All Forum Posts by: Raj Kumar

The property is 9000 Sq ft build in concrete, 5400 sq ft warehouse(has a restroom but no hvac) divided in to 3 bays (1800 each) and 3600 sq ft office space. The building is in very good shape, probably needs 2 to 5k to clean and fix the building. The current rate for leasing the warehouse is anywhere between 5 to 6$ and office space 7 to 10$. The land next to the building of the same size is listed for 89k. One draw back to the building that i saw is it has prob 10 parking space.

What would be a good price if you are looking for cash flow in the short term and eventually sell it for a profit? How much will it cost to build a building like this?

http://www.trulia.com/property/3055329406-320-Reindeer-Moss-Ct-Myrtle-Beach-SC-29588

Will appreciate all the help!!!

@steven
Am I better of opening an LLC in VA instead of opening an LLC in every state i buy a property. What are the advantages of opening an LLC in the state the property resides?

I live in VA and bought a commercial property in Myrtle beach,SC last week and will be closing it in 3 weeks. I was trying to open an LLC in SC, so that I can resister the property in the LLC name. But Legal zoom said I have to have a physical address in SC to open a LLC and they can't use my Virginia address. Is that true?If so what is my alternative?

I just signed an offer(foreclosure) for a 9000 Sq ft office/warehouse bldg in Myrtle beach, SC and I live in the DC suburb. I am a newbie and just pulled the trigger. I am trying to figure out the next steps(I do have the cash to close on the property).

1) Form an LLC in South Carolina -
a) do i do it myself or with an attorney?
b) Can I have mailing address of the company to be my DC address, so all correspondence come to me?

2) Finish the closing (around Aug 15th)
a)is it better to have my own closing agent or to do it with the auction company's closing agent?

3) Get Liability Insurance

4) Hire a property management company

I know I am missing many steps, Please chime in... Also if any of you know a good and reasonable real estate lawyer and a property management company in Myrtle beach, SC

Thanks in advance for all your help.