New Investor in Greenville SC area. Seems hard to find a house?
Hey Everyone!
Happy to be here. I've been doing my due diligence the past month and a half and spending every bit of free time I can to learn more about the real estate investment business. I'm on my 4th book now and have been listening to a lot of BiggerPockets podcast episodes and I am super pumped! Currently taking a look at finding some meetups to see if I can find some part time work under a real estate investor and get some more "hands on" experience in this business.
I've been scouring the listings to see whats in the Greenville SC area. My wife and I have about 5k right now to get a SFH and may/may not have another 10k in the next year. I was kind of thinking to use this 5k to invest in our first house hack SFH that needs some work (get a max up to say 75k max which would give us about 5% down or 10% if we could get a 50k house) and borrow the rest through either FHA or an 80-10-10 loan depending on the price of the house. If we got another 5-10k later on down the road get another house or 2 and rent our first property. I've been keeping an eye out on Taylors, Greer, Greenville, Mauldin, Simpsonville, and Spartanburg. Seems there are a few houses in Greer, Spartanburg, and Greenville that would be in the price point we are looking at, but I am bit worried about the Competitive market here. I've been looking since August of last year and from what I understood Winter is generally the slowest time of the year for the real estate market. Houses here, however, seem to go fast! Prior to looking at Real Estate Investing I was looking at houses in the 150k range for the past 6 months and it was no different in this price range either. As someone looking to get into the real estate market that makes me a little nervous. It seems like finding a house with a "20% discount" as is so often talked about in the books I read is extremely hard to find in this area. I've been adding HUD houses in the search and those go even quicker! Maybe I am missing something, but this area does not seem to be very beginning investor friendly. Should we consider other areas?