All Forum Posts by: Geoffrey Pritchett

@Trey Brown 10% was a typo my bad the original deal upon talking to my credit union was 20%  down. Tuns out, my credit union partners with another mortgage company to do their mortgages.  Because of this after talking to just the first person from my credit union there were some miscommunications. The mortgage company contacted me directly with the rest of the facts.  #1 they can only finance less than $50k if the home is a primary residence which out the gate makes this deal not work out.  Their minimum for non primary residences is $50k and after the 20% down payment.   so i guess this route wouldnt work out after all.  If anyone knows sources that will mortgage a non primary residence for less than $50k im all ears.  i dont wanna be out of pocket that much.    I have also thought about a hard money loan up front and then a refinance after closing, but I would need to discuss a refi with a lender for the amount of around $35k before i commit to a costly hard money loan.

@Travis Bobo gotcha! I have just been lurking on the outside looking for an in.  My Father has i beleive 6 units in spartanburg that have treated him well.  

As an update i double checked the assesors website just now and the total assesed value for 2017 was $869 lol. That would account for the low tax bill. Its also odd for the condition of the house. 

@Travis Bobo i thought the same thing but that is what the spartanburg county assessors website has on it as the tax bill paid for 2017. Odd but i know we also have a way to fie to reduce the tax based on value of the house.  Also on the assesors website it has the valued appraisal extremely low for the house.  

I see you are from the area, nice to meet ya! How long have you been investing in this area? 

@Trey Brown Thanks a bunch for the recommendations.  I hadn't considered the 10% for vacancy, maintenance, and cap X.  At first glance that number seems high and hopefully not consistent year to year as an average, because yeah that makes this deal definitely not as attractive.  My goal would be to cash flow at least $150 a month from this property.   However, I fully expect a learning curve getting into this business and I have a pretty good Engineering Job that I will keep, with my real estate goals being a 5 year escape plan from the 9-5.  I have about $200K cash saved to start out the real estate Journey and I have just been ever cautious in pulling the trigger on the first deal.  I may hold off on this one as well.  Thanks again for your input! 

Hello Everyone,  I hope this is the correct place to post as I am new to the forum and have just been lurking around reading for the past year in hopes of learning all I can before pulling the trigger on a deal, so bear with me.  My current market is the area of Spartanburg, SC (potentially also Greenville, SC)

In short I am interested to hear some investor opinions on a buy and hold opportunity that has recently crossed my path.  I wanna see if I am missing anything before I close the deal.

location is Spartanburg, SC

price is $50,000

1200 sqft 3 bed 2 bath house with some minor updating. Looks very clean inside and outside is vinyl and could use a good pressure wash.

New Heat pump system.

leak in the roof is being repaired.

current tenant would like to stay and has a kid in the school district so long term is best for them.

$600 rent which would go up to $625 starting in January.

property tax was $400 in 2017 

Home owners insurance would likely less than $500 (basing that on my current home which is 3000 sq ft)

Credit union financing 10% down (about a $275 monthly payment) 

What I like about the property is that it seems to be in good shape and besides the roof leak and a/c system hasn't needed much maintenance which hopefully makes for a good first property.  Is there anything else you think I should consider?  Hopefully this leads me to making some connections in the upstate of SC as well.   Thanks in advance everyone!  

Thanks for the tips and welcoming me into the forum!

Hello all!  My name is Geoff Pritchett and I am from the Upstate of South Carolina.  I am New to the real estate world and my story is kind of a wild ride.  I am a 29 year old Mechanical Engineer by degree and a Robotics Engineer/software programmer by trade.  Over the Last 2 years I have become increasingly interested in the opportunities that real estate can provide for me to get out of the corporate rat race and doing something more freeing.  I became interested in part because my family was in a bad car accident where 2 kids street racing hit us and almost killed the 4 of us including my 5 month old son and 3 year old daughter.  I realized that life is short and I want to be able to spend as much time as I can outside of a 9-5 and traveling alone 50% of the month.  We also of course have a large multiple insurance settlement that I want to invest intelligently which I'm thinking will make all of my goals possible.   I Have been reading books over the past 2 years or so on the subject and Have just finished "Finding and Funding Great Deals" which has given me the urge to just start somewhere and soon.  So i am taking the month of December off this year to get time to start my adventure in real estate.  I look forward to meeting other investors in the area, and becoming an Active investor!