Analyzing Deals in NC & SC

[Cindy Hurtado]

Hello BP,

My partner and I, are currently taking our first steps in real estate investments. We live in NYC but will be investing in both Charlotte, NC and Rock Hill, SC. I have family living in both areas who have helped me get familiar with the market. We've done our own research and are now analyzing deals to get a move on. To determine our numbers to analyze, we've used certain websites and my families input as well but they can only help so much. We overestimate our numbers to leave us some room to work with and not fall into unexpected surprises. I would like to get some feedback from those who are more familiar with the market in both states than we are. Attached are (2) reports of single family homes we analyze in NC and SC using the BRRR method. Can you guys please let me know if our numbers are way off and should be using different sources to get more accurate numbers? We would appreciate your help greatly.

[David Chwaszczewski]

Your Taxable Value on this property is $ 71,500.

So here how it breaks down for your taxes in Rock Hill SC:

$71,500 x 6% = $4290 (6% is non-owner occupied taxable rate)

$4290 x  .4108 = $1762.33 per year  (.4108 is the current 2017 millage rate)

So your taxes are going to be $146.86 per month.

Here is a copy of current millage rates per county in my area.

After looking at your numbers I would think your rehab budget is low.

I have a lot of property in Rock Hill and you need to make sure you get a home inspection.  Almost every house I buy has some foundation issues due to the soil.  That could bust your deal right from the start if not caught right away.

You can PM me if you have any area specific questions.

Good Luck!