All Forum Posts by: Kevin Douglas

Has anyone ever used the SC Community Loan Fund for financing a purchase and rehab? I'm trying to get a property under contract here in Charleston South Carolina that will need about $200k in rehab and I'm in search of funds. It's 10 units and 6 of them are not livable in their current condition and have set empty for about 3 yrs. Thanks to Carolyn Lorence for telling me about this method but I was hoping someone has had experience with it? I will be talking with a loan officer from them on Monday.

"Charleston Area Real Estate Investors Club" exists and already has about 114 members

Hi chris, are you looking to partner or you going solo?

Nope, just crickets!

With 30 seconds of time and google, I looked that up so I would assume the lender should know that (and not tell me that they just changed it in May of this year). Looks like it has had a 2% max for some time now!

Yes it's for a rental and both my agent and loan officer knew that. Sounds like both of them don't know their craft all that well. Time for a new agent and mortgage company...

So I bought a property for 72k and seller to pay all closing cost. When time to close rolls around, my loan officer tells me seller can only pay 2%max as of May1st2017. Bc the contract language said the seller was to pay "up to 6%" they are now saying they will pay 2% and that's it. A- I'm frustrated with my agent for not knowing that B- I'm frustrated for the language my agent used in the contract and C- I'm frustrated at my loan officer for telling me 1 day prior to closing. It's a lesson learned and shame on me for not knowing but am I right to be upset with my agent and loan officer???? I can't back out bc I lose my earnest money. Tried get price reduced but seller says no. Looks like im stuck!

Just did a little more research and it's section 739

Thanks Paul, it will def be over $2500. Maybe that's why I couldn't find anything online under 731 as my colleague stated (some people like to look like they know what they are talking about but really have no clue). I'll shoot my tax guy an email if I can't figure it out. Thanks

Is anyone familiar with section 731 and rapid depreciation? A colleague was telling me about it but I can't find much online. Bottom line is i cut the grass at my properties and I want to buy a new mower. Instead of depreciating over the next X years, can I take it all during year 1?