Can you flip houses in this area and be successful? (Greenville: renting, credit score)

[USNRET04]

I heard of a local rental management company on the radio that offers their services for only $30 a month. I can't recall the name, but if that is true, it would be something to look into.

[Crackofdawn]

Originally Posted by scooter6251

For any of you that do own rental houses, I have a question. Do you use a property management company to find the tenants and collect the rent, or do you save the 10% and do everything yourself?

I pay a property manager 8% to do it. I don't want to deal with the headache, and they do *everything* including filter out applicants, background checks, maintenance, getting the house rented/re-rented, taking pictures, etc. The most I have to deal with is the occasional call asking if its OK to send out a handyman to fix something or if I want to go check it out myself first. They had someone in the house within 5 days of listing it with them and the people living in it now (about 10 months in) have been great. I'm hoping they renew.

[PAinSC]

Originally Posted by scooter6251

For any of you that do own rental houses, I have a question. Do you use a property management company to find the tenants and collect the rent, or do you save the 10% and do everything yourself?

I live in Mount Pleasant, 3.5 hours away from my property and manage it by myself. We had a HORRIBLE experience with a property management company and they violated our contract. It's not hard to manage it. The hardest part is finding a tenant and doing background checks when I'm not in the area. BUT, you can get a property management company to do that for you.

[scooter6251]

Originally Posted by NBNY2GRNVL

I handle it myself, it's not hard if you're good with a computer and taken a few business courses.

For Legal Forms: https://www.ezlandlordforms.com/

For Public Record Background Check and Credit Check: https://connect.experian.com/

Now I'm renting on the west side of Greenville in walking distance to the baseball stadium, but I have had no problems getting tenants above a 700 credit score which is what I want. PM me if you want any other advice, it's easy.

That's great info you gave me. Thanks a lot.

[oldhousejunkie]

I have wanted to flip houses for a very long time. Part of the reason that I studied historic preservation was so that I could have the knowledge to correctly restore historic homes and market them to the folks who want that lifestyle. I get pretty upset when I see flippers go in and rip out the original elements of a historic home and stamp it with builder grade products. Ugh. I think it's possible to maintain a house's integrity while updating it for modern living.

I've of course gained a great deal of knowledge over the years from watching the various house flipping shows. Don't get greedy seems to be an important takeaway. Unfortunately I have no money to invest, which makes me sad. My neighborhood right now would be a excellent place for me to try out my skills. I'm very familiar with the stock and the comps for houses that have sold recently to know what I need to get a house for and how much it would take to rehab it while keeping an eye on the bottom line. Maybe one of these days.

[StreetSmarts]

Another thing to look at is how much one can make doing it.

I have a friend that worked for a builder/contractor. Wanted to go self-employed. With taxes, insurance, etc on himself, he was making out better working for the builder/contractor than when he worked for himself.

So I think it depends on how much money can be made in Greenville and what your expectations are.

[StreetSmarts]

Any luck beckycat

[beckycat]

Originally Posted by ComSense

Any luck beckycat

Not yet. It's tough now that the market is picking up. If it's meant to be, it's meant to be Thanks for checking.

[Upstate67]

Originally Posted by beckycat

We talked about renting as well but you never know what kind of tenants you'll get.

That's a risk obviously, but its not as bad as you think.

I've been a landlord for six years now and have not had any problems at all.. Other than things like having to buy a new stove, or get the AC fixed, but those are normal and to be expected. But in six years I have had exactly two sets of renters. That's six years of steady mortgage payments.

I'd heard the landlord horror stories too, but if you screen prospective renters it isn't hard to find quality people to rent from you. And honestly, the tax breaks alone are worth the risk IMO.

[Upstate67]

Originally Posted by Crackofdawn

I pay a property manager 8% to do it.

8% of what? The rent? Or am I missing something...?

I found my renters on craigslist, but if they move out I'll probably try a property manager.