Investor · Newnan, GA · Member since 2015 · 81 posts · 24 votes
We have our own forum category now. Who all is in the area and what types of investing are you into?
I have 1 rental property in Summerville and just bought a home in Seven Oaks that I am currently renovating. I plan to stay in it for 2 years and then decide if I want to stay, sell or rent.
Wholesaler · Columbia, SC · Member since 2015 · 2 posts · 1 vote
11y
I am in Columbia and my wife and I do both stick built and mobile home wholesaling. We currently have 3 mobile homes under contract in richland county. @Michael Cosby are you needing some help renting yours? My wife is a real estate agent and has done some placements in your area recently.
I'd love to connect with you all and share deals and rants lol.
Columbia, SC · Member since 2015 · 33 posts · 6 votes
11y
I live in Columbia, SC and have two rentals in Greensboro, NC. Looking to buy a primary residence within the next two years and make my current home a rental.
Account Manager in Hardware Sales · Lexington, SC · Member since 2015 · 3 posts · 0 votes
11y
Hey everyone! I am in the Lexington area. I am currently fixing up my live in home with plans of renting it out by the end of the year and purchasing another property to live in.
Investor · Columbia, SC · Member since 2015 · 6 posts · 1 vote
11y
@Chris Duzan and I formed Soda City Investments, LLC and are just looking for some great deals! Once we find deals, then we'll decide what route we want to take with them. We're actively marketing, looking for deals, and looking for other investors.
*This is not a solicitation, just a business status.
Wholesaler · Columbia, SC · Member since 2015 · 123 posts · 15 votes
11y
I'm a new wholesaler in Columbia and am in the process of rolling out a direct mail campaign to locate deals. I don't have any properties under contract at the moment. At some point I want to get into buy and holds.
Columbia, SC · Member since 2015 · 33 posts · 6 votes
11y
@Anna Buffkin@Dee Gladney@Michael Cosby Hey guys/gals, I want to invest in the Columbia area but I hear the property taxes triples once it is a rental property verus a primary residence. Is this true/false and can you eloberate?
@Anna Buffkin@Dee Gladney@Michael Cosby Hey guys/gals, I want to invest in the Columbia area but I hear the property taxes triples once it is a rental property verus a primary residence. Is this true/false and can you eloberate?
But in real life is is equal to an increase of around 3 times that of an owner occupant.
Hey man, educate me on this. 6% seems like 1.5 times 4%... am I leaving something out?
Hey Cameron,
Sorry for the delay, in math terms 6% is 1.5 times 4%.
However, for tax purposes it is not that simple, for your primary residence you get a lot of tax breaks such as not paying for schools, and an exemption of the first x $'s etc. But for non owner occupants, not only do you pay 50% more than the owner occupants, you also pay the higher rate on these items that are not included. Which is why the cost increases by approximately 300%.
It is the biggest cost/challenge for making rentals work in my opinion. Because it can really make or break a deal, especially if you are not aware of the true cost.
Good luck, and feel free to contact me if you have any further questions
Real Estate Investor · Lexington, SC · Member since 2012 · 25 posts · 11 votes
11y
Hello, I'm actively buying mobile homes with land in the Columbia and Aiken markets.
I just wanted to chime in on the property tax discussion. When I bought my first personal residence in Lexington, the property taxes at the 6% rate on a $100k home were at $2,900. Once we got the home reclassified at the 4% rate, the taxes dropped to under $600 with the same assessed value of the home.
In my experience, rental property tends to be taxed at an actual rate of 6% while owner-occupied property has an actual rate between 0.5 and 0.7%.
With our investing in lower-priced properties, we're far from being immune to these tax hits but can better absorb them with higher cash flow than most site-built single family homes.
I have 1 rental in the summit (NE columbia) that i bought earlier this year. Haven't got a tenant in it yet.
Its buy n hold for me.
How are you guys getting around the non-occupied 6% assessment plus school district property taxes? For rental properties are ridiculous in SC for non-owner occupied. Let me know your thoughts
Real Estate Investor · Lititz, PA · Member since 2013 · 22 posts · 2 votes
9y
Hello, I am a little late contributing to this thread. I currently own 1 rental property in Irmo and am looking for additional opportunities in the area. I am interested in joint venture possibilities and general networking. Let's help each other.
Late pile-on to the tax discussion from last year. Won't apply for everyone, but for those that are military and looking to turn your primary residence into a rental when you leave, you can keep the 4% assessment under certain conditions (remain on active duty and I believe it's limited to 1 property unless you advertise it for sale within 30 days of a purchase of a new house). I'll be trying this out early summer and will update if I come across any problems in retaining the 4% rate.
Real Estate Investor · West Columbia, SC · Member since 2016 · 32 posts · 13 votes
9y
I am a wholesaler in Columbia, sc but eventually want to get into fix n flips and buy n holds. Mainly focusing on the Lexington, West Columbia, and USC areas. I am currently enrolled at exceed real estate school (one more week left of unit 1). I have done a few deals and currently have one property under contract. Looking for mentors, joint ventures, and general networking.