All Forum Posts by: Adam Drummond

@Trevor Fritz

I couldn't agree more.  There are many condos near Clemson Univ where I live that would be fine deals if not for the monthly hoa fees.  In my opinion.. why buy a rental that doesn't cash flow.  Also, where I live..  It's easier to unload a single family residence than it is a condo or townhouse for the most part.  

@Jared Bendetta

@Jared Bendetta

I hate to say this, but if a price seems to go to be true it probably is.  It could also be a typo or misprint.  I know in my neck of the woods..  If i see a multifamily property that is extremely cheap and is sitting on the market, it's becuase the location is terrible.  Sometime the best investment you can make is to pass on a "deal", and wait for the next.  I have bought 2 properties in the past that I wish someone would've knocked some sense into me before i signed the dotted line.  Hope this helps.

Adam

@Bryant Moran

in SC I hand over our signed contract to purchase to the real estate attorney.  they then order the title search to be done.  once everything comes back clear then they prepare the hud (closing statement).  the statement will show where all of the money is going from atty costs, tax prorations, bank fees, etc.  The buyer will then need to bring in a certified check for the amount that is shown needed according to the closing statement.  I always make the certified check out to the closing lawfirm.   The money will be disbursed from their account to any lenders, realtors, inspectors, etc.  hope this helps.

Adam

@Bryant Moran

south carolina is not a title state either.  you have to have an attorney handle the closing here as well.

@Brett Hoover

It depends.  I am in South Carolina, and the thing that usually kills the deal for me with townhomes or condos for rental purposes are the monthly hoa fees.  

Adam

@John Yanko

Hey John,

I am a Realtor in South Carolina.  If I am the listing agent on a property, then I am representing the seller.  If you call a listing agent about a property that they have listed, then of course they are representing the seller of that property.   Find a Realtor that seems to specialize in the type of property that you're looking for.  Tell them your criteria and check out a few houses.   In SC you are not represented by a Realtor until you have that agreement signed in writing by both parties.  I hope I am explaining this properly.  I could've explained it much better in two or three lines.  :)    Hope this helps.

Adam

@Kevin Simmons

I think that you would be taxed on your total profits unless you did a 1031 tax exchange where you could defer taxes, and roll your monies into another property of greater value.  

Adam

@Christian Garcia

hey man..  no real right or wrong answer.  i know that where i am in upstate south carolina right now -the numbers work better with single family homes.  Keep an eye on hoa fees..  many times the hoa fees make your profit numbers not work.  In my experience as well, it is easier to sell a single family residence for fair market value than it is to unload a multifamily unit.  hope this helps.

Adam

@Tamika Bunnell

I have been a realtor in a smaller town for over 10 years.  I have never chosen an insurance agent /co for someone.  Just like any other referrals i give.. i'd always give them a few different local contacts to different isurance companies if they asked.  I have never heard of any other Realtor handling that either.  Maybe I misunderstood your post.  

Adam