All Forum Posts by: Edward Eustace

Hey BP friends! I want to get some advice on selling my rental property in Charleston, SC to our tenant. I'm looking for a good contract template specific to South Carolina or a recommendation for a closing attorney who can handle a virtual closing since I'm in Cincinnati, Ohio. This is my first time selling without an agent, so I want to make sure everything goes smoothly! Any suggestions for South Carolina-specific contract templates or reliable closing attorneys would be greatly appreciated. Thanks a lot!

I have a rental that we have rented out some time now and we are selling to my tenant who has an approved loan. We have agreed upon pricing. We do not yet have a contract because we are not using a real estate agent. Who can assist?

 That is exactly why I am selling my rental in Charleston to invest in the Cincinnati and surrounding areas, tons of great deals. 

Hello BiggerPockets Community!

I’m excited to join this platform and connect with fellow real estate enthusiasts in Cincinnati. Although I’ve lived here for eight years, coming from Houston after serving in the Navy in Charleston, I’m relatively new to BiggerPockets and eager to engage with the community.

My investment focus has been on single-family and multifamily homes, and I’m interested in expanding into commercial real estate and land development. I’ve started building a network of lenders and investors here, and I’m looking to deepen these connections and learn from your experiences.

If you’re active in Cincinnati’s real estate market and open to discussing potential collaborations or sharing insights, I would love to connect with you.

Looking forward to growing together in this vibrant community!

Best,

Ed Eustace

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $196,000
Cash invested: $5,000

Single family home in North Charleston, SC I built when I was in the Navy. The home has been rented out since we moved for over a decade. Due to the current market conditions pricing the home in the mid 300's we will soon be selling it to the current tenant to increase our portfolio diversification to a more profitable area.

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

At the time it did not make since to sell it when I got out of the Navy in 2011 so we transitioned to a rental since we could break even at the time.

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

N/A

How did you finance this deal?

VA home loan

How did you add value to the deal?

Current value from real estate professional at $366,000

What was the outcome?

Time will tell after closing with the current tenant, anticipate a good exit.

Lessons learned? Challenges?

Rental pricing, the value of having enough money in reserve for emergencies. We definitely learned where we do and do not want to invest and the price range matters.

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

I would highly recommend the lender I worked with on this and several other deals. Steve Ellis is absolutely incredible, his customer service is hands down best in class.