All Forum Posts by: Chris West

Upstate SOUTH CAROLINA 12 unit 6 building deal.

I am getting hung up on the refinance step of my first BRRRR.

12 units across 6 buildings.

Purchased for $20,000

$90,000 renovation.

Currently 100% rented.

Rents for $450 a door. $5,400/MTH.

I have only tried 5 banks, but nobody will even look at it.

Above average credit. It’s been full rented for about 5 months.

Not A class for sure, but mechanically sound and is livable for sure. No central heat/air.

Anyone have a clue? I’m close to selling it, but that does not align with my long term goals. Anyone know a bank that does this in the area?

Investment Info:

Single-family residence fix & flip investment in Abbeville.

Purchase price: $133,000
Cash invested: $25,000
Sale price: $220,000

Live in flip

$50,000+ profit tax free

Changed my life and sparked next project

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

I lived in the home and have been working construction since 2005

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

Bought my in-laws home with no realtors

How did you finance this deal?

VA and credit cards

How did you add value to the deal?

Full remodel

What was the outcome?

$50,000+ profit on a cash out refi

Lessons learned? Challenges?

Extensive construction experience makes this easy

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

Joel C Ridings
Sr. Mortgage Banker | NMLS #1476316
https://www.atlanticbay.com/joelridings/

@Cole Oraham

Cole,

I just finished my first live in flip.

Had a total of $160,000 in it and it appraised for $220,000. I just signed on the full refinance and am looking for my next flip. Let me know if you have time to talk.

I graduated from Clemson in 2013. Looking anywhere in upstate SC. Work full time as a process engineer and have been in construction since I was 16. Also have residential contractors license.

Anyone else reading this feel free to reach out.

Go Tigers.