All Forum Posts by: Melissa Searing

Hi BP!

I would like to get financing for a small multi-unit property. I have read that, in order for the bank to utilize any of the rental income from the property, I would have to have "landlord experience". I am wondering if this is proven through me actually owning investment properties and being a landlord? Or if other landlord experience would count. I was the resident manager of a 30 unit building for a few years back in 2009-2011. 

 Any insight you have will be greatly appreciated! Thank you! 

@Jay Hinrichs haha of course I remember! I signed up for BP on June 29th, 2015 and we closed on our first Charleston flip July 11th, 2016. We spent a year studying, reading, driving, networking and listening to podcasts. I've read the average time is 8 months, and we had a contract on a deal at the 8 month mark, but if fell through! This whole process took a little longer that I would have hoped, but totally worth the struggle. Now I just need to keep the deals comin'!

@Troy Gandee @Jay Hinrichs Thanks guys. We got a verbal (cash) offer this evening and we're supposed to sign tomorrow. It's a neighbor who wants to move his mother-in-law from Moncks Corner. I'll let you know if anything changes!

Hi BP,

My partners and I were planning on flipping a 3 bedroom/1 bath house (as-is) on a great street in Park Circle in North Charleston, but we are thinking of unloading it because we have another flip going right now. If we can't get the right price, we'll just move forward with flipping it. The house is in really good shape and the HVAC is newer. We are thinking of a price of $190k. Let me know your thoughts!

Thanks @Rick H. That is what I should have said. Do you think it is too late to send out letters once the house has been deeded to the person inheriting the house? 

Hi BP! I have a question about probate investing. Do you think it is too late to send letters to an executor once a deed of distribution has been posted by the county? Does anyone have any luck using these deeds?

@Lamont A. thanks so much for the info and the heads-up!!

@Sharee Mason Thanks so much for your post! I agree that I'd like to live near my rentals, but I wonder if only a few hours away in another state would be okay. I owned a rental in Florida when I lived in CA before the crash, and I didn't like being so far away. I managed a 30 unit building in LA, so I definitely feel comfortable managing rentals myself. But driving a few hours to deal with renting it as well as dealing with issues could be annoying! :)

@Lamont A. Thanks for your post! Did you do any renovations before renting out your duplex? Would you mind telling me how much rent you get for each side? And are there any known issues with the duplexes on that street?

And thanks @Mike Nicholson. I appreciate the well wishes! Are there areas in Ladson that you stay away from?

@Carlos Gutierrez  thanks so much for your reply. I  am looking for affordability at the moment, hence Ladson over Mount Pleasant.  Duplexes in Mount Pleasant are triple the price as Ladson.

2% deals are pretty much not possible even in Ladson.  I'm fine with 1%, but have no interest in playing the appreciation game in Mount Pleasant. And I have no interest in managing properties in the "neck" or any dangerous areas, but I didn't think Ladson was that bad?

In your experience, do you feel like it is pretty easy to get tenants and decent rent for a renovated two bedroom duplex rented in Ladson? 

Hi BP Charleston! Does anyone know if Ladson, South Carolina is a good area in Dorchester County to hold rental properties? I am looking at Hummingbird Ave duplexes. I also can't help but think I should purchase buy-and- hold investments in North Carolina, Georgia or Florida instead due to the taxes on rentals in South Carolina. Please let me know your thoughts. Thanks!