All Forum Posts by: Mason Snyder

I'm not to most active forum participant but I wanted to hop on here and just say thank you. Thank you to @Brandon Turner, @BiggerPockets .com, and the whole Bigger Pockets community - for changing my life. My real estate journey began in 2015 when I met a guy while on vacation in Cabo who owned a bunch of rental properties. I picked his brain all week and returned home to discover BP and the podcast. I was hooked. I spent two years soaking up as much information as I could before taking the plunge and purchasing my first SFH rental in May 2017 in a partnership with my sister. Next week we will close on our 12th rental unit and are in the process of raising funds to break ground on a 235-unit self storage facility.

While still not quite in a position to walk away from my day job - I am on my way and hope to be there in the next two to three years. And I owe this path and direction to this community.

Thank you!

If there is anyone out there who is looking to get started and is scared or has questions, even if you feel like they are dumb questions, please do not hesitate to reach out. I'm happy to jump on a phone call, correspond via email...whatever you need. 

also - for some clarification on my current rentals - the first we purchased as a second home (we rent as our primary residence in CA and wanted a place closer to family for when we visited) and turned it into a rental after we owned it for a year. So that one I'm scared is going to bite me.

The second one we purchased as an investment from the get-go so I think we're good to go on that one...

Additionally - a realtor I've been working with recently ran numbers on the same place and factors in tax savings from depreciation into his initial analysis. When he does this - it makes the deal seem much more appealing. I've never thought I should factor that in when running my numbers. Do you guys?

Hey there,

I've been searching properties in the upstate of South Carolina for several weeks now (and I feel somewhat dumb for even posting this to begin with because I actually own a few rentals and I'm slightly terrified come tax time next year), and apparently I've been running my tax numbers all wrong and not accounting for the 6% non-owner occupant rate.

Am I completely missing something or does this seem to kill virtually every deal out there?? Take for instance I deal I'm running right now - 

Duplex (we'll occupy for the first year, but running numbers for when we move out)

Purchase price: $190k

Total Rental Income: $1750/mo

10% down: $19k

Closing costs: $6k

Taxes: $357.08/mo ($4,285 annually (6%)

Vacancy/Repairs/Management: $350/mo (25%)

Monthly Cash Flow: -$53

It's sort of disheartening. My wife and I are moving to the upstate in August and plan to start expanding our portfolio. But even seemingly good deals get squashed and it appears to be because of taxes. Am I looking at this incorrectly?

Just wanted thank everyone on here and the creators of BP for the level of support that's offered through this platform. 

It was a goal two years ago when I listened to my first BP podcast that we would take the plunge and begin investing but it's definitely been difficult pulling the trigger on a first property. 

Excited to say that we had an offer accepted on our first property that's going to be a rental. 

We'll close next month and are already looking for our second. 

Appreciate the guidance on even the dumbest of questions and hope to continue to learn from all of you and one day be able to provide the same level of support to others that are just getting started. 

Thank you @Simon W.

I'm still looking for my first deal and I think I may have found it, so once again I'm turning to the BP community to help me make sure I'm making a wise decision.

Here's the situation:

My aunt is moving out of the 3/2 house she's owned in Simpsonville, SC for 11 years. She owes $107k on it. According to Zillow (I recognize this may not be the most accurate source) the house is valued at $132k. Her 20 year old daughter (my cousin) lives in the house and wants to stay and pay rent. She also has one roommate moving in. She's planning to pay $300/mo in rent + utilities (minus water, sewage (appx $50/mo) ) and, if I purchase this house, I plan to charge the second roommate $400/mo. I also plan to fill the 3rd BR with another tenant and charging $400/mo -- so $1100/mo total.

Bc it's investment property (I live out of state) I'm required to put 20% down. My aunt is not placing a premium beyond what she owes - so I'm getting it for $107k. If the Zillow figures are accurate there is $25k of equity which I'm planning to have my aunt write a letter and gift to me that I will use as the down payment on the house. Property taxes are appx $669/year. HOA's are appx $200/year. It's in a great, family friendly neighborhood with a pool and tennis courts.

(Side note - the house is located in my hometown and I'm very familiar with the area. Also - all of my family and friends will reside so I have "boots on the ground")

The A/C went out recently. She has an American Home Shield membership that she believes will cover the repair (after a small deductible). The linoleum floors in the kitchen could also stand to be repaired. These are the only issues I know at this point.

Outside of the A/C I don't plan to make any major renovations while the three tenants are living there. Once they're out I will and will adjust rent rates.

Based on the high level information I've provided - do you think this is a good deal?

@Robbie Reutzel and @John Casmon - Thank you guys! Will post an update after today's walkthrough

@Kevin Brown Thanks Kevin. Trust me - I wish I could invest locally. It's just too hard in NorCal. I know the market in South Carolina I'm investing in because I grew up there. Also all of my family is there so that helps. The goal is to move back there eventually which will definitely make things easier. 

Hello all,

I live in Northern California but am investing in South Carolina. I'm looking at a MFH for my very first investment property - a duplex and a single family unit are on one property. They're asking $115,000 for all.

My realtor is showing my dad the place for me on Sunday. I have no idea if there's any work that needs to be done but I'm assuming there will be.

The two units in the duplex are currently rented at $500/each ($1000 total) and a tenant is moving into the SFH on the property at the end of the month and will be paying $700/month.

At first glance (without knowing the extent of any updates/repairs that the properties may need) this seems like a good deal.

What questions should my dad be asking or what should he be on the lookout for during the walkthrough on Sunday? and should I pay a GC to go as well?

Thanks,

Mason