Investor · Simpsonville, SC · Member since 2017 · 46 posts · 30 votes
Hi BP nation,
Just curious if we have many Greenville investors here. Would be curious to here some opinions on the current market there.
I am from Ohio and have been in Greenville for about a year. I own six units in Ohio and I am ready to start investing in Greenville, but prices are much higher here. What are some strategies to find cash flowing rentals here?
@Trevor Dominique Hey Trevor. Local agent investor here. The rental market is still strong. I still see a lot of interest for people looking for places to rent on local fb groups. More people looking for houses to rent rather than apartments.
I also see quite a few potential on the open market with fixers. Some wholesalers with pretty good looking deals on the investor groups.
@Hung Nguyen great info. What’s your opinion on places within about 2 miles of downtown? Still appreciating or has downtown Greenville area hit its peak?
@Trevor Dominique I don’t think it has hit its peak, but as for this cycle only time will tell in these next few months. However, if your strategy is buy and hold with decent cashflow, then time will be on your side.
Hi @Trevor Dominique. Another Greenville investor here. I'm in the middle of the rehab phase of my first BRRRR property here in the Sans Souci neighborhood. I think things here are still pretty strong and there are still good buying opportunities if you know where to look.
I am a local agent investor. I just purchased a property in the Sans Souci area and see opportunities there. The Taylors and Mauldin areas also have good opportunities. I think that downtown will continue to appreciate, especially if you are looking to buy and hold.
I am a local agent investor. I just purchased a property in the Sans Souci area and see opportunities there. The Taylors and Mauldin areas also have good opportunities. I think that downtown will continue to appreciate, especially if you are looking to buy and hold.
Hi Sharon,
Thanks for the response. Just curious, could you elaborate on why you think downtown area will continue to appreciate? Any big projects coming around downtown in the next couple years that you have heard of?
The city and county are spending a lot of money on infrastructure upgrades in Greenville to ensure that future development is possible and can continue at its current pace. There is new construction popping up all over the downtown area in every tiny crevice possible. Older neighborhoods are being flipped. Old abandoned mills are being bought up and turned into condos. There are new hotels, mixed used development, plans for a new conference center, a new park in downtown and lots more.
@Sharon Gillespie hi Sharon, I’m in the process of looking to relocate to Greenville. I’m doing a 1031 for one if my properties and plan on also purchasing a primary house as well. I’ve been seeing a lot of decent looking houses in nicholtown, however some of the street views seem a bit rough. I was told that there is a lot of opportunity for str in the area. What are your thoughts. I’m looking for good rental areas and safe neighborhoods. Also what are thoughts on buying a fixer upper? Are there a lot of competent contractors in the area that will get the job done and won’t charge a fortune? Sorry for the long wonder message.
Nicholtown is a transitional area. It is in the middle of a lot of change and is turning but it may take a while. There are lots of great contractors in the area but most are very busy right now. I'm sure you can find a few that are happy to take on new projects but you may have to call through your list to find them. There are many fixer upper opportunities all over the county. Many houses in desirable areas were built in the 50s and 60s so a lot of opportunities! Consider the schools that the homes you are looking at are zoned for. Many Greenville buyers buy in specific areas because of schools.
Downtown is exploding - Greenville Online just posted an article and listed many of the bigger projects. I shared the post of my a Facebook feed so you can also find it there.
To level set expectations, Greenville especially downtown is not really a cash flow market. If you want to buy long term rental holds, I believe the approach should be - buy houses that will pay for themselves but provide very little cash flow. The payoff will be in equity growth.
Anyone have any up to date news on the Greenville market? I’m looking to move there next year and start investing in the area as well. I’m pretty new so what’s the typical entry cost to an investment property there?
Greenville SC is a great place to live and a great place to invest.
I moved to Greenville from Silicon Valley 9 years ago and love it.
“Investment property” can mean anything from a single family rental house to a 200 unit apartment.
I imagine you are asking about a SFR rental.
Price of course will vary greatly with location.
You can probably find rental houses $150K to $200K. Average home price in Greenville is over $300,000.
Greenville is more a growth market than a cash flow market.
With a SFR rental, best one can do is break even with 25% down.
Hope this helps,
Arn
Arn We bought 4 houses last year in Greenville. The most expensive was 40k. That one was in Woodside Mills. We have it fixed up and ready for rent at $1350 and as you know we will have no problem getting that in Greenville for a 2 bedroom house.
Since these are so cheap we are just paying cash. They will definitely cashflow. We can always do a cash out refi if needed and they will still have plenty of cashflow.
Greenville SC is a great place to live and a great place to invest.
I moved to Greenville from Silicon Valley 9 years ago and love it.
“Investment property” can mean anything from a single family rental house to a 200 unit apartment.
I imagine you are asking about a SFR rental.
Price of course will vary greatly with location.
You can probably find rental houses $150K to $200K. Average home price in Greenville is over $300,000.
Greenville is more a growth market than a cash flow market.
With a SFR rental, best one can do is break even with 25% down.
Hope this helps,
Arn
Arn We bought 4 houses last year in Greenville. The most expensive was 40k. That one was in Woodside Mills. We have it fixed up and ready for rent at $1350 and as you know we will have no problem getting that in Greenville for a 2 bedroom house.
Since these are so cheap we are just paying cash. They will definitely cashflow. We can always do a cash out refi if needed and they will still have plenty of cashflow.
@Arn Cenedella Thank you for your response! Yes I am looking to buy single family rentals. When you mean growth market, are you meaning the market is better for appreciation instead of cashflow?
Greenville SC is a great place to live and a great place to invest.
I moved to Greenville from Silicon Valley 9 years ago and love it.
“Investment property” can mean anything from a single family rental house to a 200 unit apartment.
I imagine you are asking about a SFR rental.
Price of course will vary greatly with location.
You can probably find rental houses $150K to $200K. Average home price in Greenville is over $300,000.
Greenville is more a growth market than a cash flow market.
With a SFR rental, best one can do is break even with 25% down.
Hope this helps,
Arn
Arn We bought 4 houses last year in Greenville. The most expensive was 40k. That one was in Woodside Mills. We have it fixed up and ready for rent at $1350 and as you know we will have no problem getting that in Greenville for a 2 bedroom house.
Since these are so cheap we are just paying cash. They will definitely cashflow. We can always do a cash out refi if needed and they will still have plenty of cashflow.
Do you ever go to the Upstate CREIA meetings?
@John Underwood Hey John, thanks for your reply! I haven't been to a CREIA meeting. what are those??
You have been connected to this Greenville investor community for years and know the players. Your acquisitions will be difficult for a “newbie” to obtain.
I presented at UCREIA last Spring on multifamily syndication.
I am out of the SFR rental biz and only do bigger deals now.
Greenville SC is a great place to live and a great place to invest.
I moved to Greenville from Silicon Valley 9 years ago and love it.
“Investment property” can mean anything from a single family rental house to a 200 unit apartment.
I imagine you are asking about a SFR rental.
Price of course will vary greatly with location.
You can probably find rental houses $150K to $200K. Average home price in Greenville is over $300,000.
Greenville is more a growth market than a cash flow market.
With a SFR rental, best one can do is break even with 25% down.
Hope this helps,
Arn
Arn We bought 4 houses last year in Greenville. The most expensive was 40k. That one was in Woodside Mills. We have it fixed up and ready for rent at $1350 and as you know we will have no problem getting that in Greenville for a 2 bedroom house.
Since these are so cheap we are just paying cash. They will definitely cashflow. We can always do a cash out refi if needed and they will still have plenty of cashflow.
Do you ever go to the Upstate CREIA meetings?
@John Underwood Hey John, thanks for your reply! I haven't been to a CREIA meeting. what are those??