All Forum Posts by: Chris Haas

I realize this is not per your request (on a weekend) but it is in berks county and is a very good group if you haven't found it yet.

http://www.meetup.com/Berks-County-Real-Estate-Inv...

Just curious what experience people have with the Barefoot Resort Condos as far as investment property returns.

Does Barefoot handle renting the condos themselves ?

The HOA fees for the ones I have looked at are about $276 but that seems to cover quite a bit. "Wedgewood has one of the best HOA deals in the entire area. Insurance on building, water and sewerage, phone service, cable TV, maintenance and landscaping" That seems like pretty good value to me.

Just curious if anyone out there has some returns to share or advise on other areas in SC beach area to check out when I go down in a few weeks.

Thanks for your time

http://www.meetup.com/Berks-County-Real-Estate-Inv...
This has a fairly active meetup for a while that I have attended at least 80% of the time.
I recommend it, normally get 30-40+ people.

I live in Pennsylvania, but have visited Myrtle Beach several times and think at a minimum it will become our future snow bird destination, or possibly our future full time residence.  I realize it's now hot in the winter but I can assure you it's a lot warmer than where I live.

To that end, I think we will be most content with a condo with some amenities like swimming and walking trails etc. Therein lies one of my challenges. It's very difficult to determine online what I am looking at in regards to HOA fees. While some trulia listings show the fees I would say only about 20% actually do. Even for the ones that do I have no idea what that HOA fee covers. trash? cable? pool dues? etc.

So my questions are for the myrtle beach experts out there.  What are you favorite communities related to the HOA fees.  Essentially which communities do you feel get you the biggest bang for the buck.  I don't need to be beachfront, I probably would rather a bit more sq footage instead of paying the beach front premium.

Last question:  If I buy a condo as a 2nd home and do not rent it, is it taxed at the same rate as if I would rent it ?  I'm undecided if I would rent it or not.  Leaning towards just using it with my family and extended family.  Thanks for your time.

Have you looked into a 1st lien home equity?  My bank Susquehanna now bb&t will do up to 85%.  Many credit unions will do the same.  This is many times a better option than a cash out refi because the fees are so much lower.

Not exactly on topic, but if you dad is making that much money, and he just started collecting ss, there is an option to pay back what you took from ss and suspend his benefit until he is older.  Lets say he was 62 and just started collecting, he could pay back the 3 months and wait until he is really done working or at least a few years.  He is going to get taxed on a lot of that ss money if not all.

On topic, maybe him just being a cosigner would be enough to help your sister.  Doesn't sound like he is really in a position to buy her a home, more in a position to help her secure the loan.

Good luck

With a few clicks you can  dispute any charge on your credit report.
With it being so long ago, I would dispute it and wallmart may take it off since it's almost off anyway.

Again, I would just to a HE Line against the property with no mortgage.
Probably zero fees or at most $500 @ 4% or lower.  Way cheaper than Hard money, and most credit unions or local banks can get that done in less that a week.

I would say on the two you are purchasing that is expected, but not the one you are pulling $$$ out of. You say "I am putting up most of the money without him"  so there should be enough equity in the two purchases.  Would be easier with %'s or numbers.  If you were going to put a lien on your existing property that you are pulling money out of I would just to a 2nd lien HE Line for about 4% with a local bank or credit union.

I'll be the bad guy.......do you think the direction of the U.S. over the last 20 years+ is much different ?  I'm not a doomsday thinking guy, but I think a lot of pensions math simply don't work out.  Future unfunded liabilities is all to close to home for my tastes