First Investment Property

[Eric Cooper]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Fruitdale.

Purchase price: $405,000
Cash invested: $20,000

Contributors:
Jonathan Anderson

Turn Key duplex in Greenville SC

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

Originally planned as a house hack, I sought a duplex that did not require a lot of work so my partner and I could immediately start living in it and list the other side. Due to its proximity to Greenville hospitals and medical schools, I plan to turn this into a MTR/STR in the future.

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

My brilliant agent found this deal off market and we offered asking price with a seller concession for half closing costs.

How did you finance this deal?

I used a 3.5% FHA loan to finance the deal.

Lessons learned? Challenges?

This was my first deal and although I don't regret how it turned out, I would do things completely different for my next deal. I think buying from a builder leaves less room for negotiating and buying new leaves fewer opportunities for value add. All things considered this deal was a great way to dip my feet into the wild market of real estate investing.

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

Agent: Johnathan Anderson
Lender: Brian McIntosh
Inspector: Brett Evans
If you are buying in the Greenville SC area, these are great people to work with.