All Forum Posts by: John Pae

@Cameron Price

It is hard to say, but ARV could be around 140k, but I do not plan to flip and sell it.

As far as 2%, I will definitely have to meet with agent to find a good deal. This property will be my primary resident with my wife, so we do want to enjoy downtown Columbia area at this moment. Eventually I will move out to invest outside of Columbia to seek for 2% rent properties. When the time comes, I will make sure to contact you for advices :)

@Brock Adams

True that! I was not thinking about the whole rental market that City of Columbia is building. My wife and I just want to live near by downtown, but not too close to USC for 2-3 years, so we chose Earlwood/Elmwood/Cottontown neighborhoods. Then I thought with Bull street project, value might go up if I hold it for long term. We may even stay longer than 2-3 years until whenever our kids goes to school. I can see Cayce and 30 mile radius from Columbia has better investment opportunity for me in my future investment. 

I would definitely love to grab coffee/lunch with any of you guys to pick some strategies you guys have on real estate investment.

As far as loan goes, basic FHA loan or FHA 203k rehab loans... do you guys see any problem with that for first home buyer?

Hello BP investors!

I need some of you guy's advice/inputs/critics/encouragement on my first investment.

I live in Columbia, South Carolina. I am looking for my first home in downtown area.

This house will turn into a rental after few years, so I need good advice from you guys!

So here's my target/plan and please feel free to crush it, rip it since I am open to any comments.

I found a city loan called Purchase Rehab, which is equivalent to FHA 203k rehab loan.

My plan is to get a pretty good deal on house around 90-100k or below, then use 20k to renovate it, so that it will match somewhere around neighborhood house value. This will make total loan up to 130,000. This potential area can grow because city of Columbia is planning to build baseball stadium and other projects around this neighborhood.

After two years if I do rent this place for 1% value, $1300/month, and use 50% rule with subtracting debt service, profit comes out $66... (this is with 3.5 down pay for FHA loan). I mean if I can get a good deal with less renovation money, profit will be higher.

My strategy will be just buy and hold. I know there are much more than 50% rental property rule, but I am trying to see where I should start.

So, am I in right track? or totally off? 

Any comments are welcome!

hello,

My name is John. I livin Columbia, SC.

I would like to start learning about investment before commit myself to real estate investment.

Nice to meet you guys!