All Forum Posts by: Kevin Johnson

I am looking for references to any investor friendly realtors in Columbia, South Carolina who enjoys working with investors.

Thank you all for any help.

Looking for advice and expertise! 

We are getting ready to start the rehab process on an investment property that we plan to use as a Section 8 eligible rental. Our dilemma is this : The house is 53 years old (1971 build). It can use new windows and kitchen cabinets (the current ones are still functioning fine) but aesthetically and for value purposes, could benefit from a rehab. We are putting in  new floors (there are none currently) , a fresh coat of paint, and having to redo a bathroom because of a subfloor repair, along with other knick knacks.  Anyways- if it were you, would you go ahead and redo the kitchen with new cabinets/granite, and put in new windows - or would you leave them as is - and spruce up the kitchen with a coat of paint to the cabinets as a temporary update , and just wait 5-10 years when it's time to sell to do those type of upgrades/rehab (New windows and New kitchen). Hubby says that the tenants will just destroy it and its best to just wait the 5-10 years to put the money into rehabbing those things, whereas I think we should do it now. What do you think?

Your thoughts/advice is very much appreciated!

Hello Everyone,

I'm looking for some insight into real estate installment contracts.  This would be used as an alternative to the traditional wholesaler's assignment agreements.  In South Carolina they are cracking down on wholesalers and want to make sure we stay above board.  Thank you in advance!

Hi there, 

I am a new investor, started my journey with my wife back in 2022 we house hacked our first property in new haven CT.

I am currently having a hard time finding any good deals in my market everything is so over priced and goes way above the 1% rule, I even made some low offer on the properties that I thought would be a good fit for BRRRR however offer never gets accepted or someone else over bids.

My question to the group is what is the best way to find a distressed property? how can I utilize my realtor to find off market deals? any suggestions is greatly appreciated. 

 

I am a newbie to BP. Thank you in advance for your responses and advice.

I am in process of purchasing a single family investment property in Charlotte. My credit score is an excellent and I have a great W2. I am trying to get conventional 30 years loan with 20% down.

I contacted 2 brokers. They gave me 7.5% with 1% cost.  Is this too high or this is current normal rate?

if anyone has a good recommendation, it would be greatly appreciated.

thank you 

I wonder what do someone approaching retirement do with $1,000,000.00?  Buy a single property with cash and have about $65,000/yr in cash flow or use it for DP on a $4,000,000.00 property?  Would the cash flow be the same?  Or leave it in SP 500 ETF?  The question is probably over simplified but a good starting point for feedback.  Thanks.

Hello,

So, the inspection report came back with multiple hazardous flags that needs to be addressed , but the most one that it is expensive (25k cost) is the" knob and tube issues "of the electrical stuff. Its old house (1900s). Does anyone has experience with this. is it something that i need to address right away if i purchase this rental property. The original offer was 300k but then we asked for 25k off since there are other multiple things needs to be address like old furnace and stuff like that, but we asked that they take care of the hazardous flags. Now they said ok to drop 25k and we cover for everything including the hazardous flags. Should I ask for another 25k off, or should I walk away. How serious is this. The knob and tubing is in the attic and basement.

Thank you

Here is the report

Initially we shied away from Section 8 due to others comments/opinions in regards to it but ultimately a few opportunities presented themselves and we decided to move forward.  We have had very good luck with affordable housing and Section 8 specifically.  The obvious up side is it is guaranteed rent every month.  With that being said the best thing we did to help the tenants and ourselves was to develop a process to vet ALL of our tenants to try and make sure we are getting the highest quality tenant, regardless of the location.  We also ask for a 2 year lease when feasible as this cuts down on turnover/lost income.  This strategy has worked well for us.  Our signing process is lengthy and we review all of the responsibilities with our new tenants and ask that they initial each page confirming they have read and understand the rules etc.  I would not say we have no issues ever but the turnover rate is very low and we generally have amicable turnovers when they do occur.

How do I find out if the ADU is legal/permitted? Do I just contact my county accessor? Do I have to request blueprints of the home and as long as the blueprints contain the ADU should I be safe? If I have the seller say in writing that the ADU was legally built (and I think according to my county rules it has to have been legally built prior to 2004 for it to be a legal dwelling unit) does that protect me?

Thank you in advance.