All Forum Posts by: Mack Lengel
Mack Lengel has started 3 posts and replied 126 times.
Post: Tapping Equity to buy vacation home?
- Smokies / Greenville, SC
- Posts 129
- Votes 146
Quote from @David Cook:
Hey Ben,
I bought a long time ago in Brooklyn.
The best time to buy real estate!
Post: Cabins | Top Picks: Cabins for Airbnb Investment Opportunities
- Smokies / Greenville, SC
- Posts 129
- Votes 146
@Germán Rimoldi I am not familiar with either market but to me, it seems the one in NC has more opportunities and appeal with being closer to Lake Nantahala. The 11 acres could allow for multi more cabins or amenities. The 1918 plywood interior screams outdated and I imagine would require some cap-ex. Double-digit returns are good
Post: Making my seller financed deal official
- Smokies / Greenville, SC
- Posts 129
- Votes 146
@Daniel Frey, can we take a second to appreciate how cut you are in your profile picture? Do you compete?
Post: Upstate South Carolina
- Smokies / Greenville, SC
- Posts 129
- Votes 146
Hey Bruce!
There is a great group that meets on the first Wednesday of every month in Greenville... That could be a good way for you to network. @Jonathan Anderson hosts it and can share the details with you.
Upstate CREIA would be another good opportunity for you as well
Post: Guidance on a Flip - Contractor Gone MIA
- Smokies / Greenville, SC
- Posts 129
- Votes 146
@Jonathan Anderson would be a great resource for you on this one!
Post: Looking for guidance on my first renovation house.
- Smokies / Greenville, SC
- Posts 129
- Votes 146
@Jonathan Anderson AKA the Go-To Greenville Investor's Resource, what are your thoughts?
Post: Looking for guidance on my first renovation house.
- Smokies / Greenville, SC
- Posts 129
- Votes 146
Others have shared some great insights already. One thing I would say about the flooring is that if you go LVP over the hardwoods underneath they handle the wear and tear of renters better, are easier to replace, are trendy, and if you decide to sell in the future the original hardwoods are still underneath and in good condition which could make the home more appealing to some.
Post: Big Budget - Top Destinations
- Smokies / Greenville, SC
- Posts 129
- Votes 146
Quote from @Scott Weston:
Quote from @Brock Lanoza:
@Scott Weston how are you currently evaluating potential markets to invest in? Are there certain performance targets you're looking to hit with your investments?
yea general threshold is 5-7% unlevered and 10% with debt in place.
I have come across a couple of deals in the Smokies that meet that criteria if that market is of interest to you!
Post: To stay, sell, or rent
- Smokies / Greenville, SC
- Posts 129
- Votes 146
Quote from @Russell Newton:
Trying to get into real estate investing but not sure if it's the right time. We owe about 113,000 on our (3br 1ba) home and it currently is valued at 190,000. Our interest rate is 2.875% on a 30 year mortgage that began in 2020. We're in a college town and believe that we could get $1300 a month for it. Our mortgage + taxes + insurance + PMI is around $750.
Life context, my wife is finishing her degree in May of 2024. We have a 1.5 year old and have another one on the way. We'll need a bigger home in the next year or so and we could move in with my parents while she finishes school before beginning to work as a teacher.
Given the state of the economy, should we stay put and wait until we have another income before making any moves? Should we sell and live with my parents and begin to build? Or should we rent our home, live with our parents, and see what the economy does and decide later to build?
@Russell Newton congrats on the growing family!
You are in a great position to begin snowballing success. You cannot go wrong with keeping the home a having a couple hundred bucks a month of income. The question is what move will be the best for your finances and your family? There is a lot that can go into determining that but the biggest thing is what is your equity doing for you. If you could double the cashflow by selling and buying more property then that would make sense to do so. Take some time and really look into the specifics. @Jonathan Anderson helps people with stuff like this all day every day so he should be able to go through the whole process with you and find the best course of action!
Post: Buy or Build Duplex
- Smokies / Greenville, SC
- Posts 129
- Votes 146
Quote from @Erik Dofelmier:
Looking for advice. We currently own about a 1/2 acre lot here in SC. Would it be better to build a duplex to rent out, or sell the land and hope to 1031 exchange if for a multi-family property if and when one comes available? Thx.
The land does not do you much good in its current state so something needs to be done.
I do not know what the land is worth or how feasible building would be, but if you can build it, it is likely that you would have some equity in the duplex when it is all said and done. They are a hot commodity here with folks looking to house hack! I know @Jonathan Anderson has worked well with them so he would be a good resource.
The clock will be ticking on you from the day you close with the 1031 so do not let that force you into a bad deal if nothing becomes available