All Forum Posts by: Jason R.

Hey Koren!

I am a local agent who specializes in investors and have my own investments here in Greenville. Would love to connect and chat more about my process!

Hey Michael! What are you looking to have done? I know a couple who I could point you to over DM

 Hey! As an agent / investor living in Greenville I would personally NOT be worried about the detached garage depending on what you intend to do with it. In terms of if it was "legally built", I would be more concerned about the state of the garage rather than worried about having the city come by and post a notice on your door. Unless it was built literally yesterday or is in the process of being built now unpermitted, then the city is more than likely not going to give you any issues. In terms of conversion into living space: I have past client who just two months ago went through the process to build a detached garage, with a suite above the garage that is 2 bedrooms, one bathroom, and a kitchen (Within city limits). The caveat here is that they live in the main house which is their primary residence. The city tends to look at things on a case by case basis and are much stricter if its a developer or builder doing it as an investment, as opposed to a home owner who wants the extra space. If your use-case is similar to that then I doubt you'll have any issues!  I'm happy to help answer any questions I can without stepping on your agent's toes or point you to the right contacts in the city or county depending on where the property you are looking at is.

Investment Info:

Single-family residence fix & flip investment in Greenville.

Purchase price: $308,000
Cash invested: $70,000
Sale price: $483,000

Property where owner had double mortgage and had gone through forbearance so it created a great opportunity to buy at a low price.

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

No major issues so was a very straight forward update from the early 2000's style to a more modern style. HVAC and plumbing work done but no electric other than adding some lights. Lots of landscaping potential to make it have better curb appeal!

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

Hit the MLS overpriced and was rapidly dropping price every week. Reached out to the agent and also looked and saw that the owner had a double mortgage so I knew she had to move out quickly. Made an offer 100k under their original asking price and got it since seller needed the money fast.

How did you finance this deal?

Conventional 20% down

How did you add value to the deal?

HVAC, Landscaping, Plumbing, floors, paint, cabinets, bathroom remodel, landscaping

What was the outcome?

A little under 100k total profit after closing costs (Licensed agent so didn't have to pay a sellers side commission)

Lessons learned? Challenges?

Took a little longer to get the work done than expected, so needed to plan for a little more time.

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

If you are interested in buying or selling in Greenville I am constantly looking at deals for myself and other investors!

Sounds like an awesome start and some lessons learned for your next one!! Getting over that first one and the nervousness can often be the hardest part, most people talk about it but never execute!

 Hi John,

Like some of the people mentioned in here most of the time conventional financing will be much better for you down the road. I think what you have to think is why are you wanting to do seller financing? To get them at a lower rate? To the seller, the lower the rate, the higher the purchase price. In this example if you wanted to get 3% interest and I were the seller, I would expect you to be paying OVER asking. Are you looking for seller financing because you dont qualify for conventional financing? If so I would actually just spend some more time planning, saving, and getting the conditions right to be able to qualify. If you do qualify for conventional but just thinking seller financing is your golden ticket, I would say work with an agent who specializes in investors. There are tons and tons of great investments out there that a good agent will find for you and walk you through. Hopefully this helps but I think the first step is just some internal thought / discussion on what your goals / needs are!

Hey Marcus,

I think even though it can be really exciting to want to jump in and get a property, from what you are saying my recommendation would be to wait and save a bit more and see what things come with home ownership with your primary residence. There may be things that come up which you didnt realize would, but can be troublesome if its somewhere that isnt your primary residence. If you dont want to sit on the sidelines and just save up money I would talk to your lender and really have them run the numbers on what you could afford if you had X amount of money. That way you have specific measurable goals to go for! Another thing you mentioned is partnering with someone which could be good especially if this was your first one. I work with a bunch of investors who are always looking for partners and can see about connecting you if thats something you are interested in down the road!

Hey Matt! I am a realtor and investor here in Greenville and I also work with clients in Spartanburrg and would love to connect! Sent you a DM

Hi Kyle,

I am a realtor and investor here in Greenville and I specialize in helping investors (especially investors starting out) and would love to connect!

For 1800 a month I think there is a high level of expectation for there to be central air, I think if you fix this then you will probably get a tenant so long as everything else looks reasonble!