All Forum Posts by: Troy Gandee

@Matthew Vedder James Island is a great community. West Ashley is a similar vibe. Both are popular for different reasons, but fairly similar to one another. I don't generally recommend riding your bike from either of those areas to the beach. It's a pretty long ride out to Folly with unfriendly biking lanes. You can do it, but it's not really leisurely. You'll learn Charleston is not a very bike friendly city, but they're trying to improve that. You could ride downtown from West Ashley, but not easily from James Island. The JI connector is basically a highway. I own a brokerage with about 40 agents who are all investors. If you're still looking for an agent, shoot me a message and I can put you in touch with one of our guys. 

@Jack B. You're going to get a lot of silly opinions here and very little actual advice. I understand your dilemma. I'm super burned out from these last 2 years. I'm very grateful for the business, but these last 2 years were the first time I ever really thought about HOW or WHEN I would retire. I'm no way near that point yet, but it's put the gears in motion for certain goals so I won't have to stretch to reach those goals at the last minute. I'll never totally stop working, but I want to get to a place where my passive income completely eliminates financial worries.

I personally would probably take the 3rd option that you seen preferential to. Relocate to a LOC area, but be very careful where you choose. You will want LOC but make sure it's a place you'll really LIKE living. It's already a big move, so make sure your anxieties are lessened by LOVING where you move.

With a primary and couple of rentals paid off, you'll always have the ability to access cash or sell an asset if it's a really dire situation. You could even go ahead and get a HELOC on the primary so you have a safety net if any huge emergencies arise. I'm sure you won't be 100% out the door with active income opportunities because you're young. You'll probably get bored and maybe do some consulting, contracting, part time stuff, etc. That'll help with income and keep your mind occupied. You'll likely keep investing, as well, but maybe with less stress since you'll be in good shape financially. Almost more of a hobby and will continue to keep your balance sheet growing. I know a few guys who have done this. They're all set and don't need to keep investing, but they do it periodically just because they like it.

I personally just dislike the stock market. I've never been much good in those waters. If you're like me, then I would avoid that route. The stakes are too high for you at this point to let the market erase your net worth.

Thanks, @Dan Weber! @Dan Rivers or I would be happy to have a quick chat to try to help @Alexandra D.

@Curtis Rouse Jr That's definitely an attorney question. But in most cases, you're going to need all parties on the title to agree to the sale. Most properties are owned with a fee simple title, which doesn't usually allow any kind of majority rule to force a sale. 

@Lyle Hedman It's the City of Charleston that has the primary residence rule. Charleston County doesn't have that same rule, but there are some tax collections issues to be aware of regarding the County. There are a lot of other municipalities in the Charleston area with much less rigid rules than City of Charleston, but they all vary wildly. Each is a very distinct market with different rates, as well. The first filter will be your budget. Depending on how much home you can afford, you'll know better which areas you should focus on. The hardest part for most people is trying to walk the line between affordable purchase price and decent enough area not to take a beating on "location" reviews.

@Jessica Jenkins REI Live is a great REIA in the Columbia area. We also have REI Central in Charleston, but probably a bit too far away for you.

Hi, @Jake Johnson. I'm a BIC and investor. We have a small management wing, as well. We're very mindful grow slowly. You can discuss with my PM, if you'd like. Our market varier wildly mile by mile, so it will all depend on budget and asset class.

The pro of agricultural is the tax rate. But, the cash flow could be pretty weak unless you already have equipment, knowledge and farming experience. It really depends on what can be grown there for maximum harvest. A mobile home park or RV park can be more capital upfront, but the cash flow is likely to be muchhh higher. The flip side is that tax rate will be much higher. 40 acres is quite a bit of land, so why not try both and see what works best. 

@Kyle Ewanic That sounds sketchy. A rehab loan will usually have something like a 2% origination fee and some pretty steep processing fees, but those are payable at closing. And 5% rates is just too good to be true with a sub-700 credit score and little personal investing history. I would be weary. Most rehab loan rates are going to be at least 8%, but typically over 10%. And a reputable lender will have a website. That's how the build credibility. You should reach out to RehabWallet, Coastal Equity Group or Robert Wade at Tangent Mortgage. All are legitimate lenders that I use frequently.

@Devin Venetsanos Yes! Charleston Area Real Estate Investors Club is the big one. Just make sure you answer the membership questions. We don't approve people who don't answer the questions. We also have an REI Central group.