My first real estate purchase in the Charleston area.

[Daniel Maloy]

Investment Info:

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

Purchase price: $249,500
Cash invested: $36,750

Bought a duplex in a nice neighborhood with a decent schools; we live in one side and rent out the other. Would like to grab a dozen more of these.

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

Wanted to house-hack by living in a good neighborhood, live in one side and rent out the other for our first house.

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

I found it through a realtor who wasn't very experienced in multi-families, but new the area well. Nothing special about the negotiation. We found out it was listed a year ago at 292k, then 272k a few months later, then taken off the market. Then it came back on at 259k but no one was biting. They got one low-ball offer right before ours so we came in at 235/240. He countered at 249 and threw in closing costs so we grabbed it.

How did you finance this deal?

Conventional mortgage.

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

Troy Watson and yes I'd recommend him.