All Forum Posts by: John Semanchuk

I just saw this thread and while I haven't been looking for a HELOC on investment property lately, I do know that I have one currently through Southern First Bank with a 6.5% rate. TD was higher last time I looked. I work with Kevin Lee at Southern First.

Troy Gandee is who Jay meant to reference as a broker.    And the tax calculation looks about right to me.    It would be about 1/3 that if it were owner occupied.

Things will be less expensive in the Berkeley County part of Summerville because it's a different school district and less highly regarded than the Dorchester County part.   It's growing fast though and the rent you suggested might be about right.   The devil is in the details...

@Andrew Brown I don't know of any builder currently building spec houses on Wadmalaw.   They're all focused on Johns Island at this point.   If your property is close to the Johns Island end of Wadmalaw or if it includes any waterfront you are more likely to get someone interested in developing the parcel.   

I appreciate this thread though I admit a lot of it is over my head. The world of DST's, TIC's and NNN properties is all new to me. I'm in a similar position of selling off some rental property and not wanting to give more than necessary to Uncle Sam, but my taxable boot is more likely to be in the $400k range. From this thread, I gather that's not enough to work with for NNN properties so I'm also looking at DST's. However, like others here, I don't like the longer term commitment especially when getting in at this economic cycle. Are there any DST's with a shorter term commitment? 2 years or less?

@Michael Beur I too am just starting to look at DST's as well. Like @Andrew Frishman, I would like to hear what you've learned and your opinion on them. 

Thanks! 

Courtney, not trying to be smart but I have to ask... if they've been unable to sell it, why do you want to buy it?   Would you be offering a much lower price?   Unless it's in a fantastic location (historic district, deep water, etc) it might be hard to make a $389k/2293 sqft house cash flow.

I agree with Tanner, sounds like there's plenty to negotiate with and maybe enough to question the deal...  A lot of these items could mean expensive fixes.   Some of them are just getting bids to correct and just means looking at the numbers.   Mold issues, excessive moisture in the attic, standing water... these can be hard issues to fix or even get a handle on how to fix sometimes.  

From the 80's... watch for polybutylene plumbing.

Well my first take is that with all of those 7's it's got to be a lucky place!  :-D

Seriously though, I don't know the North Charleston neighborhoods very well.   I did sell a condo last year in Charleston Park, right up the road and that complex seemed decent.  I don't know Forest Hills at all.     

I like brick, I like a slab as long as flooding isn't an issue, it has a new roof which is a big plus, I can't tell about the windows... It doesn't look bad from the few undersized pictures they have posted... have you walked around the house and looked hard for cracks in the brick veneer?   Do you have a good inspector/contractor to look the house over for you?

Also, aside from the house, flooding issues, and neighborhood issues (crime, bad neighbors) could be legitimate reasons for walking away or getting a price reduction.   For flooding issues, I like to talk to the neighbors.  You can learn more than from disclosures and neighbors love to tell dramatic stories! ;-)

Do you have a due diligence clause that would let you out of the contract with no penalty?    

Unless it's close to new, it's a rare house that I can't find something wrong with.