All Forum Posts by: Ross Sims

@Michael Paradine thank you for that advice! I will update you for sure!

@Justin Smith that is a good point! There is a bit of a time sensitivity to my situation as well. My lease is up on my apartment in July and would really like to have a property to move into. I don't want to be stuck in another year lease. I am mainly looking in the Summerville/Ladson area due to price. I found one for $112,000 that currently has one tenant in it. The issue with increasing my budget is that I wouldn't feel comfortable with the mortgage of a $150,000 duplex if there was a vacancy. If it was always filled it would be perfectly fine. I feel like I'd be taking a gamble with it. And since my father is co-signing with me I'm not sure he'd feel comfortable with the risk or willing to pick up the difference if it is vacant.

@Curtis Thomas I heard about it from the mortgage lender at my bank. It is for first time home buyers, and I think it requires you to put about 2.5% down minimum to get that grant. The catch with it is that you have to live in the property for 5 years for the grant to be "free money." If you sell or move early then it is rolled into the loan. Every year you bank 20% of the grant though, so each year you are there you owe $1,000 less of the $5,000 loan. 

@Tyler Goulden Thanks! Yeah I moved to the area about 8 months ago and I live in the Summerville area (about 15 miles/ 25 minutes from Charleston). The market for multi-family units in Charleston starts around $500,000 so I won't be venturing there just yet. Going to try a few duplexes outside of Charleston. I'd love to eventually acquire one of those $1,000,000 multi-family Charleston homes and maybe even Air BnB it!

These are all great ideas, definitely taking note of them!

Unfortunately I don't have experience to contribute here, but I am looking to do the same exact thing so I am going to follow for the updates! Good luck with this!

Hello Bigger Pockets community!

This is actually my first post on here, I just discovered BP last week. I think I have listened to 15 of their podcasts already!

I'll give you a little background on my situation. I am 25 years old with zero debt to my name. I went the tradition route and obtained my bachelors degree from The University of Alabama. I then moved from there to Charleston, SC and have been here since July 2016. I currently work part-time with a bank and part-time with a church. I know Charleston has some great real estate opportunities. I would love to get started and quit renting from others. 

Here is where I would like some advice. I have about $13,000 for a down payment. My gross annual income is around $19,000. I am a first time home buyer. My current goal is to buy a duplex in my price range, preferably under budget, REO, or just a great deal. I will more than likely put 2.5% or so down and with the first time home buyer program in South Carolina they will give me a $5,000 grant towards the down payment. I would use the remainder of the $13,000 for any kind of repairs and touch-ups needed. My dad will be co-signing on the loan with me so I will probably be approved for a loan far greater than I would want/should take on. I would feel comfortable with a $100,000 duplex.

I would live in one side of the duplex, so there may not be cash flow but the tenant rent would cover my mortgage. I would potentially apply the BRRR strategy, or portions of it anyway. My next goal would be to purchase a second duplex and move in to that one so that my current one would create a positive cash flow. Then potentially purchase a flip to start snowballing some funds for larger rentals. 

One last thing, I am thinking of getting my real estate license. I know that most don't think you need it for real estate investing. For me it would be for two reasons: to help me learn the industry and it would become a potential greater revenue stream thank working part-time at the bank. 

I would love to connect and network with anyone in my area, or even from afar. 

Thanks for reading!