All Forum Posts by: Jenna Meditz

My husband and I just closed on a piece of vacant land in the city of Spartanburg, SC and we are going to build a few duplexes. We are originally from OH but now live in Greenville, SC and are wondering if anyone has any experience with the city of Spartanburg, its tenants, crime, etc.  

Any experiences to share RE tenant screening, short term rentals, mid-term rentals, property management, or just the location in general? Open to any and all advice!

Hi Yacosa! My husband and I just bought a piece of land in Spartanburg, but we are originally from OH. 

How was your experience building new construction there? Was your strategy to build and hold? How has your luck been with tenants?

Are you familiar with the neighborhoods by Westmoreland St.? Is this a good area? Any information regarding your experiences would be much appreciated. Hope all is going well for you-- Cheers! 

We are currently under contract on a piece of land where we can build 6 attached units by right. Initially, our thought was to keep all of these units on one parcel, held in the name of our LLC, as our strategy is to build and hold. We're wondering if maybe we should divide the lot into 6 parcels (one for each townhome), so if we needed to we could sell each unit individually. The thought is that we would be able to achieve a better return selling each unit individually, as opposed to selling all 6 doors to an investor if we ever needed to do so.

My question is: At what point would we want to divide this lot? 

Would we need to divide the lot prior to breaking ground? Would we begin construction and apply for the division once we know how the property lines would be established? Or would we complete the entire build and apply for the division into 6 parcels post-construction?

This is our first time developing, so any information or advice you can lend is much appreciated. 

Thanks in advance!

My husband and I are under contract on a vacant piece of land. This will be our first project, and we intend to build a single structure with 6 units that we will hold long term. We will NOT be subdividing the land, and all units will be in our names tied to one parcel. We intend to live in one of the six units and it will be our primary residence.  

The Homestead Exemption for your primary residence in SC is taxed at 4%, and vacant land, investment properties, etc. are taxed at 6%. Can anyone advise how this project will be taxed being that it will be one parcel with 6 units/doors, with one owner? Will this be taxed as 6 individual units, where we could qualify for the homestead exemption on our primary residence? Or will this be looked at as a single structure investment property? 

I've tried to confirm with the local county assessor, but am still pending a response at this time.  Thank you in advance!