Post hurricane purchase

[Tim Garrett]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $30,000
Cash invested: $46,600

I purchased this property six months after hurricane Florence. The property never flooded prior to that hurricane and I was able to include the vacant lot next door in my purchase. It was on the MLS but our market was full of flooded home inventory so this one sat. 1,600 SF 3/2, this has been an easy home to rent out.

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

The property worked both as a rental or a flip. I prefer value levels that allow both strategies to work if the market softens.

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

It was on the MLS, there wasn't much strategy other than making an offer with a quick closing.

How did you finance this deal?

Cash

How did you add value to the deal?

Major cosmetic repairs and upgrades.

What was the outcome?

Home is currently rented for $1,100 monthly. Estimated value of $130k and total cost of $76k.

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

Jason Sanderson at Keller Williams was my buyer’s agent and is also my leasing agent.