All Forum Posts by: Casey Crowe

Yep. Taxes here for investors are murder. It makes it very hard to provide safe, affordable housing to tenants. The only solution I've found is to invest in multi-family. 2, 3, 4-plexes to split the tax burden amongst the doors. 

 Do you have a good reference where I can read up on the details? I'd love to use mine again for real estate!

Beware: you can only have 1 active VA loan at a time. So if you intend to reuse it, you'll need to refinance the original property first.

 I would consult with an attorney familiar with tenant laws before denying someone based on a facebook search. Like others have said, be careful to list your requirements ahead of time so that it doesn't appear you're just looking for something to deny them on. I'm going through a similar thing right now. I have two applicants who aren't even close to the credit requirements, but thankfully I put those on the site before they applied. (And I didn't charge a fee, I'm using Cozy so they paid for the checks themselves)

Hi Jesse, welcome! 

SC is honestly hard to BRRR in in the SFH market. Reason being our exorbitant taxes on non-owner occupied properties. (essentially rentals). The taxes on a SFH can jump from ~$900/year if you own and live in the property to $3600/year as a rental.

Your best bet if you want to rent in SC is to focus on 2-4plexes. This will help you be competitive with rents and still be able to make any sort of profit. 

Others can chime in and post their thoughts, but from all the numbers I've run, it ends up not being worth it. Not if you want to also save money for repairs and such like you should be. Lots of people are renting with razor thin profit. Some no profit at all. 

Good stuff! Just wanted to be sure folks were aware. It's not plainly obvious when looking at tax records from owner-occupants.  

@Mathew Daugherty have you looked at the property taxes for this unit? You may not know, but in SC they're significantly higher for rental properties. Just wanted to to be aware.

@Chris Musano you probably need to check zoning laws first.

Fast forward to a few days ago. The leaky water heater gets replaced. These poor people were without hot water for who knows how long. 

Didn't end up doing anything. 

Situation: resolved.