Darlington, SC · Member since 2016 · 2 posts · 1 vote
Hi! My name is Pamela Isaac. I have no real estate experience. My husband Tim and I have 18acres of property and a home purchased at a tax auction in our real estate portfolio. Our goal is to tear down the house and put a duplex on that property. It would be great if we could somehow use the collateral of the 18acres to invest in the duplex. Since we have very little knowledge on how to get started we decided to start here by reading and making some great connections that will help us with our first project. My husband is a HVAC & Electrical contractor so we really just need a good general contractor to frame up then we can do the rest.
Are there any others from the Darlington/ Florence, SC area apart of this group?
Hey Pamela my name is Jermaine. My wife and I are here in the Florence area and we're looking to invest in real estate. There are quite a few general contractors here in Florence; may have to weed through some of them to find a person that fits. We can recommend a few if you would like.
If you bought your property at the county tax sale, you have a tax deed on your property. Because this is considered a "cloudy" deed and there is a tiny chance of the person that lost it at tax sale making a claim on the property, the bank will not mortgage on a tax deed. You can get an attorney to do an "action to quiet title" and this will clear your deed so it will become mortgageable. This process normally takes 3-6 months and costs $2500-$5000.
Hey Pamela welcome! Since you have 18 acres I would look into what the zoning for your land is. You might be able to divide that into a bunch of lots and build multiple single family homes that will keep and command more value. You might also be able to partner with a land developer.
Definitely read and learn all you can on this site. This place is wonderful and full of wonderful people who know what they are doing and don't mind sharing that wisdom with the rest of us.