Our 2020 Relocating Part 1

[Reny Clifton]

Investment Info:

Single-family residence other investment.

Purchase price: $134,000
Cash invested: $1,000
Sale price: $196,000

2B/2B all brick purchased as a newly flipped vacant SFR. Held and rented exactly 4 years.

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

Wanted SFR as rental. Targeted a neighborhood primed to gentrify. It did.

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

Through a local realtor in 2016. House was flipped & already under contract, but fell through. We were first potential buyers to view it following that & purchased prior to return to active/available status. Already in 2016 houses in this price range were hot hot hot in the Greenville SC market. Four years later, market still crazy hot and house appreciated. Great listing agent brought house to market with full price cash offer within 48 hours, closed in 3 weeks.

How did you finance this deal?

Traditional mortgage

How did you add value to the deal?

Excellent tenants, maintained property.

What was the outcome?

Although it continues to appreciate, we realized enough profit from the sale of the property that selling in 2020 helped to further stabilize our position for future investment.

Lessons learned? Challenges?

As an owner living out of the country, good management was an absolute must. It started out all good, but deteriorated over time. Always get an eye on your property personally as often as you can - annually preferred! We discovered this vulnerability in time to take action without any significant harm & listed a property we could be proud of. We also believe we can purchase better on future properties as we've gained some experience.

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

I HIGHLY recommend listing agent Kathryn Ferrand Dotson and the Signature KW- Drive Team in Greenville, SC. Could not have been happier with the team.