All Forum Posts by: Patrick H.

Thanks everyone. I really appreciate the comments.

@Zachary D.  Here is a cost breakdown.

purchase price $129,438.79

construction costs $161,804

taxes, insurance etc. $3,577.63

Closing costs  $21,976.94

Sale price $386,500

profit $69,702.64

@Jon Klaus  Thanks! Yes, in a perfect world, scraping it would have likely been cheaper and definitely quicker. Unfortunately, it wasn't possible in this case. The house is in downtown Charleston SC. Its just above the main historic district where you have to get tear downs approved by the Board of Architectural Review. An almost impossible feat. We kept the historic structure, existing heart pine flooring, existing brick chimney and exposed the old rafters and used the historic living space as a selling point. It was definitely what attracted our buyer. 

Finally completed my first rehab project after 10 months with a partner from BP. He put in the money and I put in the work. The house was nothing more than a shell when I found it on the MLS. It had been partially demolished by the rehabber who bought it before the downturn and then sat open to the elements for 4-5 years. There were no interior finishes and no plumbing, electrical or mechanical systems. It was a definite eyesore for the community.

We renovated the house from 900sqft to about 1550sqft with 3 bedrooms and 2.5 baths. The house sold without listing it on the MLS right after we got our drywall up, about 2 months before it was complete. We made about a 22% profit on the sale. All in all, it was a great learning experience and a successful first effort.

Here are the before and after photos.

Please do @Robert Glass. I know the Peninsula and Mt. Pleasant the best, but I'm interested in other areas as well.  Especially since downtown and Mt. P have gotten so expensive and competitive. 

Welcome @Robert Glass. I'm a new investor in Charleston as well. Just finishing my first flip. Congratulations on finishing your training!

Thanks Ramon. (do I have that correct?)

Hi @Elizabeth Colegrove , thanks for posting. Charleston is a great place. Good luck with your search.

Hi @Russ Scheider , Congratulations on selling your first property, that's awesome. I'd like to go to the REIA meetings, but I can't make it at that time unfortunately. I keep meaning to go to one of the nightowl events. I'd definitely be up for a coffee or lunch sometime. I'll PM you.

Hi Kate, Welcome back to Charleston.

I work right by that area of downtown. Its a great neighborhood. I'd be happy to provide you any insight I can.

Thanks Steve Babiak
I've been using Monitor to watch different conversations, but I hadn't thought of it for bookmarking. I don't typically use bookmarks because I use too many different devices. I guess I could use evernote or something similar.
It would be cool to be able to save a specific post/response or even if some of the best answers to typical questions could be archived in some way. There is so much great information written in the forums.

Thanks Josh,
I sorta expected that was the case. I have no blog, hence no avatar.
Thanks for clearing that up.

Hi Josh,
not sure that this is a bug, When I want to comment on a podcast discussion, it doesn't recognize me as logged in and makes me put in my email etc... and doesn't show my picture.
When I post to the forum it does see that I'm logged in and shows my picture. Is there a solution for this?
Also, I was wondering if there is a way to bookmark a discussion or a blog post back to your dashboard for future reference? often I read something that is extremely informative that I'd like to reference later. Is there a way to do that?

Thanks, B.P. is awesome. Great job!