All Forum Posts by: Jose Rey

Sent you a connect request! 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $294,000
Cash invested: $11,000

3 plex, 2 units rented long term and one furnished and rented as an STR.

What made you interested in investing in this type of deal?

The income potential for this property was obvious to me when I saw it.

How did you find this deal and how did you negotiate it?

MLS

How did you finance this deal?

Conventional loan, house hack

How did you add value to the deal?

Finished an unfinished loft space and converted it to a 3rd unit

What was the outcome?

3 unit property instead of 2!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Myself ;-)

Of course, do your own research but as I understand it, for Summerville, you just want to make sure they are not zoned in the Town of Summerville. I have 2 in Summerville currently. As far as other areas are concerned though, I've heard Downtown CHS is rough on STR's. North Charleston is not as bad, my understanding there is you just have to apply for a business license. Not sure about to many other areas.

I am! 

Thank you both!

Hello All!

I am searching for a lender that is able to do a HELOC on 1 (possibly 2) of my SC investment properties. I was going through the process with TD Bank but had a horrible customer service experience. Does anyone have any recommendations?

Thank You! 

I can speak to the Dorchester County/Summerville area. I'm the Managing Broker of Southern Shores Real Estate Group in Summerville. The Town of Summerville just recently restricted Airbnb hosts by imposing a minimum stay of 30 days for "short-term rentals". However the Town of Summerville municipality basically only has authority over the Historic Downtown Summerville area. I'm a super host, we rented our house out on Airbnb for about 9 months and we are not in the town of Summerville though when COVID hit, we just moves back in and we occupy the house now. It was not as an issue for us outside of the Town of Summerville limits.

I'm an agent/investor in Summerville and I completely disagree with whoever said we were headed towards a downturn. I don't know who would have said that to be honest, the National Association of Realtors just identified the Charleston SC market as one of the top 10 that are expected to outperform over the next 3-5 yrs. (https://www.nar.realtor/newsroom/nar-identifies-10-markets-expected-to-outperform-over-the-next-three-to-five-years) 

It's tough, I don't know if $100 per month is going to be worth tying up your equity. But at the same time, if you sell you want to make sure you're making something as well. It just depends on what you can net on the potential sale, that's what I would try to figure out next. 

I would! Increase that late fee too!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $120,000
Cash invested: $7,500

First house we ever bought brick ranch style home with a converted basement. Both units are 2 bed 1 ba. and have fully equipped kitchen. The only shared space is a laundry/storage room. The bottom unit needed renovations which I did my self over about a 2 month while living in the top unit. While we lived there, the bottom rented for $600/mo. with the mortgage payment being only $800/mo. We have now relocated to SC and rent out the top unit as well for $750/mo.

What made you interested in investing in this type of deal?

A friend bought a 5 bedroom house super cheap in the same city and was making a killing renting out all the rooms to college kids!

How did you find this deal and how did you negotiate it?

We used a Realtor

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

Renovated the basement myself, ALL sweat equity!

What was the outcome?

Our highest cash flow rental to date!

Lessons learned? Challenges?

Sweat equity does pay off if you have the time for it, I don't know that it would be as worth it for me now as my time can be spent doing many other income producing activities but for that time, this was an awesome opportunity for us!