Condo near Parris Island

[Eric Berman]

Investment Info:

Single-family residence buy & hold investment in Beaufort.

Purchase price: $100,000
Cash invested: $20,000

2 bedroom, 2 bathroom, 1,055 sqft condo.
​Currently rented for $1,295/mo.
www.bermanpropertygroupllc.com

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

Development is right outside of Marine Corps base and has high occupancy rates and solid rental history.

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

Realtor. Started at 85k with a MAO in mind of 100k. Margins looked really good at 100k even w/ HOA fees. Owners were out of state and used the property as a vacation home in the summer. Got to a point where they weren't really using it anymore, so they wanted to dump it.

How did you finance this deal?

12mo, int only, bridge loan via private lending @ 7% w/ 2k in fees. Held that position for 4 months then cash-out refi into 30 yr fixed @ 5.190%

How did you add value to the deal?

Property was already in turn-key condition due to sellers being out of state and the property being very lightly lived in. It also had a solid amount of upgrades, so I didn't need to do much.

What was the outcome?

Rented out within a week of listing for $1,295/mo

Lessons learned? Challenges?

Sometimes you get lucky. Don't look a gift horse in the mouth, if there's a solid opportunity in front of you, still do your due-diligence, but jump on that s***!

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

Yes! Allison Greco --> she's the best!