All Forum Posts by: Nat C.

@Clint Shelley

You have it clear and correct, Clint.

There’s actually further complications with the number of units.

The property came with 3 seperate folio number. The prior owner had obtained architectural plans to have it built out as three units. After I bought it I found out the city would only allow two units under their zoning regulations.

I’ve had to still pay 3 seperate lots of tax on it each year for each folio.

As is, the building is pretty much open space requiring full build-out.

@Caleb Heimsoth

I agree that solutions are better than arguing about the problem.

I hope someone will sell me some land!

There’s 3 bordering properties, so 3 different people to ask.

@Matt M.

Really? I think over the course of 10 years and doing nearly 100 deals, that at least 2% are going to breach a contract in some way.

I’m surprised that you’ve had such good luck in real estate to never have a buyer or seller dishonour something they’ve signed.

@Caleb Heimsoth

Correct. I didn’t have the knowledge or experience to read and fully comprehend a complex contract in my early 20s in a foreign country. Hence why I paid a lawyer $2000 to represent me and look out for my interest.

@Timothy J. Cudjoe

I am at 50/50. Real estate is my absolute true passion. Acquisitions and development are exhilarating.

The passive income which comes from buy and hold investing, has allowed me to travel and do extensive volunteer work. Working with charities in developing countries has brought me the greatest sense of happiness.

These two activities are what I live for but it was all made possible because of real estate. I thank God everyday that I found real estate.

West Ashley is a good area for investment. It's close to downtown but offers lower prices for properties. I believe it is an up and coming area.

That being said, have you actually run the numbers on this house? It's only a 3/1 and you could probably rent it for an absolute max of $1400- assuming it's immaculate and rent ready. In my opinion, that's a pretty weak cap rate once you deduct all expenses.

This is a really inspiring story, Firstly, congratulations! May I ask what area of Charleston you are in and what the land size is? I am currently looking for commercial investments there also. 

That's not the issue, Caleb. It's not a matter of paying for the separation. It's that the city WONT allow the separation. The county has already processed the separation, which means the property is stuck in no-man's-land. The ARV is well over 500k, so it's a lot of potential left to rot.

@Mark Benevento

‘Would be more than willing to pay one months rent for them elsewhere’, sounds like a cash for keys option and is one of the most popular methods of getting unwanted tenants out of a property.

You haven’t provided anymore information about the tenants or what grade the property is (B, C, D?)

This information would hugely help in giving you accurate advice.

The stance on this forum is generally to take a strong arm legal approach when you want to remove someone.

My first approach has always been to kill them with kindness and leave the strong arm legal as a fall back option.

Your idea to pay for their rent elsewhere sounds like a great idea. Why not sweeten it further and offer moving assistance in some way (you pay for uhaul). You can offer to be a landlord reference for new places they apply for.

Again, I don’t know what kind of people they are but I would suggest befriending them. Take a stance of genuinely trying to help them and if you have good interpersonal skills, they will want to find an alternative rental ASAP because they don’t want to let you down.

Amazing advice here, John! You are so correct in your approach and viewpoint. I think that all things in real estate should be viewed from the finish and working back from there. $4000 is extremely low! I am curious about what part of the country this was in. Attorney's in Miami want a 10k upfront retainer before they will even speak to you. The last attorney I had, cost 3k me to write a couple of letters.