All Forum Posts by: Owen Mitchell

@Andrew McArthur I've been investing in Columbia, South Carolina since 2005. I'd say the biggest landmine to watch out for is our property taxes. They are brutal in all of South Carolina, but specifically in Columbia.

A $1,000,000 investment property would be paying over $28,000 year just in property taxes.

#1 tip I'd give if you're buying existing (or building) is to call the assessor and ask specifically what the new assessment will be after improvements.

you can utilize no income no doc construction loans . fund 50% of the land 100% of construction upto 65% ARV . What is the scenario looking like ?

 I would get in touch with a local builder, and see about getting a mentorship on down days and days you have off.. PTO days you can tackle this stuff with the contractor as the mentor and do.. Or even a contractor that does large additions and then move towards ground-up stuff. There is a lot of stuff to cover, so try to make as much time for it as you can while working your W2. 

 I'd say $1400 ish

 Heck no. This is near the hood in Durham, and the general area's RTP(rent to price not research triangle park) is horrible. $1700 ish gets you a 2/2 rented closer to Duke, a 2/1 will be closer to $1400 if not less in this area. 

$240k is priced to trigger a bidding war, I just am not a fan of the neighborhood. Lots of investors jump when they see these entry level prices in this general area. Most don't have on the ground intel to understand what they're getting into. ****, even some of the localized experts like Mark Spain/Opendoor get caught in the trap of it too.