Cash Flowing Duplex in walk able Park Circle

[Kyle Piasecki]

Investment Info:

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

Purchase price: $272,000

Single Story Duplex in Park Circle neighborhood of North Charleston, SC. Delivered with tenants and cash flowing. Area is rapidly appreciating.

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

Was looking for cash flowing property that was good prospect for future appreciation

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

I am a RE agent. My broker was representing another buyer who was going to live in one unit. Transaction fell apart days before closing. I had cash to close and took over already well negotiated transaction.

How did you finance this deal?

Cash originally, Have already refinanced a good chunk of my cash back out and property is cash flowing.

How did you add value to the deal?

Removed property manager, Previous owner was overpaying on pest control, insurance, and landscaping significantly. Rents are not in line with area and are under valued.

What was the outcome?

TBD but I am happy with the investment

Lessons learned? Challenges?

As much as possible avoid buying all cash and then refi. Whenever possible purchase with financing. Had trouble for a few weeks finding lender to get me my cash back even though the property was performing.