Charleston, SC duplex rehab

[Jon Ward]

Investment Info:

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

4/30/2018
I recently had an offer accepted on a duplex located in Charleston, SC. One half is a 3 bedroom 2 bath & the other is a 2 bedroom 2 bath. It is in rough shape so I will be doing a complete remodel. My plan is to use the BRRR strategy and refinance with 12-16 months.

12/30/2018 Update
The Rehab is complete and both sides have been rented!

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

This duplex was a great property for the BRRRR strategy.

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

I found it on the MLS.

How did you finance this deal?

Traditional Loan

How did you add value to the deal?

The property was in a great location, but both sides needed to be gutted and rehabbed.

What was the outcome?

I put approximately $40,000 into the property and according to the recent appraisal it has gone up $100,000 in value. Both sides are rented and it cash flows $1,000 a month. I will be refinancing the home using the BRRR strategy and will be pulling out $ to use on the next property which I am currently looking for.

Lessons learned? Challenges?

You definitely make your money up front when negotiating the purchase price. I learned that for the most part I needed to double the amount of time it took to complete each part of the rehab.