First Investment - New to the Upstate and RE

[Aris Alexiou]

Hello there!

My RE fire has been ignited!! My name is Aris and i am currently a mechanical engineer working near the Greenville area in SC. I had a discussion with a friend of mine about 2 weeks ago which changed how I view my life in terms on income generation / saving and investing. Since my talk with my friend, I listened to multiple books on Audible and currently finishing up The Book on Rental Property investing. It sounds like a lot of fun and exciting and I happen to be saving money fore a few years now. I am looking to make my first investment soon as my company would pay my closing costs (recently relocated me here, part of the relocation package they offer) which will reduce my initial investment.

What I think suits me for my first investment, is a single family home in the 80-100s range which I intent to rent out. Do you guys think? I am looking to network with people in the upstate. I am going to the meeting tomorrow near downtown Greenville so looking forward to meeting some of you.

Here is my current plan, pretty much taken from Plan 2 in Chapter 5 of the book I mentioned above which focus on buying a single family home portfolio. 

[Casey Crowe]

Hi Aris! Welcome! My advice to you is to be sure you understand the property taxes in this state, and use the calculators to ensure your numbers will work for you. Most of the time when you look at loans they will estimate taxes based on you living in the property. If you don't, they can be exponentially higher due to a couple different factors. You can always get a property to cash flow by putting enough equity/cash into it when you purchase, but be sure to run ROI numbers to see if the return suits you. Cheers!