30k to invest in Greenville, SC

[Daphne Williams]

Hi!

My husband and I have 30k to invest. We've decided on Greenville, SC for a few reasons... we've heard great things about the market, affordable housing, and we've got good friends there to help us along the way. Plus, we like the area, it wouldn't be a hardship to need to travel back there. 

So we have a realtor, we have a lender, and I've been surprised by my numbers. We were looking at the 100-125k range, thinking we should have enough cash flow if we put a 25-30k down. But...after hearing back from the lender, we don't think that's the case. 

So, investors in SC....do you mind giving us a tip on what we should be looking for? If you had 30k to purchase a rental property, what price range would you look for? My understanding is to expect the rent to be 10% of the purchase price. We would be paying a PM at 10% of rent...

Something that caught us off guard was the property tax :P

Thanks for the help! Excited to get into this!

[Rivers Plowden]

It will work wherever you can find a deal. It just may be harder in some places compared to others. It may not be as easy as having a realtor bring you a deal. You may have to speak with a number of realtors in order to find one that is willing and familiar with what you are looking for. As others have said, your best bet is to find something you can get well below ARV, rehab it, and then rent. Educate yourself as much as you can. Look up the BRRRR strategy if you aren't already familiar. Network with as many realtors as you can in this area. Try to find some wholesalers in the area as they may be in better tune to the deals you are looking for.