All Forum Posts by: Sarah Young

I live in a house on James Island where we airbnb our attached garage apartment. We are zoned for the Town of James Island, so while STRs aren't "legal", they only enforce the ordinance if a neighbor complains. Those who are zoned for the City of Charleston must get licensed, lest they be fined big fines if caught. It depends on how far from downtown you are, and how old your house is as to determine if your license application will be approved. The further out from downtown you go, the younger your house can be, if I understand it correctly. In all cases, you must live on the property. Hope that helps! Happy to answer any more questions. I personally love our set up with having a private guest unit on our property. Our 1bd/1ba apartment pays our mortgage every month. 

We are looking into buying acreage with at least one other family where each of us builds our own house on the land. We are like-minded, and want to always keep our commune (haha) with like-minded people, should one party decide to sell or move on. If we wanted some portions of the land to be shared, but for each party to have their own plot where they can build a house, do we need to subdivide the land? Do we do that after purchasing it in an LLC? Would it be better to make a Cooperative, or an HOA? Just trying to think through the steps on how to do this and would love to hear thoughts from others. I've only ever bought raw land alone, and am having a hard time understanding how it works with multiple people.

Here are a few details: 

52 acres

Seller is willing to do seller financing. 

If you're in Charleston, Justin Welch with Account Fin is a great help with this. We've been working with him on converting our LLC to an S Corp, and he's very knowledgeable.

@Lucas Rowell

I don’t think I’d personally be up for a virtual meeting. There are so many in-person meetings here locally (even more than mentioned), that I just don’t know I’d have the time or desire to add a virtual one. 

Hey Lucas! Glad you’re here! My husband and I are flippers in Charleston. There’s a great group of investors who meet the 1st & 3rd fridays of every month (we are meeting this Friday) from 7:30-9 am at 60 Bull Cafe downtown. Would love to meet you there! 

I am not sure about your question. Maybe Russ knows? 

As far as what I've heard at investor meetups, and through my own experience watching the market, duplexes are very hard to find in Charleston, and are a hot commodity. They usually go quick. Just last Friday, this topic was discussed at our investor meetup, and it seemed like everyone in the room was nodding and agreeing that you just can't find them right now. My guess is, if you wanted to sell it, you'd have no problem right now. Inventory (for everything, not just multi-family) is very low right now. 

@Ross Bowman it was cancelled last week, but other than that, we’ve been meeting in person. It’s the 1st & 3rd Friday of every month from 7:30-9 am at a café downtown. I’m happy to share the location if you want. Just PM me. 

Hi Lucas! 
Are you living in the area now? We have an investor meetup every other Friday morning, and it happens to be this Friday that we are meeting. It’s a great way to connect with other local investors! PM me if you want more info. 

@Cameron Tope would you pay any points? I’m trying to structure a seller financing deal right now (my first one), and am trying to figure out the terms to put in my offer.