All Forum Posts by: Austin Grant McDowell

Hey Peter! I would strongly encourage you to reap the benefit of the VA Loan and hold onto the liquid cash that you have. This piggy backs off of @Joel Allen and I'd strongly encourage you to do that. House hacking would be the best case in this to lower your mortgage responsibility. 

I just used our VA loan on our current home but put money down as well. Different story, different scenario, but the same applied that I didn't have any PMI on my loan payment. Keep the liquid cash as a reserve for maintenance, other options. Keep it growing and use that as a down payment down the road. Good luck with the search, thank you for your service, and great questions.

I will have to agree to the above comments. You want the agent to be like minded in the investment world and have somewhat of a portfolio themselves, proving they know that side of the business. A lot of agents can sell a house, but not a lot can show you the good, bad, and potential qualities of a home. An agent that has good rapport with other agents in the area is another solid plus.

Investment Info:

Single-family residence buy & hold investment in Chesnee.

Purchase price: $60,000
Cash invested: $9,000

We jumped on this one because it needed work, but not too much. Still able to make some money every month.

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

I was familiar with the location and what it could bring in.

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

It was on the market and thankfully I had a great working relationship with the listing agent that vouched for me to the sellers that I was good for the buy.

How did you finance this deal?

Conventional Lending

How did you add value to the deal?

Paint, floors, Exterior paint and renovations.

Investment Info:

Single-family residence buy & hold investment in Sevierville.

Purchase price: $185,000
Cash invested: $2,500

First of many Short Term Rentals. This one came out of nowhere. Invested with my brother in law on this to mitigate the risk. Now my wife and I are actively looking for number 2 in this. It has been a great experience!

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

It was an avenue I had never been down and wanted to try it out. Took a leap

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

Realtor.com and found an agent in the area.

How did you finance this deal?

Conventional Lending

How did you add value to the deal?

Paint and furnished the entire place for guests.

What was the outcome?

EXCELLENT

Lessons learned? Challenges?

Don't be afraid to try new things. You may fail but that only means you learned. This was not a fail.

Investment Info:

Single-family residence buy & hold investment in Spartanburg.

Purchase price: $90,000
Cash invested: $8,000

SFR LTR added due to location and value to have. This was off the market and had rapport with an agent that knew I was in the market to either Fix and Flip or Buy and Hold. Either way it worked out, my wife and I decided to Buy and Hold.

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

Location and potential ROI

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

An agent that I had a good relationship with.

How did you finance this deal?

Conventional Lending

How did you add value to the deal?

New HVAC unit.

What was the outcome?

Positive cash flow. Not the greatest of the ones we have but the location hasn't changed.

Lessons learned? Challenges?

Continue building relationships with anyone you can in real estate because it can for sure pay off for you.

Investment Info:

Single-family residence buy & hold investment in Spartanburg.

Purchase price: $47,000
Cash invested: $6,000

Found this home on the MLS and made a sight unseen offer with a 24 hour due diligence period to ensure I had a chance to walk through it before it truly became official. Everything worked out and we have great tenants in there now!

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

I knew the location and what the value of the property had in it.

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

On the MLS. Had rapport with the agent listing it so it was a great negotiating topic of being good for the purchase.

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

New HVAC unit and bathroom flooring. $6k.

What was the outcome?

Everything functions great and the home is a great addition to the portfolio

Lessons learned? Challenges?

Never be afraid to go after what you believe in. But always have a safety net attached. (Sight unseen purchase and all with the due diligence attached)

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

Myself!

Investment Info:

Single-family residence buy & hold investment in Spartanburg.

Purchase price: $29,000
Cash invested: $15,500

First LTR and paid off quickly to start our passive income journey.

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

The ROI was huge.

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

Off market and a friend to an agent (I wasn't a realtor at the time).

How did you finance this deal?

HELOC

How did you add value to the deal?

Redone the bathroom and kitchen. Updated plumbing throughout as well as the electrical.

What was the outcome?

Excellent tenant and ROI.

Lessons learned? Challenges?

Keep making friends in real estate because it will pay off.

@Adam Lacey First Piedmont is a great local bank that does awesome work with construction loans.

@Nicholas Stolfa Ryder hey Nicholas! I’m an agent in the Greenville/ Spartanburg area and would love to help you in this area!

@Adam Lacey Simpsonville, Foutain Inn, Mauldin, Williamston, Piedmont, Travelers Rest, Greer, and Lyman are some growing markets right outside of Greenville that are good to invest in. Same house sizes at a lower price per square foot and relatively close to downtown Greenville.

For sure places to look into.