Charleston, South Carolina is a great place to flip!

[Kenji Otokawa]

Investment Info:

Single-family residence fix & flip investment in Charleston.

Purchase price: $150,000
Cash invested: $50,000
Sale price: $430,000

This was a nice Charleston flip. Bought this house off the MLS. Negotiated the price down from $175K to $150K due to the condition of the home. Total investment was around $300K, and the sales price was $430K. After selling costs, we cleared around $100K.

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

We partnered with a fellow investor and builder, Zack Bennett. We had done a few deals with him in the past, but this was our biggest deal.

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

MLS. Requested $25K off the price because house was pretty much a full gut job.

How did you finance this deal?

Rehab Loan

How did you add value to the deal?

Added a bedroom and did all new everything! Nice finishes and upgrades. Our favorite thing about this home was the "pool." It was essentially a swamp (literally had frogs and living in it) that we rehabbed into a beautiful Oasis.

What was the outcome?

Quick sale after list and $100K profit!

Lessons learned? Challenges?

Construction took 4 months longer than anticipated. Late start due to hurricane weather in Charleston. We now budget 1 year of construction for our flips.

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

Bennett Construction and Realty, LLC is the best. They do a lot of commercial and residential. Their resume is impressive including a luxury flip in Charleston that sold for over 7 million dollars!