Hi, I'm a doc in Greenville, SC

7 Replies

My wife is a RE agent and we are looking to purchase some properties for extra income (hopefully) and as an investment. Looking to learn as much as I can before we pull the trigger.

Hey Brent! Welcome! We've got a great group here in Greenville. And we even had our first meet-up last week at Coffee Underground. We will be planning more and more.

Did you grow up in the Upstate?

Have you read RE books or do you love the Podcasts or what?

See you around,

Brian

Welcome to BP, always great to have other SC investor's on here.  Any idea's on what sort of properties you are looking for?  Single, quads or large scale apartment?

Welcome! This is great market here in the Upstate that can be hard to find deals for some of us part time investors but being that your wife is a REA, you have a great head start on a lot of us! Personally I'd suggest SFR, I've had a hard time finding decent MFH, but either way, Greenville has a strong rental market right now.

Good luck!

@Brent Varnadoe Great to have you on here. I'm live and invest nearby in Clemson, but I'm familiar with much of the Upstate.

As a part-time investor, time will be your biggest challenge. There are full-time people who scour deals and lists daily, and when they find a deal they jump on it within seconds.

With that said, you can also have a lot of advantages if you have a full-time job, good credit, etc. Banks like that a lot more than an entrepreneur, so you can get mortgage financing for investments easier.

I don't know what your personal housing situation is, but if you're flexible and willing to move a couple of times, I love the idea of making your residence your first investment.

I used to live in one unit of a 4-plex and lived for free AND then some. I've also moved into houses that later became rentals or flips.

Around here people call those live-in-flips or house-hacking.

Here is a good house hacking article:

https://www.biggerpockets.com/renewsblog/2013/11/0...

And here is are a couple of links about live-in flips:

http://www.biggerpockets.com/renewsblog/2015/07/02...

http://www.biggerpockets.com/renewsblog/2013/02/09...

If you have any questions, feel free to ask any of the great Upstate group on the site.

Hi Brent,

Being a doctor you likely do not have much time on your hands. Depending on how many years in you still might be paying off medical student loans and also equipment for the practice.

Some docs do not own the practice but have Wellstar or similar run everything and they just see patients & do not deal with all the paperwork anymore.

Your income should be great as a doc. All of my clients that are Docs buy commercial due to its passive nature but you are putting in 700k to millions as the down payment on one deal. If you stick to houses and do not need cash flow today because of your job then it makes sense to buy really nice houses in great areas.

Initial cash flow might be less but you have time for better appreciation and rent growth to catch up. Your wife being an agent is helpful depending on her skillset with asset type. Someone might know a lot about houses but zero about commercial real estate for example. The networks will be different to locate properties in those asset classes as well.

Another option is to buy passive smaller slices in syndicated deals. You could also find a house in a great area that needs lots of rehab and build in equity to hold your rentals that way. The question will be if your wife wants to deal with all of that while watching the baby.

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