All Forum Posts by: Colten Powell

@Benjamin Haraway

Hi Benjamin!

I wouldn't recommend using hard money as a downpayment. Usually you're going to want to use a hard money loan for a short period of time. So in a BRRR or a flip. These are typically a 6-12 month process or even shorter sometimes. I would recommend continuing to save $ while still in your lease and go ahead and start researching and running numbers on properties. I know things can get antsy when you're pumped to get into the game but don't rush it too much or you may end up regretting it. I bought my first property last year that's a 3 unit and I have a tenant and also run an Airbnb. It has real power but you need to be in a good position to do so first.

Who are my Greenville, SC investors? I am an investor in the Chas market but have a lot of connections to the upstate, except for real estate. Would love to know of any meet-ups or other professionals in this area. Spartanburg,SC included.

@Josh Sobczak Hi Josh! Welcome to the area.

Dan Rivers at Maven realty has helped me and a lot of other investors in the area secure deals. He’s great and walked me through the entire process. Let me know if you would like his info.

@Ken Schwarz Would love to get their info to possibly use them in the future!

I attend REI Central in North Charleston.

@William Riesner Hi William!

There is a great group of investors here in the Charleston market that are always happy to help. Let me know exactly what you’re looking for and I can more than likely help.

I’ve got a great investor minded realtor and a lender here in the area.

@Bradley Chapman How are you going about doing STR's in downtown Charleston?

@Michael Morelli Rob Wade at LoanDepot is your guy. Let him know I sent you his way. He did my latest deal and does tons of deals for my local meet-up. Let me know if you need his info.

Hope this helps!

@Isaiah Fariel Welcome to bp Isaiah !

I agree with @Joseph Gisler and am surprised I had to scroll so far down to see this suggestion. I bought my first property in Charleston,SC last year and it has an in-law suite, as well as opportunity to split the home down the middle and separate it even more. I rent out the in-law which has it’s own kitchen, bedroom, bathroom and laundry, as well as a private entrance. Then the main home has 6 beds, etc which will be split to make 2 separate units or “living spaces” (cautious of zoning).

When my wife and I first started we were solely looking for duplexes but that just wasn’t feasible in our price range and desired location. I would suggest researching unfinished basements, basements, in laws or other creative routes.

The rent from my in law suite pays my mortgage. Once we split the home down the middle it will cover entire escrow and cash flow. Downfall: we can’t split anything in regards to power, water, etc bc of no separate metering. Also, be cautious of what your city allows. Hope this helps and let me know if you have any questions!

@Preston Davie Hey Preston.

I would first say pay off what you owe to the IRS. As far as purchasing a multi family you may find some difficulties doing so in the Charleston market due to their high demand. I purchased my first property last year and also live in the property to offset my expenses. I’m sure you have heard or seen somewhere on here that this is a good way to learn and get your feet wet while saving $ at the same time. For example try finding a duplex or even a home with an in-law, etc. I would try your best to get a great agent, do lots of looking and be ready to put in an offer once you see something you want bc they go fast. For now I would lay down debts and learn as much as possible.

@Preston Davie I have a rental property a little bit more north of park circle off of rivers. Very close to Trident- tech and the new VA hospital. The tenant is great. I have never had any issues but I can also recognize I may be very lucky. I think the demand for good tenants in this area is not an issue. Really it boils down to the exact location as there are many different pockets and a large diversification in North Charleston as a whole.