All Forum Posts by: Rene M.

Hello all,

I'm looking for recommendations for real estate CPAs for filing 2023 taxes. We want to do a cost segregation and use the STR loophole to reduce our taxes.

Someone in Charleston SC locally would be best, but happy with anyone who is familiar with the SC tax. 

A ballpark number for the fee's would be great.

Thanks in advance

Rene

Thank you Kenneth!

Hi all,

I have a family member who entrusted me with 500k to invest in US real estate. I have an offer to buy a 1% Rule 4-plex (385k for 3800 monthly rent), which would use about 95k of the money and leave me with 405k.

I think it would be a great property and long term investment, but am hesitant to reduce the overall cash to be still able to offer on Portfolios and/or a small apartment complex...

I think it would be possible to use the remaining 405k to buy another 16 doors in different local areas and build my own 20 door portfolio. Or do you think it would be more leverage to keep the 500k together and make offers for 20 - 30 door portfolios or apartment complexes?

What do y'all think? What would you do?

Thanks in advance

@Brandon Dawson

Very helpful thank you!

Do you have any more details about the mount pleasant process?

Thanks to everyone else for all replies, I very much appreciated it...

Budget is up to 400k through a little boost from my dad (he wants his share though- fair :)

I'd love to find something which works in Mount pleasant... Unfortunately I think it would be best to exclude all properties with HOAs even if they are currently don't have any rules. Correct?

Hello everybody,

After a couple months, some holdup with COVID we finally bought our first own house in Mount pleasant with 5% down. Terrible realtor experience with the realtor who was suggested by the lender and came with 2k credit... anyways

I still got 50k which I did not use for the downpayment, for which we are thinking about buying a small SFH, townhouse or duplex with the sole purpose to rent on AirBnB.

So about 200k budget

I know rules and regulations are fragmented and have already extensively researched Downtown and city of Charleston. As I won’t be owner occupied it won’t work.

I know the beaches work but is out of budget.

1. I know Mount Pleasant has only limited number of licenses. Does anyone know if they still have availability? Maybe a cheap townhouse could work there - more like 220k but fine

2. How is it in the North Charleston area or in Charleston county outside of city limits?

3. Anyone experience with Berkeley country/Hanahan?

4. Last but not least: Summerville/Ladson or Dorchester county

I don’t really need to know all, but would love to hear from someone who knows the market. Where I can still legally do an AirBnB.... that regulations can always change is clear, but would hope my rights would be grandfathered in. Anyways if there is a high likelihood that regulations change soon please let me know.

Has anyone gone that route? What went well? What would you do differently?

Thanks

René

@Tom S. Thank you! How would I go about that? Tell my lender I want to buy the house and get them to do an appraisal?

If I were not to buy the house, chould he use the appraisal?

@Trey Williams Thank you for the reply!

None of the other houses have pool or solar. So you are saying since the other houses don’t have it the comps won’t reflect the value and thus they don’t add value at all?

Hello all,

A friend of mine is selling his house and does not have it on the market yet.

He offered it to me for 450k - 12k Cash at closing.

He would list it for 490k, hopping to sell for 480k which would be one of the highest prices in the neighborhood in Mount Pleasant. Sales in the last 2 years we’re between 380 - 480k

He has only 1800 square feet, which is smaller than most of the houses which sell for 425++ and then have 2200++ square feet.

He has paid of solar panels for which he paid 50k (I know it's a scam and they are worth only 25...) And has a saltwater pool for which he paid 50k. Roof is 10 years old and AC form 2002.

I don't know how realistic 480k is but since he is my friend I can negotiate as I usually would.

Is there a way to find a realistic valuation which makes sense for both so we can save 30k on realtors?

How much value does a saltwater pool and solar system add??

Please don’t contact me to list his house - he already has a realtor who is a good friend if he was to put it on the market.

Location: Mount Pleasant, SC

The DD is still valid till 3/18. 

Most likely I will back out... This is just too risky for me, I don't want to be the guy who bought in 2008

Hi all,

Boeing has already stopped hiring. Seeing what is happening in Europe and the US government unfortunately not reacting quickly, but trying to let thing be as normal as possible for as long as possible - which might make things worse in the long run.

-> Just a matter of time until real estate is affected.

Do you agree or disagree with this statement? 

Market confidence seems still high with well priced houses leaving the market within 24 hours?

Would you back out of a due-diligence offer right now if you could?

Best regards,

Rene