First Rental Purchase in Aiken, SC!

[Lauren C.]

Investment Info:

Single-family residence buy & hold investment in Aiken.

Purchase price: $60,000

I purchased a three bed, one and a half bath single family house in North East Aiken from its original owner. It had a good amount of deferred maintnence. It is located in an established owner occupied neighborhood. Good opportunity for long term rental, or minimal updates and resell in the future.

Already looking for my next purchase!

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

This type of cash flowing, low debt investment property gets me closer to my goal of eventually covering my own expenses from investment property income.

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

MLS listing. Offered well below asking due to condition, neighborhood and time on the market.

How did you finance this deal?

Commercial loan from a community bank.

How did you add value to the deal?

I am completing cosmetic renovations and replaced the roof, a few windows and moving the water heater.

Lessons learned? Challenges?

I have found that I enjoy finding, negotiating and financing deals. The renovations are less enjoyable for me. I will be looking for partners or general contractors to help with that aspect in the future.

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

Stephanie Lombardo from Keller Williams was an asset during my search for property in the Aiken area. She knows the local area, and invests in property herself.