleep, etc...

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

Yes