Real Estate Coach · Asheville, NC · Member since 2016 · 176 posts · 172 votes
Spartanburg has recently caught my eye. The city has put a lot of time and resources into revitalizing the downtown area and developers are coming in to build/rehab office buildings and hotels. BMW has a manufacturing plant in the process of adding a 1 billion dollar facility to their current one, GE has a large plant, and several national chains have their headquarters there. Real estate is really cheap (40k for a 3/1) and rents are between $600-$800. Crime rates are high, but have come down steadily in the past few years. It seems like just a matter of time before the real estate market catches up with the development around.
Anyone on BP investing in this area or have any thoughts?
Investor · Atlanta, GA · Member since 2016 · 8 posts · 1 vote
9y
I saw something in the area that caught my eye. I'm looking to learn more about the area as there seems to be a lot of decent residential and commercial properties there.
So, I would be interested if anyone had more info to share as well.
Investor · Evans, GA · Member since 2015 · 190 posts · 103 votes
9y
@Derek Robinson...I'm in the process of acquiring a commercial property in Greer, midway between Greenville and Spartanburg. The Upstate area and its growth has been attractive to me given the long term potential of further economic development. Spartanburg has certainly been making some strides to "clean up" and revitalize in its CBD.
Investor/Developer · Greenville, SC · Member since 2015 · 14 posts · 2 votes
9y
Spartanburg is interesting. They've been saying it's changing for years but you still don't hear much about it. Maybe it's a sleeper and you have the timing right, and maybe you can make some good rental income there as a result of lower sales prices. But I view it as risky still in terms of appreciation. I'd personally bet on Travelers Rest or Greer or West Greenville before Spartanburg.
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
9y
I prefer Greenville County. GE is in Greenville. BMW is closer to Greenville. Greer is split across Greenville and Spartanburg Counties. I like the Greer area. It is a good ways from Downtown Spartanburg. It seems the residential property taxes are more expensive in Spartanburg than Greenville as I have rental properties in both locations. Greenville city also has a beautiful downtown with a waterfall and suspension bridge going across the river.
The west end of Greenville city is going through a slow transformation and I think this would be a great place to invest.
Real Estate Coach · Asheville, NC · Member since 2016 · 176 posts · 172 votes
9y
Since this post I've purchased three properties; two single family and a small apartment building. All are in good shape. I'm 83k invested right now with over $1,000 in monthly income with very conservative figures (10% capex, 10vac, 10 manag., 10 maint). I can still get mortgages on them to BRRRR all three (get my initial investment back) and still cashflow.
I inherited tenants with all of them. They are long term and keep the places nice. I can bump rent now, but will wait until current tenants decided to move out.
For me, the cashflow is the strategy, but long term appreciation would be nice if the city every takes off.
Real Estate Agent · Melbourne, FL · Member since 2013 · 115 posts · 26 votes
9y
@Derek Robinson I've just started in the upstate SC area investing (I've done a little in Florida and upstate NY) and I think there area good/solid areas in Spartanburg that are work it. I'm focusing on duplex in the 90-110k range and have recently taken the brutal lesson on the 30-40k properties (in upstate NY).
Where did you end up investing in the upstate? That's some great progress real quick!
Real Estate Coach · Asheville, NC · Member since 2016 · 176 posts · 172 votes
9y
@Christopher Schmidt The apartment building is off Howard Street. Apparently there is a group of investors buying up single family in the area and rehabbing (so I was told from my home inspector). Another is behind the hospital, and another is close to Artwright. None of these are the best area, but they are also not the worst. I wouldn't want to live in these areas, but feel safe at night.
I purchased all these through wholesalers or referrals so I'm getting a discount on them. Networking with wholesalers has been profitable for me.
Rental Property Investor · Greer, SC · Member since 2012 · 161 posts · 75 votes
9y
@Derek Robinson, Keep us updated on how your Spartanburg Rental work out and what type of turnover rate you experience. Do you or are you planning to rehab any of the units?
Real Estate Coach · Asheville, NC · Member since 2016 · 176 posts · 172 votes
9y
Sure thing. Out of 6 tenants, only one has been in their unit less than a year. The others have been there between 3 and 6 years. So far a low turnover rate. I plan on keeping rents the same as long as they continue to pay on time and don't cause and trouble.
All units are habitable. One house is in great condition, one house is fair but I'll have to replace carpet and maybe windows once tenants are gone. On the 4 unit building, each unit needs new cabinets, paint, flooring once tenants move out.
Real Estate Coach · Asheville, NC · Member since 2016 · 176 posts · 172 votes
9y
@Kenneth Mooney can you share any details of their plans? How much are they investing in the area? Single family only? Etc... My inspector didn't know much beyond hearing about it.
Investor · Moore, SC · Member since 2017 · 7 posts · 6 votes
8y
@Derek Robinson Hi I know I am late to the conversation.. a year later can you comment on your investment experience in Spartanburg? I just got 2 SFR in the past year there myself.. wondering if my experience is similar to any others and if my market assumptions still stand.
Real Estate Coach · Asheville, NC · Member since 2016 · 176 posts · 172 votes
8y
Hey @Claire Austil. I can't speak to appreciation. I feel like the market will come up, but that's my long play. I've been in Spartanburg almost 2 years and I've had great experience with tenants paying on time, not doing damage, etc. I've got a great property manager down there as well. I have 2 SFHs, a 4 unit apartment building, and two mobile home parks. All cash flow well. I'm focusing more on the mobile home park investing currently, so not really looking at SFHs anymore.
Real Estate Coach · Asheville, NC · Member since 2016 · 176 posts · 172 votes
8y
@Jason Burr, I was reading through this old post and thought I'd reply to your question on turnover. So far, two of my houses have kept the same tenants I inherited. They are treating the properties well and I have no complaints. On the 4 unit apartment building, my plan was to push out all tenants by slowly raising rents. I've gotten three out in the past year and rehabbed their units. So on those I've gone from $300 to $400 a month. The fourth unit I'm keeping at$350 and keeping the tenant. He keeps an eye on the place and mows the grass. He's been a great tenant and is kind of the "community leader" of the building.
I've got two mobile home parks there as well. I only own 2 of the trailers, tenants own the rest. I inherited these tenants and they are great as well.
My overall experience in the area is if you do decent background checks and provide clean and safe units, you can attract great, low income tenants.
Investor · Moore, SC · Member since 2017 · 7 posts · 6 votes
8y
Hi Derek. Thank you for sharing your experience. That was an interesting remark about the low income, good tenant in the area. Ill save that for review. Spartanburg has been good to us.. 1 move in ready and 1 BRRR later and we see appreciation in our comps but now also less available "deals" Our strategy has been SFH 3bed 2bath targeting out of state families who are new to the area. Thanks again for sharing your journey here
Specialist · Mauldin, SC · Member since 2018 · 14 posts · 3 votes
7y
Thanks for this thread! I've been keeping an eye on Clemson, Anderson, and Spartanburg at the moment as it seems the Greenville area is quickly pricing us out of owning anything in the area. I'd really like to do a househack multifamily for our first property but it seems there are slim pickings around here, and many are priced too high to even make it worth my time. The wholesaler I get listings from appears to only dabble with properties that need some serious work, so I guess I'll have to look around for one that offers properties that need less work.