All Forum Posts by: James Palassis

Welcome Stephen Pelcher . I'm near you in Easley, SC. Sounds like you have a great plan. I would recommend the monthly upstate CREIA meetings. I think this month's is on the 17th at the Embassy Suites on Verdae.

The website is upstatecreia.com. I'm looking to find a good wholesaler that can help me find my first property, but I can strongly recommend the house hacking strategy mentioned earlier. Even if you move away after graduation, your owner occupied loan stays in place and the you get a rennet for the space you were using.

Welcome @Bradley Fulp! I'm a Clemson grad living in Easley looking for essentially the same thing, student rental income. In addition to the great suggestions @Spencer Abeyta provided, you may also want to attend one of the upstate CREIA meeting in Greenville. I will be attending my first one in July. 

Agree with @Jeffrey Long about the risk reward. It makes sense to invest in vacation rental for the benefits of rental income, appreciation, and a place to vacation (I mean, "check on the condition of your investment). but the initial capital and monthly outlay is intimidating to think about if vacationer's disposable income dries up. 

Question for @Paul C.: how are you managing the turnover, cleaning, property management at the Vegas property. Also, Gatlinburg, Pigeon Forge, Sevierville seem to be pretty strong vacation rental destinations. 

Hey Tiera - fellow Easley resident here. Welcome!

Killer podcast too Marco Santarelli . I was on a cruise last week and downloaded a lot of episodes to binge listen during my exercising. I keep checking the website for Charlotte, NC properties.

If the OP is dead set on the LLC, would it be feasible to transfer primary residence into the LLC to show assets? For example, if I have the deed to my personal residence, would it make sense to transfer that into my LLC to make the company look more attractive for lending?

Deadrick Colbert - fellow Easley guy here. Came across your awesome response to this post randomly. Maybe those are your bandit signs I see on Exit 40 highway 153. Maybe I'll run into to you at a CREIA meeting.

Anytime offering cash and quick closing, I would start out low. However, if they current owner only paid $2500 for it, the holding costs are zero so there may not be much urgency to sell. Also keep in mind your own holding costs (interest, taxes, etc...) as the property will not be generating any income until your cabin is up and running. I recently purchased property on a lake near my primary residence for future construction and rental. I'm focused on the long game, so I'm comfortable with the holding costs. 

Overall you have a great plan it sounds like. Any property near water is going to do well.

@Nick C. well there goes my idea of showing up at the property with a briefcase full of cash! Lol.