Third SC rental added to my growing portfolio.

[Kristopher Kyzar]

Investment Info:

Townhouse buy & hold investment in Goose Creek.

Purchase price: $69,000
Cash invested: $25,000

Bought this one from a wholesaler in the Charleston area. Purchased with Hard Money, and plan on putting $11,000 in rehab initially. It has an active tenant, and is sub-market in rent by about $250-300. The expectation is to do a further rehab once the current tenant vacates, and get it rented closer to market rent. After 6 months, I will refinance this along with my other properties in the area under a blanket mortgage to pull cash out.

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

The property was already rented, and required minor work. It is rented below market, and will cashflow from day 1. It will cashflow even better at market rent.

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

Wholesaler. Offered asking because it was such a good deal as is.

How did you finance this deal?

Hard Money

How did you add value to the deal?

Making some initial improvements with more planned on tenant vacating.

What was the outcome?

Great cashflowing property. Looking forward to when I can further improve.

Lessons learned? Challenges?

Remote closings. Not all closing agents are well versed in how to do them.

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

My agent Ian Smith from the Topher Kauffman Team. They were just named the #1 sales team in the area.