Bluffton, SC · Member since 2018 · 63 posts · 205 votes
Well, I am pleased to say that I finally got my first property in Columbus GA renovated and rented. I purchased the property on auction dot com for $25700. Renovations costed $12,000.
I am all in for $37,700.
On December 31st I signed a 12-month lease with my new tenants for $1050 a month. Can you say super excited! Now I am trying to decide whether I should refinance and take the cash out or just keep it going and save up the cash to repeat the process in another year or so. I purchased and renovated using my savings so I don't have a mortgage on the property.
Cautious and Nervous are brothers you want to spend a lot of time with until the market stops performing at record highs and the Feds start lowering interest rates. The stock market just took a plunge and looks to have even more room to dive, and real estate will follow absolutely. My suggestion, keep buying outright and snowballing next purchases with cash flow until you’re catching beautiful deals at the bottom of the market. At that point, you’ll be poised to go 20% into as many properties as you can handle! You’ll be able to retire in style if you do the next 8 years well, and I hope the best for you. You seem like a nice guy, and more of those kind of people deserve to be multi millionaires.
Thanks for the kind words Kyler. Im just trying to get a small piece of the pie and get out of the Matrix!
I see you're in Beaufort County. Small world as I live in Bluffton.
what made you decide to do out-of-state? how did you get it rented?
I went out of state simply for the price. Its a 4hr drive from my house in SC so its manageable. I would have loved to find a deal in Charleston or Beaufort but the numbers just werent there. My renters found me on craigslist. I post on ZZillow, Trulia and Craigslist
Congrats on the deal @Karam A Tascoe! I completely respect your "own outright" approach. If you have the ability to continue storing cash at that rate from your current profession, it may be wise to wait for a shift and full-court press at that point in time (but who's to say exactly when that will be).
Gaining access to a HELOC now could also be a good option in the event you need access to nimble funds for your next purchase.
Congrats on the deal @Karam A Tascoe! I completely respect your "own outright" approach. If you have the ability to continue storing cash at that rate from your current profession, it may be wise to wait for a shift and full-court press at that point in time (but who's to say exactly when that will be).
Gaining access to a HELOC now could also be a good option in the event you need access to nimble funds for your next purchase.
Congrats again, and best of luck moving forward!
The HELOC option may be best, thanks for the advice
@Karam A Tascoe love that you took advantage of the auction site for the rent & rehab. Just curious, had you been following this property prior to seeing it on auction.com
@Karam A Tascoe I just wanted to say that it's been a while since I've been on BiggerPockets, so glad that I came across your post. This is a fantastic deal for your first and I am inspired. Thanks so much for posting and being open to telling us about your process. Many Congrats!
Congrats! I'm not familiar with the auction process. Did they/you do a walk through and provide pictures? Is it literally sight unseen?
I bid on the property initially without seeing it. Once I won the auction I drove to see it and assess what a mess i might have made before I wired the total funds. This way I would have only been out of my earnest money if it was a disaster.
Congrats! I'm not familiar with the auction process. Did they/you do a walk through and provide pictures? Is it literally sight unseen?
I bid on the property initially without seeing it. Once I won the auction I drove to see it and assess what a mess i might have made before I wired the total funds. This way I would have only been out of my earnest money if it was a disaster.
Interesting! Did you take any contractors with you or anything?
Congrats on your first property in Columbus!!! That rent to purchase price number (above "2% rule") looks like what I see in the Macon/Middle Ga area. I would definitely BRRRR this deal and roll that capital into another deal. Leverage in real estate to build wealth is your best friend, but again as you will hear on BP, this comes down to "your" personal goals/strategy as there is no right or wrong path.
Quick question, have you already talked to a bank/appraiser to see what the new valuation will be since renovated and now rented out?
Hey Curtis! We're in Atlanta and thinking we're going to start investing an hour or more outside of Atlanta. Are there a few PM companies in Macon? What class of neighborhoods are you seeing those numbers in?
Congrats! I'm not familiar with the auction process. Did they/you do a walk through and provide pictures? Is it literally sight unseen?
I bid on the property initially without seeing it. Once I won the auction I drove to see it and assess what a mess i might have made before I wired the total funds. This way I would have only been out of my earnest money if it was a disaster.
Interesting! Did you take any contractors with you or anything?
Yes I did. I took one contractor with me who is a friend from highschool. I own a property management company so I knew what I was looking for in regards to renovations and repairs.