New to Real Estate · Greenville, SC · Member since 2019 · 6 posts · 4 votes
Hey!
I am currently on the hunt here in Greenville, SC for my first deal (single/multi family buy and hold) and I am curious for those out there who have been successful how important it is to start local for your first real estate deal? I understand local to be a good place to start since you can keep and eye on the property and can act quicker if something were to go wrong, but am also aware that it limits the search for good buys to just one area. Your opinions and comments are encouraged and welcomed!
It all depends on your knowledge, comfort level and your market overall. If you have enough deal flow locally then stick with that. Once you reach saturation and you feel confident in what you're doing then it's time to branch out.
It all depends on your knowledge, comfort level and your market overall. If you have enough deal flow locally then stick with that. Once you reach saturation and you feel confident in what you're doing then it's time to branch out.
We lend exclusively to investors, and one of the qualifications for us is that your primary residence is reasonably close to the investment property -- at least for your first few deals. While it's very possible to do a great job as an investor from a distance, it adds a lot of time and effort to the learning curve. You have no way of really overseeing anything going on at the property unless you have a team in place that you trust. . . and even then we've seen relationships break down (unfortunately). For flips especially, but also buy and hold investments, your money is on the line so the more oversight you can provide, the less likely you are to have a problem go overlooked.
As far as finding the right property - keep your eyes open and remember that you have the most impact on your profit margin at purchase! It's probably worth the wait for the right opportunity.
@Greg Dickerson thanks for your reply! Yes, I agree my market, comfort level with my skills as an investor, etc. will help as time goes on. Would you suggest going local for my first deal? I am curious what you did for your first real estate investment.
I am in the learning phase right now...do you have any tools you know of or general market data points you found helpful to analyze for single/multi family home deals?
@Susan Naftulin thanks for your tips! Very helpful. Playing the long term game and waiting for the right deal is great to keep in mind, especially for my first deal. Thanks for your response!
@David Garrigan yes i recommend you start local. That's what i did. I started as a builder and scaled from there. You hear my story on my facebook page. Ive been on several podcasts and they are posted there.
@David Garrigan I started local which made it easier to learn while I invested. I feel like it allows you recover from your mistakes quicker. Greenville is a tough area to find a deal, much tougher than when we started. However, they are out there.
@Susan Naftulin thanks for your tips! Very helpful. Playing the long term game and waiting for the right deal is great to keep in mind, especially for my first deal. Thanks for your response!