Investment Info:
Condo buy & hold investment.
Purchase price: $138,000
Cash invested: $10,000
Welcome to South Carolina’s Riverfront
Fully furnished 2nd floor studio apartment awaits. There are no other occupied units in this building. You are above a three car garage. Just bring your clothing and toothbrush. With views of the Savannah River, The River Club Golf Course, and within 2 minutes walking to SRP Stadium you'll enjoy the tranquility, location and convenience. Additionally the North Augusta Brick Pond, Hammonds Ferry Restaurants, The River View Recreation Center and both North Augusta, as well as Augusta Downtown are within walking distance. Newly renovated with beautiful modern decor, all new LVP flooring, granite countertops, a new refrigerator and dishwasher have been installed. Ceiling fans, 40 inch Roku smart TV, and all utilities are included. Bathroom includes a ceramic tile floor, shower and single vanity. The unit is equipped with a stackable washer and dryer, Well stocked with towels, sheets, pots, pans and toiletries. The Greenway & SRP Park is steps away! Walk from your door along the Savannah river's edge to various riverfront dining and entertainment spots.
What made you interested in investing in this type of deal?
During Covid, I moved back to Augusta Georgia from St Petersburg Florida. I was temporarily living with my family until I found something to rent. I knew of these units being built down by the waterfront back in 2007 when I lived in North Augusta and l wanted to buy one. Well it rented it for a year and told the owner I wanted to buy it if he put it up for sale. In late 2023, I got an email from the owner that he was ready to sell. At the time I was living in South America and told him yes!
How did you find this deal and how did you negotiate it?
I bought it as-is.
How did you finance this deal?
Hard money for the first 6 months and then refinancing it.
How did you add value to the deal?
I bought it as-is. Had to add the following. Hard wood stairs, LVP flooring throughout, completely painted. New refrigerator, dishwasher, granite counter top and sink, new faucets and plumbing, fully furnished.
What was the outcome?
It was rented in the first few days I put it out there.
Lessons learned? Challenges?
I can do this! Even when living out of the country, I had all of my contractors lined up and everything went according to schedule.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
None. I was a former Broker with over 20 years experience.
