Cashflowing Rental in Heart of Greenville

[Michael Sanchez]

Investment Info:

Single-family residence buy & hold investment in Greenville.

Purchase price: $180,000
Cash invested: $40,000

Off-market SFR in heart of Greenville. Came fully furnished. Purchased with 24 month bridge loan; Refi in 6-12 months. Currently 12% CAP rate

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

Off market, came fully furnished. Located in great area; easy to rent

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

Self-generated lead

How did you finance this deal?

Hard-money bridge loan (24 months). Will refi after 6-12 months

How did you add value to the deal?

No value added.

What was the outcome?

Cashflow $400/mo. CAP rate of 12%

Lessons learned? Challenges?

Attempted to do a Cash Out Refi however, appraisals for rentals (investment properties) have been coming in on the low end; therefore will not be able to pull out our down payment. Will refi in 6-12 months.

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

Straightline Funding