I'm psyched out!
Hey guys,
I need a little help from any investors in the Columbia, South Carolina area.
I've been researching real estate for about 2 years now and have been building more and more confidence in my knowledge of small multi-family properties(2-4 units). Recently, I sat down with the landlord of my current residence to discuss his experiences and which areas of town he likes(he also owns small multi-families). He's no Donald Trump but I believe he owns about 10 properties in Columbia so I feel like he is a credible source of information.
Well, in the middle of our talk he asked what I wanted to get out of this. I told him I want to build equity over time but the properties need to cashflow from the start. He almost laughed at this idea and said that properties in Columbia just aren't going to cashflow, at least not for the first 5-10 years and if this was the reason I was getting into RE then I need to look into another type of investment.
I would like to get others investors' opinions of the Columbia market because this has really psyched me out. It's making me second guess RE and whether or not to look for another investment vehicle.
I don't want anyone to try and sugar coat anything for me, but I find it hard to believe that there's no worthwhile opportunities in this city.
Thanks ahead of time for any replies.