Newbie investor in Columbia, SC looking for GC

10 Replies

Hello good people! I'm a newbie just getting my feet wet. Trying to learn all the ends of and outs of rental properties. I'm looking into the Columbia, SC market where there are a number of rehab properties that have the potential of being restored and rented out. However, I'm having the hardest time finding/choosing the "right" contractor for my future rehabs. I want to have a contractor on board before I even think of closing on any rehab property. So does anyone know of any good contractors that can handle fixer-upper restorations in the Columbia, SC area? Thank you in advance!

@Brandon Graham There are plenty of good contractors here.  Don't use that as an excuse to not get a deal.  I have great contractors in my network but we Still bid out projects.  You will never get a deal done if you put the cart before the horse.  

Get the deal and then find the contractors.  

Look for our next meet up event.  I'm waiting on the speaker before I confirm the date but it will be early November.  Come and meet GCs, investors and realtors. 

Thank you Andrew for the advise and for the information. Yes please, let me know the next time you all meet. I'm definitely looking to network and rub shoulders with those that have already walked the path. Also, Andrew if you don't mind I'd like to get your opinion on a deal in Eastover that I'm considering putting an offer on. 

Brandon,

I think you are getting ahead of yourself.  Picking a contractor before you even have a have a property is like hiring the wedding  caterer before you even propose. 

Keep in mind, you don't buy and close instantaniously. You can pick any contractor to give you an inital bid to make sure the numbers work with a buffer built in. Between the initial acceptance and close firm things up.

@Anna Buffkin

Thanks for your insight. Yeah,  I'm just a little OCD about some things especially involving money. I guess I was thinking that I wanted to have all my ducks in a row, so I can minimize holding costs as much as possible. 

Originally posted by @Brandon Graham :

@Anna Buffkin

Thanks for your insight. Yeah,  I'm just a little OCD about some things especially involving money. I guess I was thinking that I wanted to have all my ducks in a row, so I can minimize holding costs as much as possible. 

I get it. We all want to be completely prepared before going in.  The problem is real estate isn't really the step by step everyone wants it to be.  Like having kids, you can read every book and ask every parent you know, but mostly you figure it out on your own.  

That said,  the fact that you are thinking about GC and holding time puts you ahead of many of the newbies who come on here asking generic questions on how to get started with the change under their couch and no research.

Also, I looked at your profile page.  My husband is also a teacher.   He was at Lower Richland for years.  

Originally posted by @Anna Buffkin :
Originally posted by @Brandon Graham:

@Anna Buffkin

Thanks for your insight. Yeah,  I'm just a little OCD about some things especially involving money. I guess I was thinking that I wanted to have all my ducks in a row, so I can minimize holding costs as much as possible. 

I get it. We all want to be completely prepared before going in.  The problem is real estate isn't really the step by step everyone wants it to be.  Like having kids, you can read every book and ask every parent you know, but mostly you figure it out on your own.  

That said,  the fact that you are thinking about GC and holding time puts you ahead of many of the newbies who come on here asking generic questions on how to get started with the change under their couch and no research.

Also, I looked at your profile page.  My husband is also a teacher.   He was at Lower Richland for years.  

Indeed, yeah I'm quickly finding that out especially just seeing how quickly the good deals go under contract. I see that there's absolutely no time to ponder in this game! Lower Richland, that's awesome because that's the cluster I teach in. All my kids go to LR if they stay in this area. I noticed on your page that you have a few condo rentals. I looked into a couple here in Columbia and the regime/HOA fees were ridiculous to say the least. For instance, I was looking into Briargate condos on Broad River and the rent would be $600 or so, but the monthly regime fee is $320! Do you think that this is just a very high exception and I should reconsider looking back into condos or stay away? How's your experiences with your condos if you don't mind me asking?

@Brandon Graham Briargate's HOA fee is ridiculous. I have seen units in there for sale as low as $15k, and I still won't buy.

As a rule of thumb in Columbia, I look for condos with HOA fees under $200/ month. If they are near $200/ month, I expect them to at least cover water, sewer, trash, and basic insurance. Condos are great for cash flow, but not so great for appreciation or cash out refinancing (BRRR) method purchasing. I make more off of condos, but use the equity in my rental homes to grow.