Single Family in Beaufort

[Eric Berman]

Investment Info:

Single-family residence buy & hold investment in Beaufort.

Purchase price: $120,000
Cash invested: $300

2 bedroom, 1 bathroom, 1026 sqft SFR.
​Currently rented for $1,250/mo.
www.bermanpropertygroupllc.com

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

Solid little cottage in a growing community near business development.

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

Relationship with Real Estate Agent (she's awesome and brings me all kinds of deals).

How did you finance this deal?

Private lending bridge loan (12 months int only @ 6%). Will cash-out refi in ~6 months.

What was the outcome?

Pretty much turn-key. Previous owners did a lot of renovations and had to move, so they were trying to get rid of it fairly quickly.

Lessons learned? Challenges?

Property disclosure statement said the property was on sewer. After trying to get utilities set up, I found out that it was actually on septic. Found out about this after closing (yes I know, should've checked during the due diligence period). Had my agent contact the sellers agent. Seller said they didn't know and assumed they were on sewer while there. Bottom line, seller paid for someone to come out, inspect, and service the septic system. Not a biggie, but a lesson learned nonetheless.

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

Yes! Allison Greco! She's a rockstar in Beaufort, SC.