All Forum Posts by: Alexander M. Mahan

Thanks, John, I actually joined UpstateCreia last year, but haven't been really active yet, I am signed up for the September monthly meeting, so maybe I will see you there!

1 Vote

Greenville, South Carolina

Quote from @Ryan Cheek:

Good afternoon!

It’s great to connect with another experienced investor! Greenville and Spartanburg are solid markets, and it’s awesome that you’re looking to expand your network. I’ve been focusing on new build duplexes in the Indianapolis market, where we’re seeing strong rental returns and growth potential.

If you’re ever curious about expanding into other markets or want to discuss strategies to grow your portfolio, I’d love to connect and share insights. Networking with other investors is key, and I’m always up for exchanging ideas and learning from each other’s experiences.

Looking forward to connecting and growing together!

Thanks, Ryan, good to meet you and look forward to connecting!

0 Votes

Greenville, South Carolina

Good afternoon, folks,

Just saying hello. I am from Spartanburg, currently living in Greenville, and have been a real estate investor since 2017. I am trying to get more involved with other investors to grow my business and learn, so I look forward to connecting.

Thanks.

4 Votes

Greenville, South Carolina

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $75,000
Cash invested: $75,000

This is a duplex with 2 bedroom/1 bathroom on one side, and a 1 bedroom/1 bath on the other. I purchased the property in 2017, I have completely renovated the one bedroom side, which is currently a furnished long-term rental. I have also made cosmetic updates to the 2 bedroom side, including a full bathroom renovation, this is also a long-term lease.

What made you interested in investing in this type of deal?

Having two income producing doors in an area with a lot of upside.

How did you find this deal and how did you negotiate it?

I actually found the deal on Craigslist back when that was still possible. I met the owners during the walkthrough, and ended up hitting off with them, and they wanted me to win the property in a multi-offer situation.

How did you finance this deal?

Cash - Then refinanced to renovate in 2020.

What was the outcome?

Currently the property is fully rented for $2,550 per month, $1,200 per month on the 2 bedroom side, and $1,350 on the one bedroom. Purchase price was $75,000, made $75,000 in renovations/repairs over the years. ARV around $225,000.

Lessons learned? Challenges?

Buying an old property with lots of neglected maintenance comes with a unique set of issues. While I have made the property substantially better, and in turn am collecting good rent, I am limited in what I can do going forward with respect to ROI, and there are always expenses that can be made/issues that come up. This is an the city and the area around it is developing, so I will likely tear it down in a few years to build something else.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am the agent.

0 Votes

All Forum Posts by: Alexander M. Mahan

Alexander M. Mahan has started 2 posts and replied 5 times.

Post: Just introducing myself

Post: Just introducing myself

Post: Just introducing myself

Post: Just introducing myself

Post: My first (and only to date) duplex