Buy and Hold in Charleston SC

[Cassidy Burns]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $505,600
Cash invested: $78,000

Long term buy and hold in West Ashely Charleston SC. I performed a 1031 exchange from a duplex that I performed a BRRRR on in 2017 and repositioned that money into a more stable, appreciating asset.
Purchase Price: $505,000
Appraised Value: $535,000
$30,000 in initial equity the day I signed on the dotted line.
$78,000 of 1031 exchange funds invested (15% down)
Mortgage: $2,845/month
Currently have a rent back with the owners for $2,000/month and will be moving out July 1st.
Property will rent for $2,900-$3,295/month.
Cash flow is $100-$300/month which isn't ideal, but this purchase was a rushed 1031 exchange. WE will set the funds in this property for the time being , in what I believe is a very high appreciating market. We will then 1031 exchange this again into a larger building.

Happy Investing!

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

1031 Exchange - Needed to find property quickly

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

Off market through a realtor

How did you finance this deal?

15% Down Investment Property Financing

How did you add value to the deal?

Bought Under Value- Storage of capital for the time being

What was the outcome?

This is a solid single deal.

Lessons learned? Challenges?

Don't sell a property until you 100% know what you are going to do with the 1031 exchange funds

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

Charlsi Kelly as the realtor out of Charleston, SC
Upen Patel as the lender out of Washington DC