All Forum Posts by: Jason Hamilton

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Greenville.

Purchase price: $135,000
Cash invested: $1

Paid $135k will probably take $5000-8000 in cosmetics. Each side should rent out for $750-$850

My wife and I have lived in Alabama and Mississippi, I have also lived in Michigan, Florida, and Massachusetts and have always wanted to get in to rental properties. We moved to Greenville, NC over two years ago. In the last year we have purchased 2 SFR and 1 duplex all well in the 1% rule. Houses are cheap here but go fast (VERY FAST). You have a university with 30k students and a large hospital that brings a lot of renters. It is a smaller population of around 100k. Our 3/2 houses rent for $1500 and $1200, both were rented within 48 hours of closing. The duplex has 2/2 both sides and will rent for $750 each side once we remodel, in a community near 100% occupancy.

Some of the other areas of the state are very expensive and will struggle to find things that work with the 1% rule. The other problem you will run in to in the bigger markets (Charlotte, Raleigh, etc) is the if it is does meet the 1% rule it may not be the most sought after area. Just depends on what type of tenants you want. 

@Roberto Lopez

Doesn’t seem like a good deal at all.

P&I, taxes, and insurance aren’t even covered by rent. Take in to consideration PM, repairs, Cap and you are paying out of pocket every month for someone else to live there.

I would look in to the 2%/1% rule.

@Chass Reed

As someone who lived in Detroit (attended UDM) for four years I always wanted to invest in Detroit. The things that always kept me away were the lack of city services, and the amount of abandoned homes. As someone mentioned the city was built for 2 million people and now has half of that. That’s a lot less tax money coming in to the city to pay for garbage, snow removal, police, and fire. The city did not shrink, but the population has. Half the services to cover the same geographical area was a big concern. The infrastructure was broken, has that come back yet?