Real estate investor Dan Rivers, who owns a 16-unit portfolio worth $2.7 million, also flips homes.He shared his tips for success — and the hidden costs to avoid to keep from going over budget.
But adopting this mindset has certainly paid off for the now 42-year-old Rivers, who resides in Charleston, South Carolina with his wife and daughter.that includes ownership in 16 units across 12 different properties, according to official documents verified by Insider. While the portfolio's total valuation is around $2.7 million, Rivers' personal equity in the properties has reached above $1.9 million.
"At the very beginning, a lot of the cash I had I would save and use that to reinvest. I tried to reinvest as much money as I could," Rivers explained."So after a flip or two, I had my own money to take care of that gap in cash and then use hard money to take care of taking it down and most of the rehab cost."
Insider verified that Rivers borrowed a total of around $180,000 for the property, which helped account for the home's purchase price and some of the renovations costs. Once the renovations were complete, Rivers sold the property in July of 2022 for $425,000, according to official closing documents viewed by Insider. After subtracting the additional $37,000 in holding costs, including hard money loans, Rivers profited $175,000 off the deal, plus another $8,500 in realtor commissions, bringing his total profit to over $180,000 on just this one deal.
"I personally went out and looked at the house and underneath the crossways quickly. It looked fine from that little view I took a look at. We had our price to do the work, and I left," Rivers recalled."I came back to find out we had to replace almost the entire floor joists and flooring system up three walls due to termite damage."
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