All Forum Posts by: Andrew R. Lucas

@Jarrid Weber I can tell you that 3% is pretty standard for buyer's agent commission.  

I am assuming that this agent wanted to have you agree to this up front, because that agent will be sourcing off market deals.  Those deals may not be broker protected.  Which means the seller may not agree to pay them, but they still want to get the deal in front of you.  That agreement would mean that you are agreeing to pay if the seller is not.  

@Ryan Copeland the 6% applies to the whole state.  each county and municipality will have its own Millage rate.

original post was removed... They didn't like that I asked you what size properties you were looking for.

@Brian Briscoe USC Alum here!

However, my wife is a UGA grad and now my 3 kids are USC, UGA and Clemson.... Where have I gone wrong in life?!

Love to connect when you are available. 

@Kevin D. sent you a PM  

 Yes!  We have few.  I'll PM you the info.

Yes.  That is the same all across the state.  Hope that helps

@Zoltan Kalu You got it.  The state of residency does not matter for the property tax (not sure about income tax implications)

The school tax and sales tax credits are the same for in state and out of state landlords too.  We get credits or discounts on our primary homes.  Don't worry about any of this because investments wont get it.  

Thanks @Zoltan Kalu!  

The property tax issue is not because you live out of state.  That may be a misconception.  Any owner that does not live in the property gets charged the 6%.  You also miss out on the school tax and sales tax credits as an absentee owner.  

I know we did a more detailed post about this last year but here is the summary:

$100k tax assessment.  

. 551 millage rate

6% - tax rate for non-owner occupied

100,000 x 6% = 6,000.  

6,000 x .551 = 3,306 yearly tax costs. 

The issue comes in when you have a $100k house getting $1,000 in rent per month.  It takes 3.5 months to pay the tax man.  

@Zoltan Kalu @Shafi Noss @Kenneth Mooney @Phillip Vera  Welcome to the Columbia Market!  

I may be biased but I believe Columbia is one of the best markets to invest in.  The demand for rentals is climbing with the 5 colleges, state/federal offices, and hospitals all downtown.  Then the massive Army Base, as well as Shaw and McEntire close by.  Wrap that all up with the manufacturing booms just outside of town with Jushi, Michelin, Samsung and others.  I could go on and on about our market.  

Costs are low and rents are high.  Yes, the taxes are too, but you can't have it all :)

Cayce is another hot area not mentioned above.  29209 is great due to the fort.  We recommend doing research before hopping in 29203.  There is plenty of deals there but you must be careful.  

We invest in multi-family and have quite SFHs, and have a mobile home park.  We are also Wholesaling quite a few each month.  

Let me know what questions you 

Look up Carson Fox with Clearwater Investing.  He sells a lot of investment properties in that area.