Figuring out my investment strategy...

[Scott Vaeth]

Hi All! 

I've been learning a lot through bigger pockets over the few years and finally decided I needed to get on board and diversify more investments. Initially, my goal was to BRRRR a property in the Greenville County, SC market as it's rapidly growing, but most properties are being renovated and investors are putting full cash offers in on the ones that aren't. While I would love to house hack, there are very few multi-family's in the market. When they do appear, it's usually in a less desirable area where it seems like the comps aren't strong.

That being said, a coworker of mine bought a 3bdrm/3bth house in a new development that's in a favorable location at a price that's lower than anything I've seen. Both older and newer houses with the same proximity to the downtown area aren't selling this low. The area itself hasn't been gentrified yet so the comps are low in the area but the investor and the builder are the same person. Since he's not using a listing agent, and hasn't promoted it on the MLS yet, should I consider this as my first home purchase?

For context: My coworker's house has already appreciated since purchasing it last year, but I understand there's risks involved with putting all my eggs in one asset that I won't be able to add more value to. For my first property, I plan to use a conventional loan and put 3-5% down. This home purchase would be on the high end of my budget still.

Any advice would be great! 

Thanks!