Charleston SC "Investment" Property for the long term

[Cassidy Burns]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $510,250
Cash invested: $36,820

Charleston South Carolina Single Family House purchase as a primary residence
-Purchase Price: $510,250
-Appraised Value: $560,000
-Net Equity= ~$50,000
-Down Payment: $36,800 (7%)
-Mortgage: $3,850/month
-This will be my primary residence for the next 2-3 years. We came into the property with around $50,000 in equity. We will eventually refinance if/when the rates do come down to put us in a better cash flowing position. This is a longer term buy and hold for us that fit our current lifestyle in what I believe is one of the fastest growing markets on the east coast (Charleston SC)

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

Purchased as a primary residence. Will eventually be a buy and hold.

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

Found on market, negotiated $10,000 off list price and all closing costs covered by seller.

How did you finance this deal?

7% down Conventional primary residence financing

How did you add value to the deal?

Purchased under market value. Purchase Price: $510,250. Appraised Value: $560,000

What was the outcome?

$50,000 equity and a great place for my growing family to live

Lessons learned? Challenges?

SC is an attorney state. Make sure you have an attorney that knows what they are doing ......

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

I am an agent in SC and brokered this myself. Of course I'd recommend myself.