All Forum Posts by: Conner Snodgrass

@Stephen J. Miller hey! Charlestonian here, wishing you good luck on all your endeavors. I have a hunch I have seen your pizza and ice cream shop on Instagram (don't want to name names since you didn't) if its the one about 45 mins away from Charleston. Kudos to your marketing if my hunch is right, it is among the best I've seen for a small business in WV. I NEED to come try a slice :) 

Hey Rodney, look on the app "Meetup" there is a Charleston REIA meeting once a month as well as I can remember. Good people actually doing deals. Good luck!

Hi Dakoda,

The available courses are here:

https://www.google.com/url?sa=t&source=web&rct=j&u...

I took the online Spruce School class, while working full time. I think the course was adequate.

Hi Dakota,

I actually just went thru this process myself I found it pretty straightforward. Be wary there are plenty of fees associated with becoming a licensed salesperson. The process looks something like this:

1. Take a WVREC approved 90 hour course to give you an overview of the responsibilities of a salesperson (~500$)

2. Before completion of the course you will need to find a sponsoring broker with which to hang your license. 

3. Also before the completion of the course they require you submit a background check to the WVREC (~50$) as well as an application (~25$).

4. Once passing the course final they allow you to sit for the real exam in Charleston (~25$).

5. If you pass that exam you then pay the license fee (~75$) and are ready to begin working with your selected broker!

Whatever course you choose will more than likely have these steps and deadlines clearly defined. Let me know if you have any further questions and good luck on your journey!

Thanks for your responses, ideally, i would like to obtain a normal FHA loan and do some of the work myself. Is this a possibility?

I am interested in buying a duplex but a bit confused how the "bonus" duplex that is also on the same lot will work in regards to financing. Does anyone have any experience with this?

To further explain it looks like the first duplex is move-in ready and the "bonus" one needs a complete rehab and is uninhabitable. They are on the same tax parcel. I am not sure how FHA will view this second duplex. I did find the following statute but don't think it applies due to the "uninhabitable" condition.

So my question is, will this qualify for FHA financing? I would also be curious to know whether or not it might fit 203(k) guidelines.

Thanks for your help, happy to answer any additional questions.

Thank you everyone for your replies, I would be interested to learn more about the capital gains exemption mentioned by @lynn M. , is anyone familiar with the exemption? I will also do some research on my own.

Thanks for the advice Gerardo! It is much appreciated. Unfortunately staying longer than the 1.5 years is not an option as she will have a job in NC starting Q4 2017. That was one of the negatives to buying now was the capital gains implications. However I agree with what you are saying that these interest rates will probably not be here in a year.

I am not sure if this effectively eliminates a SF live in flip option but that is my gut feel.

Greetings BP,

I am finally ready to buy a property but I have the following dilemma.

My GF will be graduating college in May and we will need a place to live in Charleston. This seems like the perfect opportunity to  "house hack" a small multifamily.

The available MLS properties in my target area will sometimes meet the 1% rule (never 2% as I am sure most people face), but most are older homes that will require a good bit of rehab.

The kicker here is that we will be relocating to Charlotte, NC in about a year and a half (Q4 2017). My concern with this is that I will have all my capital tied up in a property that is now 4 hours away when I will also need capital to buy a new place in Charlotte.

So my question is, what would you guys advise me to do? Should I be patient and wait for a great deal to come along that meets my criteria? Should I change my criteria and maybe start looking for a lipstick SF live-in flip (needs to qualify for traditional mortgage). Or should I entertain the idea of renting and becoming an expert in Charlotte so I can make a good start there in 2018?

Thank you for your help!

I am right there with you... @Brandon Turner What gives???