Hello From Greenville, SC!

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Hello From Greenville, SC!

John Gambone
Real Estate Investor · Greenville, SC · Member since 2014 · 26 posts · 11 votes

Hi Everyone!

My Name is John and I live in Greenville, South Carolina. I am brand new to REI with an open sponge like mind and an endless amount to learn. I am looking to start purchasing properties in the Upstate area and become a buy-and-hold investor, while doing a few flips when the opportunities present themselves.

For years now I have been telling myself that I need to stop my "what-if's" when it comes to wealth and my families future. Finally this year I made a resolution to do something about it. I picked up a book which is kind of obscure and I'm not sure if you guys have ever heard of called 'Rich Dad Poor Dad' (Sarcasm) and even though it's not a perfect book, it flipped the necessary switch in my head. It lit a fire in me to start reading and listening to everything I could get my hands on in regards to REI. I found BP and have entrenched myself in the Beginners Guide and the Podcasts. I just want to say thank you so very very much to @Joshua Dorkin and @Brandon Turner for the great entertaining and educational information they provide the BP community.

I have tried my best to follow the advice of BP for newbies… I got off my duff! I joined my local REIA club and have attended all the meetings and seminars they have had this year. I am still on the lookout for the elusive mentor and I am hoping by networking at the REIA events I can find someone to take me under their wing, all while knowing I must provide them value. I know there are no such things as a free ride! I'm just the type of person who likes to pick the minds of people who have come before me to hear their best practices.

Right now even though I am more knowledgeable, I am still stuck in the analysis paralysis. I have found properties that I think are underpriced (make money when you buy, right?!), but I do not know what exactly to offer on these properties. Without someone who knows these things, I just read more… and more… and more… and now it’s going to be March. This is my blessing  and this is my curse...  I got to where I am in life by crossing all my t’s and doting all my i’s, but this isn't the best trait for someone who just needs to jump in.

My goals for the next 3 weeks are:

-Meet with Real Estate Attorney and setup my LLC (podcast 109!)

-Meet with Accountant recommended by REIA group

-Interview local banks to see who will best the best fit for my needs

-STOP THE ANALYSIS AND ACT

Anyway... enough about me! Thanks for reading and I hope to become a solid contributing member of BP. I hope one day soon I can offer knowledge to the new members of the community!

Best Regards,

John Gambone

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Jason BurrPro Member
Rental Property Investor · Greer, SC · Member since 2012 · 161 posts · 75 votes
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@John Gambone Welcome to the site.  My first deal was probably the worst deal I have made. However, I wouldn't not have done a thing differently! Jump in the game and learn as you go.  Each additional deal gets easier. I noticed that your goals didn't include making any offers.  You've got to make offers to be an investor.  Don't get too caught up in paying professions (CPAs and Lawyers) when you don't have any income and own no properties. Spend the money buying something.  It's a very slow road. The guys who fail are the ones who quit. 

Are you a member of Upstate Creia?

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  • Jason BurrPro Member
    Rental Property Investor · Greer, SC · Member since 2012 · 161 posts · 75 votes
    11y

    @John Gambone Welcome to the site.  My first deal was probably the worst deal I have made. However, I wouldn't not have done a thing differently! Jump in the game and learn as you go.  Each additional deal gets easier. I noticed that your goals didn't include making any offers.  You've got to make offers to be an investor.  Don't get too caught up in paying professions (CPAs and Lawyers) when you don't have any income and own no properties. Spend the money buying something.  It's a very slow road. The guys who fail are the ones who quit. 

    Are you a member of Upstate Creia?

    1Reply
  • Larry Fried
    Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
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    @John Gambone 

    Hello and welcome to BP, a great place to learn, to share, and to act (don't forget that last part)!

    0Reply
  • Edward Synicky
    Rental Property Investor · Yorba Linda, CA · Member since 2012 · 336 posts · 69 votes
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    @John Gambone 

    Congratulations on finding Bigger Pockets! You will find this a tremendous resource for all of your real estate needs. Please reach out to me or any of the other members for any help you may need to start your real estate career. Over 40 years I have been convinced there is no better way to achieve wealth than through the ownership of real property.

    0Reply
  • Julia Rowling
    Real Estate Investor · Greenville, SC · Member since 2014 · 76 posts · 23 votes
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    @John Gambone Welcome to BP! I, too, am trying to get my foot through the REI door and can relate to much of what you say in your post. It's so hard to know when you've got enough info already and it's time to pull the trigger. I guess it all comes down to fear of making mistakes. Once we can come to terms with the fact that mistakes WILL be made, and we'll survive all the same, then we'll be ready to get down to business.

    I hope to meet you at one of the REI meetings, which I also plan to attend once I finally get to Greenville.

    All the best to you!

    0Reply
  • Curtis York Jr
    Investor · Columbia, SC · Member since 2015 · 57 posts · 7 votes
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    Amazing introduction! and welcome. Im from Bishopville myself

    1Reply
  • Account Closed
    Real Estate Broker · Tipton, IN · Member since 2014 · 436 posts · 39 votes
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    Welcome to the BP community @John Gambone!!

    I am confident that you will find this is an awesome place to learn about all things real estate, make a few friends along the way and in the process achieve your real estate goals. 

    Best of luck in your future real estate endeavors.

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
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    @John Gambone 

    welcome to the site. I too would recommend going on & putting in an offer to buy something. Realistically you don't need an LLC right now.

    I imagine that the 1st home you buy is going to be 1-4 units & you will be using traditional financing. The bank will not lend the money to your LLC. You will need to put the home in your own name.

    0Reply
  • Russ Scheider
    Flipper/Rehabber · Mount Pleasant, SC · Member since 2013 · 547 posts · 235 votes
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    I second what @Jason Burr said. JUMP IN! Talk to some experienced investors at your REIA. Determine the correct acquisition formula for your market. Put something under contract! Give yourself 60 days to close, and either wholesale it or find the funding to rehab it. You will never learn anything valuable until you take action.

    1Reply
  • John Gambone
    OP
    Real Estate Investor · Greenville, SC · Member since 2014 · 26 posts · 11 votes
    11y
    Originally posted by @Jason Burr:

    @John Gambone Welcome to the site.  My first deal was probably the worst deal I have made. However, I wouldn't not have done a thing differently! Jump in the game and learn as you go.  Each additional deal gets easier. I noticed that your goals didn't include making any offers.  You've got to make offers to be an investor.  Don't get too caught up in paying professions (CPAs and Lawyers) when you don't have any income and own no properties. Spend the money buying something.  It's a very slow road. The guys who fail are the ones who quit. 

    Are you a member of Upstate Creia?

    Thanks for the kind words and advice. I just want to get my foundation before I jump in and that's why I wanted to get the LLC setup. Though I am not wealthy, I do have assets that I would like to make sure are protected from law suits.

    And yes! I joined Upstate CREIA 2 wees ago and have been to two meetings. I was really bummed out when the one this past Monday was cancelled due to bad weather!

    Are you a member? Hopefully we can meet up sometime and I can pick your brain. I'll buy the coffee!

    0Reply
  • John Gambone
    OP
    Real Estate Investor · Greenville, SC · Member since 2014 · 26 posts · 11 votes
    11y
    Originally posted by @Larry Fried:

    @John Gambone 

    Hello and welcome to BP, a great place to learn, to share, and to act (don't forget that last part)!

     Thanks for the warm welcome! I've made a commitment to make an offer on a house within 30 days. I'll keep you all posted!

    0Reply
  • John Gambone
    OP
    Real Estate Investor · Greenville, SC · Member since 2014 · 26 posts · 11 votes
    11y
    Originally posted by @Edward Synicky:

    @John Gambone 

    Congratulations on finding Bigger Pockets! You will find this a tremendous resource for all of your real estate needs. Please reach out to me or any of the other members for any help you may need to start your real estate career. Over 40 years I have been convinced there is no better way to achieve wealth than through the ownership of real property.

    Thanks for taking the time to read my post Edward! I appreciate the advice and I am looking forward to my REI journey. I will make sure to take you up on the offer if I need any advice Thanks in advance!

    0Reply
  • John Gambone
    OP
    Real Estate Investor · Greenville, SC · Member since 2014 · 26 posts · 11 votes
    11y
    Originally posted by @James Wise:

    @John Gambone 

    welcome to the site. I too would recommend going on & putting in an offer to buy something. Realistically you don't need an LLC right now.

    I imagine that the 1st home you buy is going to be 1-4 units & you will be using traditional financing. The bank will not lend the money to your LLC. You will need to put the home in your own name.

    Thanks for the advice James! I have commited to putting in an offer on at least two properties in the next 30 days. Also... GO BROWNS/CAVS/INDIANS! I'm a Akron/Cleveland boy myself and just moved down to Greenville 3.5 years ago, but most of my family including my parents is still up in NE Ohio. Next time I'm in town we should hookup! Part of my REI journey is not only for me, but to help my parents manage their retirement funds.

    1Reply
  • John Gambone
    OP
    Real Estate Investor · Greenville, SC · Member since 2014 · 26 posts · 11 votes
    11y
    Originally posted by @Russ Scheider:

    I second what @Jason Burr said. JUMP IN! Talk to some experienced investors at your REIA. Determine the correct acquisition formula for your market. Put something under contract! Give yourself 60 days to close, and either wholesale it or find the funding to rehab it. You will never learn anything valuable until you take action.

     Thanks for the advice Russ... I want to find a way to retire down in your neck of the woods! Maybe I can just start buying property down there in Charleston make the move! My wife and I love Charleston. It's our home away from home.

    0Reply
  • Jason BurrPro Member
    Rental Property Investor · Greer, SC · Member since 2012 · 161 posts · 75 votes
    11y
    Originally posted by @John Gambone:
    Originally posted by @Jason Burr:

    @John Gambone Welcome to the site.  My first deal was probably the worst deal I have made. However, I wouldn't not have done a thing differently! Jump in the game and learn as you go.  Each additional deal gets easier. I noticed that your goals didn't include making any offers.  You've got to make offers to be an investor.  Don't get too caught up in paying professions (CPAs and Lawyers) when you don't have any income and own no properties. Spend the money buying something.  It's a very slow road. The guys who fail are the ones who quit. 

    Are you a member of Upstate Creia?

    Thanks for the kind words and advice. I just want to get my foundation before I jump in and that's why I wanted to get the LLC setup. Though I am not wealthy, I do have assets that I would like to make sure are protected from law suits.

    And yes! I joined Upstate CREIA 2 wees ago and have been to two meetings. I was really bummed out when the one this past Monday was cancelled due to bad weather!

    Are you a member? Hopefully we can meet up sometime and I can pick your brain. I'll buy the coffee!

     I only went to one meeting last year. It seemed like every meeting conflicted with some project I was in the middle of.  Hopefully, I'll make it to the next one and we will catch up. 

    Keep in mind that to get a good deal will most likely will require you to make many offers to a number a different properties.  If you make two offers that are both accepted, you have just paid too much.  What type of investing are you interested in?

    0Reply
  • John Gambone
    OP
    Real Estate Investor · Greenville, SC · Member since 2014 · 26 posts · 11 votes
    11y

    @Jason Burr, since I currently have a W2 job, I am looking for the majority of my REI business to be buy-and-hold deals run with a property manager. However, my work is in the residential building products industry and it gives me access to a number of great contractors and general handy men, so I would like to try my hand at a few lower end flips as well. The flips will mostly be used to fund more acquisitions of buy-and-holds... All this being said with zero experience in the game and just my educated guess.

    0Reply
  • Lauren Taylor
    Columbia, SC · Member since 2013 · 73 posts · 14 votes
    11y

    John,

    Welcome! Let me know if there is anyway I can help. We have a lot of experience in the South East and would love to help you any way we can.

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    11y
    Originally posted by @John Gambone:
    Originally posted by @James Wise:

    @John Gambone 

    welcome to the site. I too would recommend going on & putting in an offer to buy something. Realistically you don't need an LLC right now.

    I imagine that the 1st home you buy is going to be 1-4 units & you will be using traditional financing. The bank will not lend the money to your LLC. You will need to put the home in your own name.

    Thanks for the advice James! I have commited to putting in an offer on at least two properties in the next 30 days. Also... GO BROWNS/CAVS/INDIANS! I'm a Akron/Cleveland boy myself and just moved down to Greenville 3.5 years ago, but most of my family including my parents is still up in NE Ohio. Next time I'm in town we should hookup! Part of my REI journey is not only for me, but to help my parents manage their retirement funds.

    Sounds like a plan to me. Let me know when you will be coming into town.

    0Reply
  • Jason BurrPro Member
    Rental Property Investor · Greer, SC · Member since 2012 · 161 posts · 75 votes
    11y
    Originally posted by @John Gambone:

    @Jason Burr, since I currently have a W2 job, I am looking for the majority of my REI business to be buy-and-hold deals run with a property manager. However, my work is in the residential building products industry and it gives me access to a number of great contractors and general handy men, so I would like to try my hand at a few lower end flips as well. The flips will mostly be used to fund more acquisitions of buy-and-holds... All this being said with zero experience in the game and just my educated guess.

     Before you hire a property manager read Mike Butler's Landlording on autopilot.  It's the best book on landlording and his methods work!  I always make sure to include the cost of property management in my assessment of properties.  However, with the right processes in place it doesn't take a lot of my time to manage myself.  I too have a full time job and manage my own properties.  I'm sure they are good property managers out there.  However, with all of the horror stories I've heard I couldn't imagine starting out and depending on someone else when I was still in the process of learning what it takes to be a good manager.  Nobody will care about your property in the same way you do.

    My advice would be to not start out paying someone else to take away the education you could learn by doing this work yourself....plus the money saved goes into the next deal :)

    1Reply
  • Aaron Thivierge
    Investor · Jacksonville, FL · Member since 2014 · 172 posts · 73 votes
    11y

    My brother is a successful businessman in Greenville, SC: he's been there for many years. He loves the area. One of my college pals is a very successful land developer and REI in Greenville. He is absolutely KILLING it there. So, you picked a good spot to make some money. Welcome and you sound motivated! Go get 'em!

    0Reply
  • Chris C.
    Wholesaler · Easley, SC · Member since 2010 · 340 posts · 249 votes
    11y

    Welcome @John Gambone 

    This is a great area to invest in and you should be very successful.  While I don't fancy myself advanced enough to be a mentor I will be glad to help you any way I can.  We have done several stick built flips, numerous mobile home flips/rentals, and we own a brokerage that specializes in dealing with investors and property management.  We have recently started our own direct mail campaign also so contact me and I will share what I know.

    0Reply
  • Account Closed
    Lender · Faulkner, MD · Member since 2015 · 118 posts · 28 votes
    11y

    Welcome to Real Estate Investing.

    Feel free to reach out if you have any financing questions. I agree with James' answer above. While the LLC is a great idea as you go forward, especially as you buy and hold and your liability grows, traditional banks won't speak to it.

    Again, feel free to reach out for financing questions.  I'll provide you with whatever knowledge and expertise I can.

    Tom

    0Reply
  • John Gambone
    OP
    Real Estate Investor · Greenville, SC · Member since 2014 · 26 posts · 11 votes
    11y

    Thanks for the welcome @Chris C. ! With all of the things you have going on, it sounds like you are underplaying your knowledge level! 

    I am DEFINITELY interested in direct mail marketing. I have some funds available to me, but right now it seems pretty daunting. I'd love to hear your experience when you get a few deals under your belt. 

    Thanks again for reading and saying hello!

    0Reply
  • John Gambone
    OP
    Real Estate Investor · Greenville, SC · Member since 2014 · 26 posts · 11 votes
    11y

    @Account Closed  I am starting to agree more and more with @James Wise and yourself on the LLC. I think I am going to go ahead with meeting with the Real Estate Attorney some folks at my REIA recommended, but I am not going to make getting the LLC done as something I 'must' do before I pull the trigger on a property.

    As for financing, I have 4 appointments set up next week with smaller local/regional banks next week to discuss my new venture and to see what they can offer. I have a decent long term W2 job, equity in my home and solid credit so I am hoping I can find a great financial partner.

    Thanks again for the welcome. I will circle back with you after I meet with some banks this week and run some things by you if that is OK!

    1Reply
  • Account Closed
    Lender · Faulkner, MD · Member since 2015 · 118 posts · 28 votes
    11y

    Let me know what the banks say.  It should be very interesting and I'd like to see how my stuff stacks up.

    If I've learned anything over the last several years it's this:  Keep your personal finances separate from your business finances.  Don't encumber yourself with a tremendous amount of business debt by wrapping up your primary residence.  It's contrary to what many of the latest gurus say, but I say if you've got your home paid off, you can sleep easier at night.

    0Reply
  • Dan Earth
    Investor · Charleston, SC · Member since 2015 · 13 posts · 1 vote
    11y

    Welcome to BP. I am originally from Charleston SC but currently live in Denver CO. I go back every other month. I was thinking of building a team out there so when I go back to my home state I can make a few deals while visiting family/friends. 

    0Reply
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