All Forum Posts by: Anna Buffkin

Congrats.  I am nervous every time  no matter how solid things are.

$8-10k isn't really a lot of money in the big picture.  How about a small personal loan, line of credit or credit card perferably with a no interest until x date.  

Note: not financial advice, just brainstorming for you.

High end markets may be different, but in your average B/C areas, I don't see how it could crash to strongly.  My properties rent for $550,$750,$950,and $950. If rental prices drop with any significance, it would be more adventurous to rent vs own thus more renters enter the market and price bounces back. 

I live in Greenwood but invest in Columbia.  We have one rental in Greenwood, but high property taxes compared to Richland County (Columbia) and not having a good contractor has keep me out of the Upstate market.  My husband is from Columbia and I lived there for 8 years so we know the area and feel comfortable investing there; however, everyone talks about how great the Greenville/Anderson market is.  

Unfortunately, good contractors are often found by trial and error and luck.  Even recommendations don't always pan out. My Columbia contractor is great.  So much so, that his service area is a factor in my husband and I choosing a property.  

As far as weird zoning/ landlord items, check to see how much additional tax you may pay by being in the city vs county and if the city has any special requirements.  For example, in the Columbia city limits, you need a permit ($25 per year) and if you are not local, you must complete a responsible party form with your property manager or friend/relative that agrees to take calls should the Columbia PD show up at your tenants door.  City of Columbia is not very landlord friendly as the county my Columbia properties are in the county or in the city of Irmo.  

I know you didn't ask about Columbia, but this will give you an idea of what to look for.

 Best of luck.

I've done 2 without a realtor. Contact a real estate attorney.  They can walk you through all of it and hold the earnest money.  If it is a seller finance deal some attorneys will handle the seller lending as well.

As far as mortgage goes, I have a credit union who does loans in house up to $120k with 30% down for 10 years.  I am working on a $21k mortgage on a condo right now with them.

It can be hard finding mortgages under $80-$100k, but it's possible if you shop around.

After 2 years on the sidelines, I am purchasing rental #4. I was originally looking for a SFH between $60-$120k, but came across a condo with good numbers.

The condo is a 2/2 that has been updated in the last 5 years.  Numbers are as follows:

Purchase: 30,000

Rent: $750

HOA: $193

Mortgage: $236

Estimated cash flow: $129/month

Tax and insurance estimated at $900/ year based on information from the owner and a similar property I own in the same county.

My mortgage is 30% down, 6.25% for 10 years.

The owner is 65 and pairing down.  

Disclaimer: talk to your tax accountant before making any major decisions.

Basically, you can write off your portion of the expenses and depreciation for the time the property is a rental.  If the owner(s) use the property for 2 weeks for personal vacation, you can write off rental expense for 50 out of 52 weeks.  

I would be careful trying to write off a family vacation as a business expense; however, if you go there for the initial purchase or to make repairs or to setup/decorate for new renters that could be a rental expense.  Again, talk to your accountant.

Wow!  Those laws are insane. South Carolina is much more landlord friendly.  Hopefully the rest of Washington doesn't follow suit.  I would have insanely specific requirements considering the First come first serve policy, and nothing makes a good tenant like the need to pay the deposit in installments.  Next time one of my utilities go up, I will ask for a complete cost analysis to understand my rate increase justification.    

I'm a part time accountant, full time mom.  I worked as the plant accountant for a foundry for 5 years. When I had my twin boys last year, I began working from home part time as a remote accountant for the foundry and it's sister company.  

My husband is a high school English teacher and the offensive coordinator for the school's football team.

We currently own 3 rentals and are looking at a 4th on Sunday.

Thanks.  I came to the same conclusion. I am now focused back on the Irmo and Rosewood areas of Columbia.