All Forum Posts by: Yacosa Foster

When I come back to SC I'm moving to Greenville. I'm from Spartanburg but its still relatively small and after living in VA for 20yrs I cant do small. Greenville is growing and it beautiful. I will continue however to invest in Spartanburg because that is home and I do want the opportunity to start some community redevelopment projects and build affordable home outside of what Habitat and HUD are doing.

I brought 9 vacant lots in Spartanburg, SC and want to start building on them. 5 are on one side of town in the same area and the other 4 are on another side same area. They are all buildable lots. Seems simple right. Except heres my problem, that's not my area of expertise. I'm a realtor, I have been a realtor for 5 yrs. I have worked with investor before but never on new construction. Here what I would like to learn from this post. First, if any one is interest in partnering with me that is in the Upstate area specifically Spartanburg I welcome the conversation and possibly create a win-win situation.  Second if you are not interested and have tips, tricks, are advise that you can give me about hiring the right people, the process,  people you know (i.e. builders, surveyors, architect for the plans, or engineers) are a system that you use to figure out the cost please share with me. I am not interested in saling them to someone that can do it because that defeats the purpose of why I brought them. Oh and one more thing I currently live in the Hampton Roads area of Va. so the hiring process has been a challenge as well but rest assure I am from the area. I was born and raised in Spartanburg then I joined the military and 20 yrs later I'm about to return, I retire in May 2020. Oh and yes I know new construction should be my intro into invest, but hey I'm here one way are another Im going to get it done.

Investment Info:

Single-family residence other investment in Spartanburg.

Purchase price: $4,000
Cash invested: $4,000
Sale price: $4,000

I purchased 9 vacant lots of land from Spartanburg tax auction for under $4k total. I plan on build new construction.

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

Community development. The lots where vacant for years. I want to be a part of the solution not the problem. I also want a chance to build nice affordable housing.

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

I found it on a yearly auction. people where not looking at them because they area where most people don't invest. Im cool with that because I want the people that live in the area to be able to afford to own a new house in the area

How did you finance this deal?

I haven't finance the new construction as of yet but I used my own funds to purchase the lots.

How did you add value to the deal?

The value that I add is that I'm bringing new construction to a community to allow the people of the community to stay in the community by not over pricing the homes. And it doesn't come with the qualification and hoops that the HUD homes are Habitat home come with.

Lessons learned? Challenges?

The challenges I face is that I live in The Hampton Roads Area in Virginia and the lots are located in my hometown of Spartanburg SC. So finding a equity partner or a partner period is becoming challenging. Another challenge is trying to figure out the process of new construction.

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

I work with one now to keep me up to date about what's going on in the area as far as housing and community.

I know some would advise against it but I say be the first to fix and flip. Set the comps for the area. I own several lots in Spartanburg and I plan to do just that. I have 6 lots in the same location so all it takes is for one lot to sell at the price I want and the other 5 will follow. 

@Camille K. how did it go at Spartanburg Tax Auction. If you where not able to get any thing from the auction Terry Howell has online auction all the time check out his webpage and subscribe you will get an email anytime he has one coming up. I got nine vacant lots for very low cost accouple of years back and haven't had an issue with title. 

I'm in Spartanburg and starting some new construction projects.

I have just started as well and got a crazy lady that cursed me and all then got mad because I would give her a price over the phone without see the property. After I got her to calm down a bit because as I explained to her ma'am I only sent you a letter you did not have to respond and told her that she called me. We talked but then she got angry again once I told her I could not give her the accessed value on the property and again I had to see the property but the accessed value was not going to work for me she cursed me. So I politely told her Thank you for calling and to have a nice day.

Hello all my name is Cosa and I been reading thru the forum and blogs about wholesaling, taking notes and recently I went out driving for dollars found over 20 vacant houses and 5 for sale buy owner. I also did the craigslist thing looking for investors and wrote down some numbers got the numbers off the bandit signs I saw. Everything this far has been research and collection of data I need help on what to do with all the address I collected and phone numbers of investors I collected. I even built a data base for the information. I did all this in one day. I’m up and ready to move just a little confused about my next step.