Hey Everyone,
I have been wanting to get into the REI market for several years, but living in NYC has made that difficult. Recently, my business partner moved to the Augusta area and we set a goal of purchasing our first rental property in the Augusta area within the next 3-6 months. I have been scouring the forums for information about the area, but I still have some questions that I am hoping someone is gracious enough to answer.
Here is what I have found so far:
-Auben Realty is the primary brokerage in the area who specializes in Real Estate Investments (Noah Utne mentioned specifically). Jim Hadden at Keller Williams was also highly recommended.
-There is recent and continuing job growth (FT. Gordon due to the NSA Cyber Command; GRU is expanding; the medical community is growing, Starbucks is opening a new factory), all of which are expected to bring people to the Augusta area.
-Southwestern Columbia County is a sweet-spot for rentals. Richmond County was also mentioned. Specific towns mentioned included Grovetown and West August (due to lower price-points), and Martinez, South Augusta, Summerville, and Evans.
So now I have a few questions. First, can anyone direct me to a forum post, blog, book, etc. that provides a step by step explanation of how to purchase a rental property (i.e. from finding the property, running the numbers, doing the inspection, through the rehab and listing the property). I'm hoping to avoid some of the rookie mistakes.
Second, there are a couple forum posts that mention there are 1 or 2 wholeselers in the area. Does anyone know who they are or able to point me in their direction?
Third, I am hoping to purchase the rental and do the rehab for an all in investment of $50k or less. We expect to hold the property for at least 5 years, but likely much longer. Any recommendations of neighborhoods that are desirable to renters moving into the area? I know the above list provides a bit of guidance, but I'm hoping someone local is able to help me understand the area a bit better. For example, why or why not to invest in Martinez or Evans, are there areas where the 2% rule is possible, which areas are likely to provide good cash flow (but where a renter would want to live when considering crime, schools, etc).
As this will be my first property I want it to be a success and as such I'm probably being a bit overly cautious. That being said, I do appreciate anyone who took the time to read through this long post and to provide some guidance. Again, happy to have stumbled upon such a great community and I look forward to posting a summary of my first RE purchase.
