All Forum Posts by: Tommy McGraw

Have 3 single family, detached, condo units nearing completion. Looking for licensed manager in Charleston to take control of the regime. No common areas or amenities. The only regime expenses will be liability insurance and administrative fees. 2 of 3 units under contract. Expect CO in 2 weeks. 92, 94, and 96 Cooper Street Charleston.

I have a 4-plex in downtown Charleston that kicked my *** in taxes last year. Property taxes went up 167% from what the previous owner paid. No property enhancements were made. I bought the property in the name of an out of state entity and am therefore taxed under a 6% ratio instead of a 4% ratio.

Can anyone from Charleston that offer advice on how to mitigate this problem?

I am currently designing a 25,000 sq. ft. mixed use project in a historic downtown setting. Ground floor commercial space to include a bank and gym, 2nd floor residential, and roof top bar/restaurant. The current plans for the residential level of the building consist of 8 condominiums ranging in size from 850 sq. ft to 1550 sq. ft. Initially, I decided to go with condominiums to offset the development costs by pre-selling them. Also, I wanted to bring a more financially stable resident into the building who, in theory, would be in a better position to pump money into local businesses vs. the average apartment renting college student or younger professional.

With the current Corona-lull, I have some time to go back over the concepts and numbers and I'm wondering what other investors opinions are in the apartment vs condo battle.

@Jason Mojica

Jason, Brunswick is warming up fast. I currently have a commercial development on Newcastle St and am aware of about 200 Multifamily units that are in conceptual and planning phases for the immediate downtown area. Brunswick is a great place to get involved in real estate. Low barrier of entry and steady flow of tenants from the college, FLETC, and hospital, all of which are growing substantially.

The city and community are also excited and supportive of people willing to invest in old buildings and fix them up. Let me know if you want to get together some time.