New Investor in Upstate South Carolina

6 Replies

Hello Everyone, I'm Carlos and after actively lurking on this website for the past year and a half combing through forums and discussions that piqued my interest, I feel I've attained considerable knowledge to take my first leap into real estate investing. Not only have I been an active reader on BP, I've also been an avid listener of the BP Podcast. To tell you a little bit about my situation, I'll be graduating in December from Clemson University with a BS in Management and I'll be going off to training for 6 months with the U.S. Army National Guard. I would like to buy my first investment property if possible before I leave for training at the end of January. I've got a 650+ credit score and I would have a couple of grand for a down payment. Other things to add just for credibilty would be that I'll have a good chunk of money coming back from training in July of 2020 and I've got a real estate license where I currently work as an agent under KW. I'm also currently in the process of becoming a member of Upstate CREIA and have been writing up a business plan for what I'm trying to accomplish. My one thing holding me back is the fact that I don't have 2 years of work history with W-2's that lenders look for when looking to preapprove a prospect. I've turned to looking for portfolio lending due to my situation. Or know of any unconvetional ways to obtain financing?

PML or private money lenders are going to be at the top of the list. They can range from family and friends to other investors as well as actual lending companies that due asset based lending. 

Also talk with an experienced VA Lender who can give you tips about the VA loan and criteria that you may be able to use in obtaining a property. Check out the VA loan product that has a rehab side to it.

then there is always creative financing with sellers. Set good terms and conditions and that could work out for you as well. 

lease to own programs could also work in your favor which you might be able to turn into a brrr situation once you can finance the property. Only if the numbers check out though.

anyway just some of my thoughts.

Hi @Juan Carlos Arellano , you may want to wait until after you get back from training before jumping in. With the extra cash available, you might be able to get a better deal. You could also look at a 1-4 unit with a VA when you get back and house hack or do a live in flip. It might also be difficult to have your first ~7 months of rental investing to be done from a distance. If you do partner with someone locally then that would of course change my opinion on it.

Also being in the Clemson market, I know first hand how hard it is right now to find a deal that makes sense. I have been looking more toward Anderson, Easley, Greenville, etc. for any buy and hold properties. The main thing with your first deal is that you don't know what you don't know. I couldn't imagine being in the military and far away from a property to learn some of the lessons that I have learned.

Best of luck! 

Hey @Juan Carlos Arellano . I agree with cole. I would wait until u get back. Thanks for ur service in the guard. My daughter is in the guard getting ready to go to Kuwait. I would use the next 3 months to practice running the numbers. Try to figure out what areas you want to work in. What price range? Do some more meetings? Meet more people. I know Creia does subgroup meetings also. Greenville has investor meeting too. A lot of great people. I would study this area then When ur away for training look at that area. Compare the two areas. It might take you 3 months to find a deal you want to pull the trigger on. U don’t want to rush a deal or u might buy something you don’t want.  Good luck. Let me know if you have any questions I could help you with. 

Thanks everyone for your input! I had considered just waiting until I get back to look at any investing opportunities and I'll probably just do that after taking yall's advice into consideration!

@Juan Carlos Arellano - I agree with everyone. Thank you for your service (we're a Navy family). When you get back, get in touch with our local REI group & attend meetings (monthly in Greenville, listed on BP & Facebook). In the meantime, focus on your studies then your training. If you have time, continue to read up on how to create a proposal for the private funding group that is "fundable," how private financing works (private finance often fund based in large part on how good the deal is, not your personal credit or work history). Godspeed!

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