All Forum Posts by: Steven White

Hi everyone just wanted to post about my first live in investment property and see what you folks think about it. So it is a single family residence 4 bed 2.5 bath in a subdivision about 50% built out. The home was built in 2013 with an appraised value of 165k. I purchased back in November of 2017 for $141,000 on an FHA loan with 3.5% down payment after closing fees total amount financed was $138k. PITI is $900.69 per month on a 30 year fixed mortgage at 3.625% and POA fee of $300 per year. Located inside city limits within walking distance to shopping and restaurants. Located in Anderson SC. In this market a conservative rental amount would be around $1500/ per month. My plan is to possibly refinance out of the FHA loan to a conventional loan to be able to purchase my next property and rent this property or stay in this home the two years to avoid the capital gains tax and just outright sale. There is some updates that need to be taken care of like flooring and paint to get top value based on other sales in the neighborhood in the 170-175k range. So basically I'm not gonna get rich off this deal but I thought I would put it out here and get some feedback..

Contact the Assessors office in the county in which your property is located. They will or should give you all the information you need to appeal the property value. Remember you cannot appeal the taxes only the assessed value they are baseing the taxes on. What are you questioning the value are the tax amount? Make sure you have a good idea what your property is worth going in. Again you can appeal the value not the taxes.    

Hi everyone just wanted to post about my first live in investment property and see what you folks think about it. So it is a single family residence 4 bed 2.5 bath in a subdivision about 50% built out. The home was built in 2013 with an appraised value of 165k. I purchased back in November of 2017 for $141,000 on an FHA loan with 3.5% down payment after closing fees total amount financed was $138k. PITI is $900.69 per month on a 30 year fixed mortgage at 3.625% and POA fee of $300 per year. Located inside city limits within walking distance to shopping and restaurants. Located in Anderson SC. In this market a conservative rental amount would be around $1500/ per month. My plan is to possibly refinance out of the FHA loan to a conventional loan to be able to purchase my next property and rent this property or stay in this home the two years to avoid the capital gains tax and just outright sale. There is some updates that need to be taken care of like flooring and paint to get top value based on other sales in the neighborhood in the 170-175k range. So basically I'm not gonna get rich off this deal but I thought I would put it out here and get some feedback..

Pay off your Mom... if she wants to go in on the next deal great but let that be her choice after u pay her back.. In the long run it builds trust in you and and I am sure it will open more doors not only with her but other friends and family.. Focus on the big picture here and what would benefit you more. 

Hi, Steven White from Anderson S.C. I just purchased a single family about 8 months ago with no realtors involved my lender walked me through the process.... Attorney, title Co. Appraiser,termite inspection etc.. went pretty smooth.