All Forum Posts by: Ron T.

The Brice Law firm in York.

Mac Brice.

Best around imho

You are a realtor in MD. 

Are you associated with a national organization?

Even if not, I have never had a problem dropping an email to the broker of any of the big national conglomerates and saying, "I am an investor looking to buy XXXXXX property. I am unfamiliar with the area as well as I'd like to be. Would you be willing to provide a BPO for this property and in return I will agree to give you first consideration for listing it when I sale."

I probably have a 90% success rate doing that 20-25 times. I can think of 2 that responded negatively.

Curtis,

I have not nor would I, at this time, buy a new home from a builder for a rental. 

I was merely using the above example as a way to illustrate that builders change price points based external factors. Then one these builders set price points thee new con homes become comps for re-sales and...you get the cycle.

New builds have more problems, to me.

My play, since I am a contractor as well, is always to find rehab to rent deals.

Welcome and Go Tigers!

'00 Grad here.

Marc,

You are heading into a flooded space.

Good Luck

Everyone has covered the owner occ/versus primary residence piece and the county by county millage difference.

However the other side of the coin must also be considered in order to evaluate. You will find that NC has a much higher tax rate than the SC owner/occ rate, but typically a tad lower than the NOO rate (again this will depend on county).

Where the calculation gets even more tricky is the value premium placed on a home by location.

If you are looking at Charlotte for example, the national builders who operate in both markets will charge a premium on Ft Mill and Lake Wylie areas over Charlotte addresses for the same floor plan, because they know owner  occ buyers will pay the premium because their monthly payment will be the same for both neighborhoods.

If you are in Rock Hill here is a fun Saturday. Pick a builder. When I did this experiment I used M/I homes...for no reason other than I knew where each was. I went to a Sutton Creek (RH SC) model home and then to one in The Blume (CHT NC)...looked at the same floorplan. Had the sales rep on duty run me numbers based off the same criteria and the exact same layout. The NC home sold for a lower price point but the PITI was within $5 because these larger builders are now selling off payment just like a car dealer.

Those value numbers will skew the conversation as well.

Matthew, 

I'd double check your property tax value ...

I understand your position, but...

A $1,200/mo tenant who is properly screened and placed in Sc is a LOT less headache than a $500/mo tenant.

I only have one property close to that ($1,400/mo) and that tenant has been in place 5 years and never been a day late on the payment.

Now on to the tax rate. As I have frequently wrote about here on BP you are absolutely right. It is a bit of a scam in my opinion than SC runs on would be landlords. I guess our landlord friendly laws and easy evictions are a small consolation prize. 

BUT, in my experience if you do not purchase another property in SC you will not trigger an automatic rate hike. This isnt legal advice and shouldnt be construed to be intended to defraud the state of SC. Just stating that in my experience if you buy another home outside the state of SC the state will not automatically jack your rates up.

It is available at the county level.

However the rate you find will likely be the homeowner rate which isn't comparable to the investor (NOO) rate.

The NOO rate varies by county and city municipality.

That said I am in York County, SC and please do not shy away from wholesaling here. No one does it, at least not well,  that I have found.

This is old school thinking and pretty much wrong by today's standards.

Humidity in the South will routinely be 80+% all summer. Pulling that air into the crawl space is the worst possible solution. Then that air has a higher (Delta T) than the inside air of the home and creates humidity and moisture fall out in the crawl space.

Current standards call for sealed crawl spaces not vented.