Small all brick beauty in growing community

[Kathryn Zellers]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $89,000

This is a single family, 2 bed/1 bath, all brick home on a half acre lot in Newberry, SC. Newberry is a great town with manufacturing coming into the city and a community college that all support rentals in this market.

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

We actually sold the seller the home three months prior and knew the home was in great shape!

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

The seller was a past client and found himself needing to move out of town to be around family due to a bad health diagnosis. We offered to list his house at market and did a sellers net for selling traditional. Or, told him we would be willing to make him an offer to buy it at $1,000 above what he paid for it, no commission needed to be paid, etc. and not hassle in having to list/show and close in three weeks. He took Door #2.

How did you finance this deal?

Paid for it with a HELOC on our primary home.

What was the outcome?

Sold off furniture/personal items to recoup some of the closing costs/taxes and rented it to a tenant within a month.