All Forum Posts by: Leigh S.

If you are still considering Greenville area, don’t overlook Spartanburg. There are lots of good things happening there and it’s right next door to Greenville. Quality of life if very good and the city is aggressively working on affordable housing to lift everyone up. You can still find bargains if you are willing to put in the work. Lots of neighborhoods in transition right now and I’m not talking about gentrification. I’m talking about good, safe houses for all. And there’s plenty of high end opportunities as well.

Originally posted by @Raj Mukherjee:

Thank you so much. Would you say Simpsonville is better vs Moore? I am trying to figure out as Simpsonville rent ($/sq ft) seems at least 20-30% higher.

Simpsonville is more developed but also more appealing to some than Moore. Moore is still more rural but won’t be for long. Check your taxes for both and remember for investor, it is going to be higher than for an owner occupied. That might mean a big difference in your cash flow. So, while Moore might fetch less, it might cash flow better. There might be more equity to be had in the long run in Moore as well. It’s all about your goals.

Anywhere in the Upstate is going to pay off and Moore is in a good area. Walmart is putting in a new facility, BMW is expanding and DHL is putting in a huge terminal near Gaffney. All easy commutes from Moore. You can’t go wrong in this area.

Originally posted by @Matt Devincenzo:

Annual audits and reviews aren't uncommon in commercial or personal banking type scenarios where a large part of your credit worthiness is influenced by 'who' you are. It allows the bank to hopefully extend the credit a bit more freely knowing they are able to review and minimize their future risks every year. Otherwise they need to be more strict to ensure they mitigate the loan losses from life circumstance changes etc. It's another one of those areas where the 'consumer' side of things it is very uncommon, but in other commercial/professional areas it's much more common.

Thanks for the insight. This makes a lot of sense! I definitely feel better about the situation. I'd just never run across this, so was taken aback.

@John Leake, it's a local bank. I like them better, for sure. My first time using them, so maybe they just don't know me well enough yet. 

@John Leake, I thought it was odd. They also asked for my 2020 tax returns.  All part of their "annual audit". Anyway, my credit outstanding and nothing to hide in the returns. I'm just offended and frankly a little perplexed.

My LLC has a small investment loan for a multi-family property through a local credit union. Last week, I was notified through a credit monitoring service that the lender pulled my personal credit report.

I asked the banker about it and got this response: "We have to pull credit at least once a year when we do the annual review. The annual review is to help determine if there is any adverse changes in the financial condition of to borrow and guarantor. If there is then we need to look at what is causing the changes and possibly recommend some changes to help."

The loan payment has always been made before the due date and is in good standing. Is what they did legal? I've never had this happen on any loan.

Oh man! Following. I had the same thing happen to me on a multi-family - 18 hours before closing! So sorry this happened to you.

Take that money and run with it! I have had a terrible time finding multi-family money lately. I found a multifamily no doc loan today for 8.9%, repayment penalty that phases out after 5 years and a pretty steep loan fee. I may take the loan, even though the terms aren't ideal. In my opinion, 4.625% seems fantastic considering what you are trying to fund.

Hi Stephanie,
The area you are looking is not well developed - lots of agriculture and not urban at all. Which means low paying jobs and a smaller buyer pool.  I'm in Greenville, which is one of the hottest markets in the Southeast. This area is great for sellers, but there's lots of competition for flippers. There's a lot of manufacturing in SC = low unemployment = huge need for housing. Follow the jobs and you'll find your sweet spot. You are always going to be better off looking at bedroom communities of larger urban areas. The sprawl is very real around here and other than Charleston and Columbia, traffic is manageable, so people don't mind commuting.