All Forum Posts by: Veronica Duran

South State Bank is pretty popular in the Myrtle Beach area. A client of us recently bought a second home there using South State Bank. 

I have the opportunity to buy a duplex for $148,000 and the current tenants pay $750 on one side and $800 on the other. There is no HOA, and tenants pay utility bills and taxes are about $200/month. Bones of the house are good, but cosmetically it hasn't been updated in years, AC is 12 years old, roof is 5 years old. Would you buy this?

We are trying to go ahead and buy this. My next question is what would be the best way to get the down payment? I have a couple of retirement accounts that are not making much in the stock market so we are looking into pulling the $30k we need for it (my lender can give 15% down payment). Or we could ask a friend that we know has the cash and the interest in investing and we could split the down payment in two, or buy it together as partnership? 

Looking for advice on how to go about this, and if you’d go for this opportunity. I was recently hired as a part time assistant property manager by an older man who owns a few rentals: residential, storage units and small retail spaces. He’s old and getting tired of it so he wants out, well, somewhat. He is looking for a partner, and my husband and I are tempted to buy in. The properties are said to be worth about $2 Million (I’d say they are more like $1.5M) with an income rental of $200,000/year. So what steps should I be taking in order to first, analyze this deal, and second, what steps should I take to offer a deal. Any ideas, opinions or comments are welcome!