First time buyer/prop manager/BP member from Columbia, SC

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First time buyer/prop manager/BP member from Columbia, SC

Franklin McGuire
Lexington, SC · Member since 2016 · 10 posts · 5 votes

Hi everyone! I'm a new member from Columbia, SC looking to begin what I hope will be a long life of "playing smart" with real estate. I'm 25, in the National Guard, and preparing to start law school at the University of South Carolina next year.

So what are my real estate goals? 

1.) My dad owns a 4-bed house in Charleston, SC which he rents to friends of mine, and if I can keep the rooms filled and the renters happy, he says he'll give me 10% of the monthly gross, so I'm looking to learn more about property management so I can perform that role well and help pay my way through law school. 

2.) I'm getting married in January, and I want the first place my wife and I buy together to help pay for itself. So not only am I learning a lot about first time home ownership and financing, I'm also looking to learn more about being a landlord in either a duplex or a SFH with a "mother-in-law suite," etc. (Also wondering if I should just rent that suite out via an online short-term rental site or something to avoid taking on long-term tenants?)

So that's me, in a nutshell. I'm excited to join the BP community and hopefully give/get good advice to/from everyone here. Thanks! 

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  • Troy GandeeBusiness Member
    Real Estate Broker · Charleston, SC · Member since 2013 · 794 posts · 454 votes
    10y

    Welcome to the site, @Franklin McGuire. I think the opportunity to do some management for you dad is a great way to learn that side of the business. Even if you find that you do not want to follow that path, at least you'll have a better understanding of managing properties and tenants for your own deals or vetting other PMs in the future. If you're interested in doing short-term rentals out of an accessory unit, you're likely going to need to be sure that the property in is a very desirable area, which won't be cheap. I would consider finding a small multi-family and then being very picky with tenants so they don't bother you too much. If you get the bug and want to keep investing in buy-and-hold properties, you can move on from that multi and you'll be very glad that you had it!

    0Reply
  • Andrew R. LucasBusiness Member
    Investor · Columbia, SC · Member since 2016 · 675 posts · 320 votes
    10y

    Welcome to BP @Franklin McGuire!  

    There is a ton of information on this site and plenty of knowledgeable people to help with any questions. 

    Cons for using Short term rentals (air b'n'b):  You have to clean every new rent.  You can't do background checks.  You cannot be "picky" about who is staying right next to your family.  

    I would be selective and find a long term tenant that will take care of the place and be a good neighbor.  

    Just my opinion. 

    0Reply
  • Matthew Hipp
    Columbia, SC · Member since 2015 · 29 posts · 5 votes
    10y

    Welcome to the site @Franklin McGuire

    I am also new to REI and live in Columbia as well. BP has a ton of great info on here as I'm sure you've already seen. Good luck w/ everything in the future and feel free to reach out/connect.

    0Reply
  • Richard Capers Jr
    Investor · Grovetown, GA · Member since 2015 · 100 posts · 67 votes
    10y

    @Franklin McGuire

    Hello and welcome to BP!  It looks like you've got a lot going on but you are on the right path.  Like the others have said, I wouldn't do a short term rental unless you don't mind the constant turnover.  Purchasing a duplex would probably be your best bet to get started while renting out the other side.  I wish I had done that last year instead of living in an apartment......oh well, just wanted to you learn from my experience.  Good Luck!

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    10y

    Welcome to the site @Franklin McGuire

    0Reply
  • Franklin McGuire
    OP
    Lexington, SC · Member since 2016 · 10 posts · 5 votes
    10y

    Hey everyone, thanks so much for the input! I'm sorry to be replying late — I think I had my notifications set up improperly. Anyway, that's all great advice on the short-term vs. long-term rentals — it sounds like getting a multifamily and living in and renting it will be the best bet. I'll keep everyone posted on how things go! 

    0Reply
  • Josh Stevenson
    Real Estate Agent · West Columbia, SC · Member since 2016 · 37 posts · 7 votes
    10y

    @Franklin McGuire sounds like a great opportunity to learn more about property management. But i would caution you, by law you would need to be an

    "owner of real estate who owns any interest in the real estate if the interest being... rented is identical to the owner's legal interest;"

    basically you need to be make sure you have an interest (read ownership) in the property if you want to be a property manager without a license. Otherwise there can be some legal issues in play. The class would be pretty straightforward for someone like you. I took my class with Chip Brown, http://www.realestateschoolofsc.com/

    I would love to help you more with studying, resources to study, talking about finding properties or anything else of value to you. Feel free to reach out to me to connect. 

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