New Acquisition in Orangeburg,SC

[Adriese Williams]

Investment Info:

Mobile home buy & hold investment.

Purchase price: $36,000
Cash invested: $12,000

Borrowed $30,000 from private investor, 12% interest annually. Exit strategy, refi and repay private investor.
Acquired via HUD auction. 3/2 ,1700 sq ft, 1/4 acre lot. rehabbed, crawl space with vapor barrier, new flooring, HVAC, bathroom fixtures, paint and doors. Got a college student for a tenant, (SC State), Father paid 6 months up front + security deposit, for a total of 7k. Rent $1,000 per month.

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

First buy and hold out of state, college town, looking for new markets, I love mobiles!

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

HUD online auction

How did you finance this deal?

Private Investor, a little of my own money

How did you add value to the deal?

Rehabbed, new floors, paint, HVAC, bathroom vanity, appliances

What was the outcome?

Rented to college student, dad paid 6 months up front!

Lessons learned? Challenges?

Currently looking for more deals in Orangeburg, SC

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

Middleton agency in orangeburg handled the sale from HUD