All Forum Posts by: Mark Lynn

Did you ever find out?  I talked to them earlier this week and was wondering the same thing. 

Under the tools section of BP check the FilePlace. There are a lot of options there, you should find something there to help you get started. 

I’m working on a cash out ReFi with them now. 

If the property is your primary residence you can get a HELOC. I have been using First Citizens Bank for all of my needs since they were local here (they recently merged with their NC sister bank and are expanding nationally). They recently had a program where they give you a $500 closing costs credit. If I remember correctly they lend up to 75% LTV at one rate and up to 80% at a different rate slightly higher rate to cover the insurance if I remember correctly.

I see three options. 

1. Resurface countertops. I’ve used the Rustoleum countertop Resurfacer from Lowe’s on C properties before. This is the cheapest option.  It’s only a few bucks but it does take careful prep and some time to cure. 

2. Find countertop material and an inexpensive contractor to install. Try Web Don on Bluff Rd. I’m pretty sure they are one of the last laminate top suppliers in town. I’m 90% sure they supply the big boxes. It’s been years since I used them but I think it was like $15/LF for material cut to fit. Or buy stock length material from a big box  

3. Break down and buy granite. FYI...You can save yourself a few bucks on granite by going with 2cm over the thicker 3cm. 

I'm in Columbia area and actively looking for deals. 

If your relative invested 75k and is only getting 75k back sounds like he doesn’t have any gains on the investment. Without any gains he shouldn’t have any taxes.  It sounds like the situation you’re describing is essentially zero interest loan. If however you are repaying him with interest. You would need to send him a 1099_INT and he’d have to report the interest as income.  The interest only would be taxable. 

Let's connect.  I might be able to help you out. 

Spencer,

I'm located in NE Columbia, SC. Have you done anything here yet?

Columbia, SC here.  I have a few buy & hold SFRs and a duplex.  Just completed a renovation on one of the SFRs after an eviction an am looking to sell it.  Rents 650-700, asking 50k