881 Ashley ave Charelston SC sold one day on market

[Jay Hinrichs]

I bought this one a year ago as a major rehab.. turned out termites had a field day could not save it.. UT OH.. what now.. have to scrap and build new... I paid 206k for this what turned out to be a tear down..

spent 245k building a new home and of course demo  2k sq ft at 100 a foot plus demo.

paid cash for house got 10% money for vertical  ( did not have my banking relationship I know have at the time so higher cost money but only pay on advanced funds. )

Sold  720k

numbers

206k + 245k + 20k cost of capital  + 5% commish  36k + 10k misc =  517k all in say 520k (720K) = 200k net profit... double my money cash on cash one year.. pay tax of 60ish and net 140k after tax.

Not bad... I wish they were all this good... But Charleston simply has got to be one of the best markets there is. Although deals come up and they need to be bought same day and for all cash.. its not a tie it up flip it market per se at least in the projects I am doing.. I just bought a lot for 570k in the historic district my first high end one exit 2.2 mil all in about 1.4.. that will be a happy day if those numbers work out as projected. we paid cash for lot and closed in 10 days.. no time for HML or anything else.