New is South Carolina

[Collin Smith]

I have posted a few times in different discussions, but I don't think I have introduced myself yet. I am in South Carolina and working on building a second stream of income with real estate. I am not totally new at this, though. I have a business with my brother in law with a few houses that we have. We started that business to be able to have multiple homes paid off and generating income by the time my son is ready to go off to college. We are 2.5 years into it and have 3 homes, two are paid off, generating about $1600 a month in income. The third home should be paid off in about a year and then we will be building our next down payment. With that going, I was ready to invest more, but he was not, so I am working on finding actual income for my family now, instead of supplementing our college fund. Our longer term goal is to have about $40,000 annually in passive income (I use a management company to collect rent and deal with tenants. Working full time, it is well worth the cost). I should be closing in my first deal in 2 weeks; a single family home with a duplex on the property. It was a near steal, in good condition, and generating a little over $2000 a month in rent. After factoring in expenses, taxes, mortgage, cap ex, vacancy,... it will put me about 1/4 of the way to my long term goal. I doubt I will stop there, though, because it is too much fun finding and figuring out the numbers on deals.

[Brandon Barnes]

Collin where do you like to purchase? I am a wholesaler and buyer of buy and hold homes in Charleston for right now and am actually relocating to Columbia in about a month. Would love to help find you a deal if interested?