All Forum Posts by: David Waldy

Looking forward to it!

@Naeem Kapasi - I would recommend you go ahead and pay for a termite inspection. It’s much better to pay a few hundred bucks up front to know if there is any termite damage and the extent. Termite repair ranges based on a number of factors so it’s impossible to say. In my opinion it’s much better to pay a few hundred bucks to know for certain than buy the property and have potentially thousands of dollars in unexpected costs down the line. Better to lose a few hundred dollars and walk away from a bad deal because you did your due diligence, than lose your butt because you didn’t.

@Chris Nowlin - I would second Anthony. Pick two and be happy. It’s hard to find a unicorn contractor that does great work, on time, reasonable prIce, and has great people skills. In my experience the people skills and communication are more my issue, because that’s how I operate. You hired the GC for the work. Not his/her communication skills.

@Steven Tankersley - solid start man! Look forward to more updates! Heck of a project! 👍🏼👍🏼

Thanks ya'll!!

Hey fam! So we are discussing converting our primary to a rental. I just found out in the state of SC if you rent your home for a period of longer than 72 days, you are subject to the higher property tax rate for the ENTIRE YEAR. The yearly tax difference on this property is $800 as primary and goes up to $3500 as a rental. (Confirmed with tax assessor) It will cash flow positive due to our situation (ran the numbers multiple times through calculators) and even with the increased tax liability we are good so I don’t need help on that front. However I just learned that if we convert our house to rental anytime this year we are subject to paying the FULL YEAR of property taxes at the higher rate. Has anyone else encountered this? Do they not prorate based on how many months it’s a primary vs rental? I just don’t want to be in trouble with the tax man by missing something and I also don’t want to pay thousands more than I have to... Any thoughts would be appreciated!

Hey fam! So we are discussing converting our primary to a rental. I just found out in the state of SC if you rent your home for a period of longer than 72 days, you are subject to the higher property tax rate for the ENTIRE YEAR. The yearly tax difference on this property is $800 as primary and goes up to $3500 as a rental. (Confirmed with tax assessor) It will cash flow positive due to our situation (ran the numbers multiple times through calculators) and even with the increased tax liability we are good so I don’t need help on that front. However I just learned that if we convert our house to rental anytime this year we are subject to paying the FULL YEAR of property taxes at the higher rate. Has anyone else encountered this? Do they not prorate based on how many months it’s a primary vs rental? I just don’t want to be in trouble with the tax man by missing something and I also don’t want to pay thousands more than I have to... Any thoughts would be appreciated!

THANKS BEN!!!

Originally posted by @Benjamin Ervin:

Originally posted by @David Waldy:

Congrats Benjamin! Very impressive for your first flip. I’m jealous of the fact that you’re in a position to pay cash. Definitely something for me to aspire to!

 Thanks, David! You will get there.  I come from a family who knows nothing about real estate and I didn't use my own money.  My wife and I have gotten off the ground through hustle and self-education.  Continue to let everyone know what you want to do and sell yourself to them.  Stay persistent and prove you know what you're talking about.  If you actually know your stuff, someone will bet on you. Good luck!

Thanks Jorge Vazquez !! Just the resource I was looking for! I did a keyword search and yours was the first article to pop up. Appreciate the advice and detailed overview.

Congrats Benjamin! Very impressive for your first flip. I’m jealous of the fact that you’re in a position to pay cash. Definitely something for me to aspire to!