All Forum Posts by: Troy Gandee

@Menon Whitsitt You could have a difficult time trying to utilize any of the land for mobile homes. I agree with @Russ Scheider and @John Semanchuk about the flood insurance. I think Awendaw and McClellanville are trying to reduce their mobile home presence near 17 in anticipation for expansion. There are tons of lots available up and down that stretch of road, too. Most of those lots are HUGE. If you could offer a smaller lot, it may contract well to some of the bigger ones.  If you keep it as a rental, consider that the whole area should be growing in the next few years. Not only would you be getting rental income, but the property should appreciate. It would just be kind of a long term flip! I'm a Realtor. I'd be happy to pull some comps and email them to you. 

Hi Aimee,

That is a difficult situation. If you were planing on being a buy and hold investor, I would say that the $450 is great cash flow as long as the assessments aren't too steep. But, since you live farther away and don't have the infrastructure, it can be quite difficult to manage and maintain it. If you have a fixed-rate mortgage, it may not really be a big deal, but it is a little unsettling that things could change with your current mortgage. If you were thinking about selling, right now is a great time to do it. Things are flying off the market in the Charleston market. I'm a Realtor and I would be happy to help you. If you want to DM me the address of the condo and your email, I can pull some comps to send to you. You can at least see what the current value of the property should be if it were on the market now.

Thanks!

Troy Franklin Gandee

@Brian Burke Charleston here. Charleston's a strong market, but it can be hard to invest around here. There is very little casual investing anymore. We're considered a noteworthy city mainly because of the cultural and historical relevancy of the area. Charleston is quite small as far as "cities" go. It goes from urban to rural really fast here. And it's very competitive because of the size. I see bad deals get scooped up in days all the time. That's only because good deals are pretty scarce unless you have the infrastructure to fill the pipes. I would think Charlotte would be a much stronger market for multifamilies because of the size of the metro area and the sprawl. We don't even have much of a turnkey service like most of those other places mentioned. 

I completely agree with @Russ Scheider and @John Semanchuk. We are certainly experiencing very consistent appreciation, but it is not superficial. People just stop buying when homes inflate beyond a certain point. Largely because everyone has a mortgage limit. The real problem here is that we're going to face a huge shortage of available properties. Any one helping retail buyers in the Spring/Summer will concur that it is a serious battle to get qualified buyers into homes during peak season. If that happens, we may start to see more of a problem with appreciation. But even then, it won't necessary be superficial. That would be based on a low inventory. And because our geography is so disjointed from the various islands and waterways, we're going to experience some jarring suburban sprawl in the coming years. I expect builders to make hay in the next couple of years. 

Also, @Russ Scheider, I meant to call you today. I'll give you a call in the morning!

I am a Realtor. I list my own properties, but they are at least owned in an entity of mine rather than personally owned by me. I'm always very certain that I mark the box that states that the seller/buyer is a licensed agent whether the property is for me personally or my businesses. The big thing is that you just need to be as transparent as possible and disclose everything that you're aware of. I've never had an issue.

Hi Jeremy,

Welcome to BP! I think you will find this is a wonderful community and resource for learning how to be the best investor you can be. I am a Realtor and investor in the Charleston area. Feel free to reach out to me if you need a Realtor that is familiar with investing or if you have any questions or concerns!

Thanks,

Troy Gandee

Hi Robert,

Welcome to BP! And welcome to the real estate investing world! I am a Realtor and an investor. It sounds like you're putting a lot of thought into your approach and that is very wise. I would recommend that you continue to plan, but be sure to take action on smaller items to not be overwhelmed. It is easy for new investors to get bogged down by learning too much and never taking action. Let me know if you would need my services as a Realtor! And feel free to reach out if you have any questions.

Thanks, 

Troy Franklin Gandee

Hi!

Welcome to the world of real estate and real estate investing! My name is Troy Gandee. I am a Realtor and investor. I've been a Realtor for about 3 years and an investor for 2.5 or so. This is a great market for investing. It can be very competitive, but once you hit your stride, it can be great. Let me know if either of you are looking for a Realtor. I work with a lot of investors and I would be happy to represent either of you! Let me know if you have any questions!

Thanks,

Troy Franklin Gandee

www.troygandeerealestate.com

Hi,

My business is still quite young at a year and a half. I am a Realtor®, but also rehab and occasionally rehab through my S-Corp, Loggerhead Property Team. I absolutely want to begin building a rental portfolio as a long term strategy once I have created more revenue. I was going to start up a second LLC to do rentals through, but I keep reading that if you have really good umbrella insurance, you do not necessarily need to isolate your properties with separate LLCs. I largely just want to avoid the logistical headache of operating a second LLC and I really don't want to face double taxation. I figure that with more volume and revenue entering and leaving my S-Corp, it will look more favorable in terms of financing, too. Does anyone have an suggestions or recommendations? And I know you're offering legal counsel, just conversation. I have a closing in a couple of weeks as an agent and I'm going to ask the attorney that I will be seeing. However, everyone you ask will give you a different answer in terms of asset protection. I am just hoping that some of you experts out there might have some kind words.

Thanks!

-Troy Gandee

Hey everyone!

I have three contracts out on properties owned by the same seller that I have been marketing to wholesale. I've found a buyer for one. One is a little bit too expensive and I will probably list it in the Spring nearer the end of the tenants' lease (I am an agent in SC). Those are both fine. However, the cheaper of these three properties would make a decent rehab if my seller would come down a bit on his price. He has offered to sell it to me at about an 18% discount from the already discounted price. Normally, I would jump all over it, but the tenant recently renewed the lease. There remains about 9 months on the tenant's lease. It will cash flow for me. Even with the higher interest of the private money that I'm using. I would just prefer not to have to wait so long. My questions is; are my only options to either wait for the lease to end and notify the tenant with proper notice that he can not renew or will I just have to give cash for keys a shot and hope for the best?

Thanks a lot!

Troy Gandee