Real Estate Agent · Charleston, SC · Member since 2018 · 15 posts · 6 votes
Here are some before and after pictures of one of my latest renovation deals.
This property is located in Charleston, SC.
This project started in the midst of COVID in March. I found this property and helped my client by negotiating the seller down $20k for all the work it needed.
Originally, this was a 2 bedroom with 1 bathroom and 1,044 sqft. If we would have left it that way, we would not have gotten the purchase price we were shooting for. We turned it into a 2 bed, 2 bath and opened up the kitchen. Another key item that isn't in these pictures, is that it had a 2 car detached garage.
Lessons Learned:
Crawlspaces can be a deal breaker. We had 3 CL-100's done on this property to fix underneath of this home. Vapor Barrier, sump pump, drainage all done after the rehab...cost a bunch of time and money.
Rental Property Investor · Mechanicsburg, PA · Member since 2018 · 281 posts · 176 votes
6y
@Kevin Zimmerly This is great Kevin, thanks for sharing. Was the 34k profit above or below your estimate at the beginning? And what was your holding time?
Rental Property Investor · Mechanicsburg, PA · Member since 2018 · 281 posts · 176 votes
6y
@Kevin Zimmerly This is great Kevin, thanks for sharing. Was the 34k profit above or below your estimate at the beginning? And what was your holding time?
Real Estate Agent · Charleston, SC · Member since 2018 · 15 posts · 6 votes
6y
We had an ARV of $216k at the beginning of this project. It sold for more, but we also had more repairs done to the crawlspace, so it evened out. The timeline extended....we were shooting for 3-4 months but it ended up being 5 months after a buyer dropped out a week before closing.
Real Estate Agent · Charleston, SC · Member since 2018 · 15 posts · 6 votes
6y
Hey @Bonnie Low, thank you! A CL-100 in SC is a Wood Infestation Report. It is performed by a qualified licensed Inspector to check for termites, other wood destroying insects, and fungi. Our project didn't have termites. It had a moisture content level in the crawlspace of higher than 20%. The lenders from the banks would not lend with that on a CL-100. So we had to add a vapor barrier, sump pump, and drainage and waited until it would dry out. Also learned that the contractors don't want to dry it out too fast or it will split the wood and cause more problems.