New is South Carolina

12 Replies

I have posted a few times in different discussions, but I don't think I have introduced myself yet. I am in South Carolina and working on building a second stream of income with real estate. I am not totally new at this, though. I have a business with my brother in law with a few houses that we have. We started that business to be able to have multiple homes paid off and generating income by the time my son is ready to go off to college. We are 2.5 years into it and have 3 homes, two are paid off, generating about $1600 a month in income. The third home should be paid off in about a year and then we will be building our next down payment.
With that going, I was ready to invest more, but he was not, so I am working on finding actual income for my family now, instead of supplementing our college fund. Our longer term goal is to have about $40,000 annually in passive income (I use a management company to collect rent and deal with tenants. Working full time, it is well worth the cost).
I should be closing in my first deal in 2 weeks; a single family home with a duplex on the property. It was a near steal, in good condition, and generating a little over $2000 a month in rent. After factoring in expenses, taxes, mortgage, cap ex, vacancy,... it will put me about 1/4 of the way to my long term goal. I doubt I will stop there, though, because it is too much fun finding and figuring out the numbers on deals.

Hey Colin!  Love me some South Carolina!  I'm currently flipping in Columbia and was just on the phone  with an agent who birddogs for me, and thinkin exactly what you were much fun this is!!

I will continue flipping for the next year or two and then move into the BRRRR strategy or other buy and holds. Goal is to have 25+ doors in 5 years!

It's great to hear about your success, and if I was a betting man I'd lay dollars to donuts that you won't stop at $40k!  It's infectious!

Best to ya!

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Ha, just realized I titled this as "New is" instead of "New in".  Sorry about that.  We started with a bundle of 2 lower income homes.  They are section 8 and we purchased the 2 of them for about $74,000.  We reinvest our rent money into those mortgages as well as continue to invest personally into the business.  In doing this, we were able o pay down the first mortgage (2 homes) in a very quick amount of time.  Now we put the previous mortgage amount on top of the other mortgage and are paying it down real fast.  We know we could put that money towards other properties, but neither of us like to have debt and with the mortgages paid off it won't hurt us as bad if a house is empty for a few months.

The whole process is addicting and I need to be sure to keep myself in check.  I have not closed on my personal one yet, and I am trying to convince my wife to go ahead and let me get my next 2 or 3.  Our official plan is to wait until the first of the year and see what is available.

Collin where do you like to purchase? I am a wholesaler and buyer of buy and hold homes in Charleston for right now and am actually relocating to Columbia in about a month. Would love to help find you a deal if interested?

I am in the Florence area and that is where I am currently buying. I am considering the Cola area in the future so that I may have. Place for my kids when they go to school (if the go to USC). I am also considering heading east of here into Conway and the MB area. It will be the first of the year before I can consider another property. 

Originally posted by @Brandon Barnes :

Collin where do you like to purchase? I am a wholesaler and buyer of buy and hold homes in Charleston for right now and am actually relocating to Columbia in about a month. Would love to help find you a deal if interested?

 @Brandon Barnes, Give me a shout or IM me when you start heading in the Columbia direction.  We will eventually be looking for a VRBO possibility near your area by next year.  Love Seabrook Island!

Welcome!  I'm a wholesaler in Columbia.  Maybe in the future we can work together in Columbia or in Florence.  I'm looking to expand outside of the Columbia area.

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