All Forum Posts by: Morgan Eriksson

sorry for the deled response here. I love Greenville! The housing here is still affordable, it's a safe clean city, and on top of that we are growing quickly but sustainably. Your 3 hours to the beach, 1hr to charlotte, 2 hours to atlanta, and 1 hour to mountains. It's a great place to raise a family, and despite the state school reports, Greenville schools are amazing. We are a very international city, we lead the nation in percentage of jobs linked to foreign companies. South Carolina is tied with New Jersey for the highest percentage of jobs based on foreign investment in the market. This gives the upstate of South Carolina unmatched job security. Brands like Michelin, Lockheed, BMW, Bosch, TTI (ryobi & milwaukee tool), Bauch and Lamb, Scansource, Synnex, Ingram Micro, Miliken, and Proterra all call the upstate home! On top of that it doesn't hurt the best university in the world, Clemson University is right down the road. 

I know a lot of people that do short term rentals and Airbnb on my street, east north street, and I haven’t seen the city crack down in anyone... not to say they won’t If a neighbor complains. 

welcome @Gary Brady! i'm located in greenville. SC is a great place to invest. 

I know this won't help your situation with HD, but i've had really good experience with a 3rd party warranty company called upsie. you can buy your electroncis, applicances from anywhere and their warranties are drastically cheaper, and the service is amazing. https://upsie.com/appliance-wa...

transaction brokerage, or a low to no fee brokerage might be the way to go. have you talked with any wholesalers in your market that also have their license? I highly recommend joining a brokerage though and gain the knowledge from your fellow agents, plus it could open more doors for you. 

Awesome! just curious what will that home rent for? 

it could work, but not in the example you provided. so say you bought the house for 50k (all cash i'm assuming) and you put in 10k renovations, you would need to after repair value to be around 75k. when you refiance hopefully you can find a lender to loan you 75 ltv. therefore at closing after closing costs the bank would pay you around 56k... Thus you own a renovated rental property for 4k (minus closing costs etc). 

appreciation isn't neccessary to have, but it sure is nice! also when you refinance your cash flow will drop. I personally wouldn't buy a house if there wasn't some aspect of appreciation.

you're thinking about this wrong. you unfortunatley don't get to lower the mortgage amount.... So your new value of the house is now 125k, your orignal loan is 60k you now have have 65k in equity, (vs the 20k you had previous). So think of refiancing as re-purchasing the home at a higher cost. so now if you refinance a bank will require you to keep 25% equity, some require 30% in the deal. So refiance the home, leave 25% in (roughly 31k) and the bank writes you a check now 34k. your new loan amount is 94k...(montly payment goes up) BUT you can now take that 34k (tax free!) and deploy that into another deal and repeat the process. so now in theory you own a property for basically 1k out of pocket (minus closing fee's for the refiance) 

i'd start now, i'd hate to start a relationship for only couple months out when you can build a relationship over several months of calls, maybe drive up for a beer/coffee and talk real estate strategies.  But the big thing is to be as clear as you can be on expectations. Make sure to tell your core four WHY you are waiting 10-12 months and keep them updated as you get closer. Make sure you are clear in your expectations.. What you are looking for in that person's role, the criteria of the deal or services that person will provide, and the timeline. A mistake I made on my last deal was I just assumed that my GC would think to put in a dishwasher space, and outlets by the bathroom vanities... But because i wasn't clear I ended up causing both of us headache... .. another thing When they bring you a deal or respond to your request for quote for services, be quick to respond back and be ready to pull the trigger when all the stars align for you. But start now! and welcome to the Greenville market, we're glad to have you! 

so they are charging you to BUY a property? I don't charge my clients anything unless i'm selling a property or finding and working a off market deal for them.