All Forum Posts by: Kevin Douglas

@William Jones hello sir. Are you looking to find a lender or a partner to flip with? There are several small local banks that will do a portfolio loan where credit isn’t a factor. And of course your hard money guys care more about the numbers in the deal than they do about your credit.  I flip in Summerville and would love to do lunch or coffee sometime and talk flips!

I have properties in moncks corner, summerville and North Charleston however I think you can find turnkey or almost turnkey deals with 10-15% cash on cash returns all over this area including those above and Ladson, hanahan, goose creek, ridgeville (more difficult in the higher end parts of town like mount pleasant, james island, etc). I haven't had much luck in the beachfront towns as they are a little out of my budget anyway.

Chad Seay are you looking for turnkey or something to fix up? I just bought a 3/1 that's 950 sf for $38k and will put $30k into it and it'll rent for 1050. If your willing to do the work, u can find deals like this. If you want turnkey, you can still find one for 100k that'll rent for 1100 pretty easily. Not great returns but still better than I estimate the stock market soon over the next several years.

I'm an investor and an agent in the Charleston area. I'm finding deals (mainly SF) on the MLS (with lots of offers and lots of rejections) returning over 20% cash on cash (with 20% down conventional loans). You can also find BRRRRs that you can fix up delay finance and be in it for very little cash while netting over $200 per door. Multi family returning those numbers are hard to come by in the area (and in MLS). Lemme know if I can help

Thanks James!

Update, local named CresCom will be financing this deal for me

Thanks, unfortunately no one owes me any favors, haha. Probably the other way around actually.

I just ratified a contract on a SF for $54k and I wanted to finance but a lot of places don't finance such small loans. Anyone have a good lender for such small loans?

Iv taken my dogs to that park several times. Has a lake and a little beach in the dog park and my lab and bloodhound love it. Did you end up buying or renting? I have a few friends in that area if your interested in meeting some locals let me know and I can set up some meet and greets. Lemme know if I can help in any way. Good luck with the move!

Thanks @Anthony Conway, ill give him a look

All, I spoke with a Loan officer for this loan fund and below are some highlights from my call. Doesn't look like the cheapest or fastest way but could be an option if you need money and conventional lenders are not biting (and you are in a lower income area)...

- area must be within 120% of national medium family income (found on USDA website)

- rent plus utilities can be no more than 30% of tenants income

- Rent is somewhat regulated for up to 20 years through loan covenants (even if you pay off early)

- 5-10 yr loan terms with 15 year ammonization schedule, normally will finance if all payments made 

- rates between US Prime and no more than 4% higher than prime

- will loan up to 90% LTV as well as construction loans (or both) with no pre payment penalties (Draws on Const loans).

- 60-90 day closing time and higher closing costs than normal (estimate was 9-10k on 150k loan)

- $500 application fee (however app ia reviewed before going to board and rejected before app fee is paid if officer feels it will not pass the board approval)

- W2 income not needed. 3 yr taxes, business plan, 3 year business projections, weighted heavily on returns from property being purchased and its returns.