All Forum Posts by: Coley Mitchell

I'm looking at a house tomorrow as a potential next value-add project (either flip (primary) or BRRRR (secondary)) that can only be best described as "ugly." Was built in early 60s and if I had to categorize the style would say poorly executed art-deco. It is smooth stucco with a flat roof. It is definitely VERY different than the typical ranches and craftsmen style homes in the area. That being said, the numbers are interesting. In my initial analysis I factored in a 10% discount for being ugly. Is that enough? Anyone have experience trying to flip an ugly house in a great area?

@Timothy Dail the advantage of hard money is that you can get funds to cover the purchase and the rehab upfront based on the ARV. You also have to consider that many brrrr deals cannot be financed with conventional loans due to the poor condition of the property. Using your example of 15% down for a conventional investment loan (down payment sounds light to me) you wouldnt have any room to get a heloc as the best ones tap out at 90% LTV. On a 100k property you would be leaving yourself with 5k to pay for rehab and cover closing costs. Not gonna happen.

Nice work Aaron! Hoping to post about my completed BRRRR project in Sans Souci in Aug/Sept. Let me know if are ever in Greenville area and want to have a beer.

@John Weir Hello and welcome! Where are you moving from?

For anyone interested in learning more about wholesaling, check out Max Maxwell.  He has been on the BiggerPockets Business Podcast I believe.  Can learn everything you need to on wholesaling from him.  He is @therealmaxwell on Instagram.  Can also lookup his youtube channel - has a ton of content.

Call @Michael Smith at the Bluefield Group.  He is the principal if a fast growing, well organized firm here in town.  He represented me when I purchased my primary residence in Greenville and for my first investment property as well.  They also do in-house property management.  He is also very well connected with anyone you would need to build an effective team in area (contractors, attorneys, etc).  Good luck!

Thanks @Lindsay Z..  @Hung Nguyen - you must have gotten a bit lucky with that duplex as I know there aren't many in area (have been looking myself for multi-unit properties).  Congrats!

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.

Hi Lindsay,

Not sure what price point you're looking for, but I just pulled the trigger on my first property in Greenville this past Feb.  It is in the Sans Souci neighborhood, which is basically just West of Cherrydale area.  To me this neighborhood offers a very good blend of being reasonably priced, very active (alot of rehab going on), lots of families, close to Swamp Rabbit Trail, and is just a 10 min drive from downtown Greenville.

Good luck with your search!