New Investor from Evans, GA / Augusta, GA

14 Replies

Hello BiggerPockets!  My name is Bobby and I am a new member from Evans, GA.  I have been doing my research and looking to invest in Rental Properties in the Evans, Grovetown area primarily, but also looking into areas near Augusta colleges and medical communities.  I work out at Fort Gordon, and am looking to take advantage of the expected growth in the area.  I am hoping to get my first property under my belt during the summer months.  I am originally from Fresno / Clovis California, where my dad had rental properties while I was growing up. I was never really interested, but now, seeing him retire and live off his Rents, I am looking to work towards the same someday.

I actual just found a property that I am thinking about making an offer on and working on getting financing.  I called Quicken Loans, but they said they could only approve me for a loan with 25% down (too much for me right now) because the loan amount was so small (90k).  I am going to call a local company tomorrow and see if I can get a option with less cash up front.  Anyone have any experience with Augusta Mortgage?  My realtor recommended them?

Anyway, I look forward to learning a lot from the group and hope to meet some people in the local community going forward.

Hey @Bobby Norris . Welcome to BP! I do believe you need a great money-person (money-dude?) on your team. You're getting questionable info from some rather uninspired sources.

I'm very happy with my money-guy, and he's licensed in Georgia, South Carolina, and Florida. I'm not going to blast his name here publicly, but if you'd like a warm intro, connect with me here on BP and I'll gladly share!

Welcome to the area, Bobby.  Grovetown and North Augusta have certainly been the epicenter of a lot of growth in recent years, with Harlem next on the target list I suspect due to the expected impact of the new Gate 6.  Richmond County getting attention as well due to the better rent to purchase price ratios.

@Bobby Norris welcome to BP and the Augusta area. Augusta is a great place to invest right now. I sure the same goals wanting to retire and live off rental income. Some of the local banks here are investor friendly but also require 25% down payment. I have not came across any financial institutions that requires less than 25%. I may need to reach out to @Mitch Messer as well for money guy. Wish you the best of luck.

Hi @Jade S. Thanks for the welcome.  Harlem is interesting.  I can see it growing in the future with the gate as well.  Have you seen any developers present plans yet for development in the area?  I am not plugged in to those things yet, but am planning to monitor both Harlem and Thompson for new development proposals.  Both have plenty of land potential, since they are off of I-20.

Hey @Amahl Miller .  I am not planning on taking on a Fix and Flip to begin with, and am looking at houses I can get a traditional loan on at the moment.  I don't have any recommendations for contractor or HM lenders.  I have seen other posts on BP from investors in the area who are also realtors and may be able to help you. 

Originally posted by @Bobby Norris :

Hi @Jade S. Thanks for the welcome.  Harlem is interesting.  I can see it growing in the future with the gate as well.  Have you seen any developers present plans yet for development in the area?  I am not plugged in to those things yet, but am planning to monitor both Harlem and Thompson for new development proposals.  Both have plenty of land potential, since they are off of I-20.

 Hi Bobby,

       Here is an article in the Augusta Chronicle about some recent development planning in the Harlem area.  Also, Club Car has announced that their new HQ will be built out in that area.  Thomson is showing some “green shoots” but still not close to what Columbia County is seeing.  

http://www.augustachronicle.com/news/20180310/growth-hits-harlem

@Bobby Norris

Welcome to the BP family! Glad you joined the best real estate investing website! Here are some recommendations for you:

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Wishing you the best!

25% down is fairly typical in investment properties, at least in Central California.  However, I just had a client get a conventional loan for 15% down on a non-owner occupied.  So I'm sure if you shop around, different lenders will have different products to choose from.  In the loan I'm referring to, he did have to pay some mortgage insurance, but not too much, and had to put some money in an escrow account for the lender that is redeemable.  Good luck!  Let me know if I can help further. 

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