Spartanburg SC investors?
Does anyone invest in this area? Do you like it? I'm looking to maybe start in this area because houses are inexpensive here. Any information would help!
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I'm in Asheville, NC and prices here have gone crazy. I've just started investing in Spartanburg. It really takes having boots on the ground to find good areas. One area could be full of drug dealers and one street over will be well kept homes with blue collar workers. The cheaper houses (20k-50k) are all in rougher neighborhoods.
A lot of investors are investing in 100k plus homes outside the city limits and areas closer to Greenville.
I've had success in finding great deals, tenant occupied homes in the 20's. Long term tenants paying 550 to 650 in decent areas. After very conservative numbers, I can make over $200 per door without a mortgage or around $100 per door with a mortgage. Not a get rich quick by any means, but I have some cashflow and instant equity. My 20k purchases appraise for around 50k. It's a cool market so it would take 6 months or more to sell at 50k. I'm also banking on appreciation as the city has dumped a ton on resources into revitalizing the downtown, a lot of corporations have moved offices to downtown, and some major corporations of manufacturing in the area and are growing.
Let me know what other questions you have!