Charlotte, NC · Member since 2016 · 6 posts · 0 votes
I live in Charlotte, NC and hear that the property taxes for investors just south of the border are 3x what they are here. Is this true? I'm trying to decide if it would be wise for me to just stay away from wholesaling in SC as best as I can. Thoughts?
Any updates on best market strategies? My wife and I recently relocated to Rock Hill, SC. Being so close to NC I can see trying both markets to see which performs better. I’m completely new to real estate wholesaling/investing and I've been spending hours learning as much but as I can before I dive in head first. I currently work as an electrical engineer for the pulp and paper industry, it’s been a rewarding 6 year career but I’m craving self sufficiency for myself and family. I’m 31 years old and my entrepreneur drive has increased tremendously
Stephen Ross yes the taxes seem to be higher but not expensive enough for you to stay away. You will just have to buy the deal at greater discount.
Take a look at a South Carolina listing and you be the judge. Search the property taxes on the accessor's website, if the tax information is not included in the listing.
Thanks, Robert! I am new to this; I won't lie! Is that information best to be found at the city, county or state level? (I know I can get Charlotte's tax information at
@Stephen Ross Not sure why you would pass on a deal for the taxes. IF you are going to WHOLESALE a deal in SC you only will be responsible for the taxes during the time you own the property (assuming the taxes are current at time of closing when you purchase it). Wholesale means you buy the property and then you sell the property at a discount, and usually have a buyer ready to close on it right after you buy it. If you are assigning the contract to another investor (meaning you are not buying the property), the property taxes are typically going to be paid on the HUD and not by you. You will just get your agreed upon fee for the assignment of the contract between you and the seller paid on the HUD by the buyer. Remember you are not selling property, you are selling the contract to purchase the property.
As far as the taxes go, SC charges non-owner occupants 6% of the assessed value of the property Vs. 4% for owner occupant. Then they times it by the millage rate to get your taxes. There is a millage rate for owner occupant and non owner occupant.
Ex in Rock Hill non owner occupant : 100,000 X 6% X .3296 = $1977.60
Ex in Rock Hill owner occupant : 100,000 X 4% X .2152 = $ 860.80
If you are not planing on holding the property then i would not worry about the taxes. I hold several rentals and the taxes eat up the cash flow. So if you plan to have rentals in SC you need to factor in your property taxes.
Any updates on best market strategies? My wife and I recently relocated to Rock Hill, SC. Being so close to NC I can see trying both markets to see which performs better. I’m completely new to real estate wholesaling/investing and I've been spending hours learning as much but as I can before I dive in head first. I currently work as an electrical engineer for the pulp and paper industry, it’s been a rewarding 6 year career but I’m craving self sufficiency for myself and family. I’m 31 years old and my entrepreneur drive has increased tremendously
Hello I have been reading and educating myself as well with the real estate industry. I was working in sales for the last six years and looking For a lifestyle change, my interest is wholesaling. I would like to get started right away, as far as wholesaling is it legal for me to do this, do I need a brokers license or how can I get started without one?
I myself live in Rock Hill .. To answer yes charlotte is a very competitive market. Rock Hill market is starting to see alittle more action in my opion.. To answer if a brokers license is needed no !! You don't need a license to wholesale !!