All Forum Posts by: Mack Lengel

New to the BiggerPockets podcast and just got my SC real estate license last month. I had an investment a few years back that I rented out on Airbnb and would like to do that again, building a small portfolio, but I'm open to other ideas, and multi-family, etc.

Would love to connect with anyone else in the Greenville area on here!

Cheers,

Jason

The recommendations you got so far are great, definitely get plugged into those groups!

I'd love to grab a coffee sometime and connect - shoot me a message!

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Columbia, South Carolina

Quote from @Connor Bath:

Hi, I am currently starting the process of looking into the Greenville, SC market for a home to live in and rent out the other rooms to other younger professionals. Move-in would be in August and have it ideally in the 200-400k range with the potential to make minor upgrades. I would like to be within 10 minutes of downtown Greenville where my work will be but do not have much knowledge of the demographics of all of the neighborhoods in the area. I would like to find a realtor who has experience within the market and could offer advice on what my best options might be. Let me know if anyone knows anyone who could help. Thanks!

I know @Jonathan Anderson helped land a couple clients some off-market house hacks recently, I would connect with him if I were you

1 Vote

Quote from @Ryan Heilig:

Quote from @Mack Lengel:

Thanks for asking @Blake Novotney

There are two parts to it really. We can look at the deal I am currently working on partnering with a friend who wants to get into investing. 1,000 sqft build (1-2 bedrooms) I can build it for 300k and it will be worth 500k (very conservatively) there's already 200k of equity there so it already checks out to be a good deal from the underwriting side. We structure the low-to-no money-down element with the seller financing the lot we will build on. If we have him hold the note on it for 10k down then when we go to get the construction loan it will pay off the remainder of the balance when the loan closes and we won't have to bring the 10-20% down for the construction loan because it shows that we already own the lot which is essentially our equity in the deal.

Id be interested in learning more about that and opportunities in the Smokies

I'll text you more about it!

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Minneapolis, Minnesota

Quote from @Eric Cooper:

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Fruitdale.

Purchase price: $405,000
Cash invested: $20,000

Contributors:
Jonathan Anderson

Turn Key duplex in Greenville SC

What made you interested in investing in this type of deal?

Originally planned as a house hack, I sought a duplex that did not require a lot of work so my partner and I could immediately start living in it and list the other side. Due to its proximity to Greenville hospitals and medical schools, I plan to turn this into a MTR/STR in the future.

How did you find this deal and how did you negotiate it?

My brilliant agent found this deal off market and we offered asking price with a seller concession for half closing costs.

How did you finance this deal?

I used a 3.5% FHA loan to finance the deal.

Lessons learned? Challenges?

This was my first deal and although I don't regret how it turned out, I would do things completely different for my next deal. I think buying from a builder leaves less room for negotiating and buying new leaves fewer opportunities for value add. All things considered this deal was a great way to dip my feet into the wild market of real estate investing.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Agent: Johnathan Anderson
Lender: Brian McIntosh
Inspector: Brett Evans
If you are buying in the Greenville SC area, these are great people to work with.

I remember you telling me about this when it was still under contract! Congrats!

1 Vote

Thanks for asking @Blake Novotney

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Minneapolis, Minnesota

Quote from @Paul Wolfson:

@Mack Lengel most folks on here are investors...and do not have a background in either hospitality nor are they institutional smart-money with unlimited capital. With that said, due to limited funding, the majority of investors will have an average design / layout /furnishings, as well as average level of hospitality. As much as one may aspire to offer the best STR property on the market, the law of averages suggests that the majority will fall somewhere along the bell curve distribution.

Average is average for a reason… I don’t recommend it but at the very least don’t be below average

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Quote from @Lindsay Z.:

Hi BP Community! I've had a bit of analysis paralysis on the investment front as of late, but now believe I have found the strategy that will work for me and my family. My husband and I are getting back into the market in hopes of doing a house hack, specifically near the downtown Greenville, SC area and are hoping to rent out the additional space for the house we find to mid-term rental. Any tips or tricks from those who came before in this market? Would love to strategize and get ideas, best types of houses to look for, how to get the deal, etc. Thanks!

Mid-term rentals are a popular strategy. Travel nurses with Prisma and Bon Secours, out-of-state contractors coming in, etc. If you are over 30-day stays then you shouldn't have an issue with being inside city limits.

@Jonathan Anderson is a great resource to use for anything and everything Greenville!

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Thinking outside the box... I like it

Interested to see what answers are going to come in on this one

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Quote from @Mitchell Maginnis:

Hi!

I recently completed a new build STR. I like the fact that I was able to design it with unique additions that none of my competition is offering, and I want to continue to rinse/repeat this process. I have a parcel that is zoned specifically for multiple units.

With that said, I paid for the entire first cabin out of pocket with cash only, and it has taken me over a year to save up that money. I will use a refinance to build my second unit, but am looking for creative financing ideas that I can implement so that I can continue to build more units faster. Any advice is appreciated.

To clarify, I am looking at adding additional units on the parcel I have already built on @Mack Lengel @Zach Edelman @Persa Z.

Got it. I would definitely consider the partnership route if you have some family or friends with capital and lend ability or by attending local REI meetups and networking

1 Vote

Minneapolis, Minnesota

All Forum Posts by: Mack Lengel

Mack Lengel has started 3 posts and replied 126 times.

Post: New, Greenville SC, Let's Connect!

Post: New, Greenville SC, Let's Connect!

Post: Looking to purchase home to House-Hack in Greenville, SC

Post: Purpose built vacation rentals

Post: First Investment Property

Post: Purpose built vacation rentals

Post: What metrics/calculations do you use to determine if a market is oversaturated?

Post: House Hacking in Greenville, SC- Midterm rental

Post: Solar Panels Tax Strategy for STRs

Post: Purpose built vacation rentals