All Forum Posts by: Felicia Walker

I Patrick. That would we awesome. I use to teach in Charleston, many years ago while working on my Master's at Charleston Southern Univ.

I retire as an educator in a couple of months. I'm back in the game after being a realtor, landlord, and flipper back in 2005-2009. I have one rental, and one that I working on flipping, but I'm looking to grow. I'm taking over a family home that I will use as rental, but I'm also looking to raise capital to use for land acquisition and development. I've learned so much, but still have so much to learn and so far to go... Looking for an accountability group, like-minded real estate junkies. a tribe to learn and provide insight. To put it plainly, I need help. Interested?

I call myself "new again" because most of my real estate investing experience was between 2005-2010 as a real estate agent, landlord , and flipper. Fast forward to 2024...I closed on the latest rental 12/28/23 with my credit union after a preferred lender on this site let me down twice....they admitted their failure in the deals... but still cost me thousands of due diligence funds. My credit union is awesome, but they don't offer purchase and rehab loans; therefore, I'm back in the market for a hard money/private lender. While I've reached out to other preferred lenders on this site, most require at least 2 properties/deals in the last 24 mos....I'm "new again" and don't have the 2 properties yet.

Any help/suggestions?

This is a NC deal: First, I want to thank you all for your insight and guidance. I truly am surprised and appreciative of the willingness to share and advise based on personal experiences. After suggestions from this post, I had my realtor to first inform the listing agent that intended to terminate the deal based on the inspection findings. Initially, the seller said fine and he'd be happy to assume my due diligence money...2 hours later they inquired why..... I volunteered my inspection report and was informed that the seller hired an engineer to provide a summary of their resolution....so I'm waiting to hear back. Initially, the seller provided a Disclosure of No Representation, but now that he knows....he won't be able to actually sale the house for what he was asking without disclosing the major issues so........LET'S MAKE A DEAL. I'll keep you posted!

Quote from @Travis Timmons:

It's only an as is deal if the seller is confident that they have other options at or close to what you are paying. You're not playing hardball or giving a disrespectful offer by asking for the $25k (or whatever amount you land on) or walking away. It's the offer that you can make right now. Submit it and see what happens.

You have to start ownership of a property from a position of financial strength. The only guarantee when buying a place is that you are going to spend a pile of money directly after purchasing it. You may feel like you are missing a great opportunity, but the downside risk of not having any/enough reserves is the greater risk here. Losing hurts you more than winning helps you on this one. 

 Love this! Thanks for the insight. 

Quote from @Chris Seveney:

@Felicia Walker

Ask the seller to repair it or reduce the price ? Have you tried that ?

 Working on this, presently, but he doesn't seem to interested on either option. 

Yes…. It’s a “as is deal”.

I’m torn. I finally am under contract for a property that is in a small town, but has a new and growing casino as well as a popular mountain area… Its also known for hiking trails and scenic views. I was lucky enough to briefly speak with a planning director who described (in a nutshell) that the town is about to have major developments. Meanwhile my property under contract, built in 1936 that I just received the inspection on, comes back with costly foundation repairs needed …. Nothing urgent… but estimated at $25k. The inspector said nothing is need just yet… and the repairs (helical piers) could be done in 4 stages. My heart sunk and I’m torn…. Even after a second opinion with basically the same info… do I walk away from the deal? Or do I look at the deal for the overall  picture of what could be??? This is an “As Is” sale. I’m torn.

Quote from @Felicia Walker:

Hi All. I’m still newly back in the game of being a landlord. After examining the rental market in Florida, North Carolina, New Jersey, and New York, I’ve seen, liked, and am trying to adopt the Private Rooms For Rent Model with a property that I just closed on in Columbia, SC.. Apparently, this concept is not readily acceptable in. All markets. This property is in an older community,  but still only 25-30 minutes from the University of South Carolina Columbia College (an all girls school). I’ve listened to friends who are not into real estate investing and have advised me on only renting to males who are a lot easier than female tenants (..I take exception to this but can understand). Initially, I never thought about this, but upon careful thought maybe I should. As a woman, I wouldn’t want to cohabitate with a man…. Thoughts? Should it be a single sex or male and female type of unit.. I want peace!

Thank you! I greatly appreciate this.

Quote from @Will Gaston:

@Felicia Walker just a heads-up.

The City of Columbia has a max 3 unrelated people (per unit) ordinance. 

https://www.postandcourier.com/free-times/archives/s-c-supre...

My recommendation

1. Call the City and confirm whether or not this would be in the case in your neighborhood.

2. If it is, ask if you can apply for a boarding house exemption.

 Thanks for this information!