All Forum Posts by: Cassidy Burns

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $510,250
Cash invested: $36,820

Charleston South Carolina Single Family House purchase as a primary residence
-Purchase Price: $510,250
-Appraised Value: $560,000
-Net Equity= ~$50,000
-Down Payment: $36,800 (7%)
-Mortgage: $3,850/month
-This will be my primary residence for the next 2-3 years. We came into the property with around $50,000 in equity. We will eventually refinance if/when the rates do come down to put us in a better cash flowing position. This is a longer term buy and hold for us that fit our current lifestyle in what I believe is one of the fastest growing markets on the east coast (Charleston SC)

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

Purchased as a primary residence. Will eventually be a buy and hold.

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

Found on market, negotiated $10,000 off list price and all closing costs covered by seller.

How did you finance this deal?

7% down Conventional primary residence financing

How did you add value to the deal?

Purchased under market value. Purchase Price: $510,250. Appraised Value: $560,000

What was the outcome?

$50,000 equity and a great place for my growing family to live

Lessons learned? Challenges?

SC is an attorney state. Make sure you have an attorney that knows what they are doing ......

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

I am an agent in SC and brokered this myself. Of course I'd recommend myself.

Investment Info:

Single-family residence buy & hold investment in Charleston.

Purchase price: $505,600
Cash invested: $78,000

Long term buy and hold in West Ashely Charleston SC. I performed a 1031 exchange from a duplex that I performed a BRRRR on in 2017 and repositioned that money into a more stable, appreciating asset.
Purchase Price: $505,000
Appraised Value: $535,000
$30,000 in initial equity the day I signed on the dotted line.
$78,000 of 1031 exchange funds invested (15% down)
Mortgage: $2,850/month
Property currenlty rented for $3,595/month.
Cash flow is $745/month WE will set the funds in this property for the time being , in what I believe is a very high appreciating market and nice cash flow as well. We will then 1031 exchange this again into a larger building.

Happy Investing!

@Amer Haroon really depends on the asset types. 

1 Bedroom Condos- I wouldn't buy anywhere except these areas (Logan Circle, Dupont Circle, Kalorama, Capitol Hill)

Single Family Houses - Anywhere with 3-4 Bedrooms in NW DC sub $700k

Duplexes- Capitol Hill, Union Market DC (between Union Market and H ST. streets 3rd - 8th)

Obviously depends , but here is where I'm suggesting all of my clients to look for long term value in DC . 

If you are buying in Washington DC I would suggest a LEGAL Duplex, house hack and hold.  IF you are buying in NOVA, I suggest buying a 3-4 Bedroom townhome for less than $500k.  Still good value in multiple submarkets from Arlington / Tysons/ Alexandria. 

I believe that the Shenandoah Valley (Massanutten, Wintergreen, Luray, etc.) with it's proximity to NOVA and Washington DC is going to be a great long term market.  Covid has caused a lot of DC city clients of ours wanting a getaway.  Some want to own, most don't.  Which means that you will have high income earners as tenants.  

@Michael H. Cook has a great article on the Shenandoah Valley regulations, I'll let him resurface that feed. 

Congrats! I believe Duplexes in Washington DC, particularly in NW and Capitol Hill will be the most valuable assets in the city in 5-7 years. 

@Charlsi Kelley helped me purchase my investment property as well! 

Congrats @Steve Bush

@Michael H. Cook can you give any insights on this ?  I know certain regulations in particular counties as well.  

You definitely aren't priced out, just have to know which assets will be the best bang for your buck (in your case, $490,000 bucks.)

You should be able to turn that into 3 properties in 18 months if you play your cards right. 

Good luck! 

Hey @Darrell Taylor , there are many ways you can house hack in this area. 

1.) Do the typical Small multifamily.  Typically this is going to be in Washington DC.  But you have to be able to stomach a $1,000,0000+ price point (which means you must qualify

2.) Purchase a single family house, live in one room, rent out the others.  IF you are really lucky, you will also have an in-law suite in the basement where you can generate additional income. 

3.) The most eco friendly and realistic for 90% of first time buyers in the DMV, buy a 2-3 bedroom condo, rent out a bedroom or 2, mitigate your expenses, and then eventually turn that into a rental.

All of these are repeatable, you just have to get the first one.

Happy Investing.