All Forum Posts by: James Bynum

Welcome to BP! South Carolina has some great areas for real estate investing. Just do all your due diligence before buying a property. A lot of South Carolina is really unfriendly to investors of buy and hold properties, so make sure you still cash flow after those taxes.

Don't be fooled by the only 2% difference between and owner occupied and non-owner occupied dwelling. Taxes are typically at least 3X that of an owner occupied property.

That's one reason a lot of SC investors buy mobile homes, it seems to be a popular strategy is this state for that reason, taxes are a lot cheaper on them because they are considered vehicles and actually get cheaper as they age!

I don't get off work till around 6:30 so I probably won't make that in time

Well I guess I can't put info here, didn't realize it would get deleted. PM me if you would like my contact. I am working with a new realtor but he's hungry and works his tail off, and his broker also has a PM company.

Yeah I would second @Dan Mackin here, to sell a home at that price point with that much space you almost have to stage it, and looking at comps you are priced WAY above the other comps, you may even have the highest list price within 2 miles, so that is hurting you. Also don't know the market so take it for what it's worth.

I have been thinking about this later and searched a little for this and found nothing. Could this be a way to flip a home with little money invested?

My idea is this. You find a seller that has say $50,000 left on their mortgage for a house that could be worth $150,000 after a pretty extensive rehab, right now the home is probably worth $70,000. Would it be legally possible (both not getting in trouble for doing it and the seller couldn't screw you over once the home was rehabbed) to offer to take over all the payments of the home during the rehab so in essence the seller can pretty much walk away from the property at that point, even though the mortgage would still be in their name, you would just be cutting the check for it. And then once the home is flipped and sold you could give the seller a percentage of the profit from the sale.

I feel like some sellers might like this idea as they could potentially get more money than they would have gotten if the flipper had just purchased the home or sent the home through a short sale and gotten it cheaper. Yet the flipper doesn't have to make a huge investment to get the home, just has to finance the flip.

Am I crazy, or could this actually work?

Just glad I could help @Pearline Hardy

@Pearline Hardy, she is getting the cash to get the money order isn't she? ATM's are open 24/7 so I really don't see how that could be an excuse for her, and she can pay the rent 24/7 if there is a nearby 24/7 7-Eleven.

I think this could really solve your problem with her. And you get notified instantly when a deposit it made, and each barcode is unique to that rent payment so you know exactly what months rent they are paying and which tenant is paying what. And there is absolutely no possible access to your own bank account which is something you were worried about.

And there are other options too that are fail safe and you tenant can't make any excuses, if they want to pay in cash, you can setup an account with PayNearMe.com (There's even a startup special through BiggerPockets.) then every month you can send the tenant a text, email or even mail with a barcode generated through the website, the tenant goes to their local 7-11 or family dollar and gives the cash to the teller and gets a payment confirmation and the money gets deposited into your account immediately. The tenant even pays the $3.99 convienience fee!

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