All Forum Posts by: Daniel Roberts

Yep.

What Joe said!

I have done this exact thing, including the Craigslist sell with success.

ReTipsterling is an awesome resource for that type of sell.

They will pay prorated taxes @ closing, which means they pay the taxes up until the day that you buy.  From that day forward, the taxes are yours!  If he gets appraised cheaper, it helps lower your holding costs, because you pay lower taxes, but may hurt you convincing the next buyer that its' worth alot of money (eg tax value is only $XXXX).  lower tax value is a double edge sword when flipping a property.

2008 is around when the market was crashing, so I wouldn't hold that comp too close to you.  ALOT of properties were sold way too high at that time period.   Look for comps closer in age.  Know from a local realtor that you trust what a resell value in today's market is and make that your "value" number.  Sounds like a deal, but make sue that you are buying much cheaper than that resell number.  If not, you are speculating, NOT investing.

Keep digging on it, but don't dig so long that you let the deal get away!

What to do with it:
1) Buy it and pitch it to home builders.

2) For that small buy price, owner finance it to the neighbors for a larger yard.  Sell for $15k.  Get 3k-5k down and finance a note of about 10k so your payments are all profit.  I've done this a decent amount next-door to you in Kershaw County.  Extremely profitable and enough of them builds a low-risk income stream.

Before that, comp the price to be sure its a good deal.  Price sounds good, but rural land in SC can be cheap.  Make sure it perks. Check the zoning regulations to know what can be built on it. Make sure the title work is good. Sounds like it could be a Tax Deed @ that price.  Not a deal breaker, but limits what you can do.  That will not matter to the neighbors, just disclose it to them.

Hope that helps!  Keep us posted.

Good Question.  I agree.  I'm over in Kershaw County and my experience is that a sale will trigger a look from an Appraiser, but a refi will not.

I think your tax value stays the same!

Daniel

Most posters are over-thinking this.  The 'Judge' Harold Cuff is a Magistrate that is appointed by Richland County Legislative Delegation.  He also happens to be an Associate Pastor at Senator Darrell Jackson's BibleWay Church.  The Darrell Jackson that defended this guy until the end...:

http://www.thenerve.org/kickbacks-corruption-plagu...

Suit up with an attorney, go in with your paperwork,  but play the common sense/ pity card before you go technical lawyer-ly on him.  The judge isn't an attorney.  He is a preacher.  Play to that.

Please keep us all posted.  I'd love to get a play-by-play after this ends!

I would phase in step increases, while being clear to everyone where you plan to end up, which should be at the area average. By slowly raising the rent, you allow them to adjust and stand a better chance of 'selling' them on your plan and keeping your park full! Come up with something tangible to do in the park to show the residents that you plan to invest money into their neighborhood.

Good luck!

I live in West Columbia but do real estate in Kershaw County.  Have a rental business and a flip business.

Have bought and rent, flipped, owner financed and wholesaled props.

I appreciate all the info that is shared on BP!  Great to learn from others

Following...

In Kershaw County, We go to Magistrate Office with lease and sign the Affidavit and Application of Ejectment and pay $40 fee.  The tenant is served eviction paperwork and we are mailed a slip of paper documenting the eviction.  It sounds like you are at this point now.

If the tenant does not voluntarily vacate, we take the slip of paper to the Sheriff's office and they do a "set-out" where they force the tenant out of the house.

My advice to you is to call the Civil Division of your magistrate/Summary court in your County (Lexington) and follow their guidance!

Also, if you will be writing your own leases in SC, be sure to include the "5 day eviction notice" in your lease.  SC allows that to be included in your lease, saving you 5 days in the process!

Good Luck.

what part of the state are you looking to own in?

The upstate is different than the low country and the midlands. 

Feed us more details aND we would be happy to help.