All Forum Posts by: Anna Buffkin

I am not advertising the busy street or address just basic location.

Greenwood is not very big- 22k population in county with even less people in the surrounding counties.  Comps are hard to come by.  My husband found out a house down the street used to rent for $1000 a couple of years ago. Mine is nicer, but I am worried about a price ceiling for the area. I am thinking about going $995 or $1040.

I have a new rental in Greenwood, SC, which is not renting.  I am concerned it is price.

 I could not find much in the way of comps, so I made an educated guess.  The 3 bedroom townhouses about a mile away rent for $850-$895, and my friend rented a 4 bedroom older house on this side of town for $1200. 

I have a 12 year old 3/2/1 in a good part of town though it is on the main road. The Zillow zestimate is $1018 with the upper range at $1200. The house is well done with laminate wood flooring, large master suite, standard neutral paint.  

I listed  it at $1095 which includes water, sewer, and trash service. I have received no calls.  

My question is how much of a price change should generate qualified tenant calls? Do I need to go $100 dollars or will $50 generate some interest?

Disclaimer: my opinion only.

A or B.  

I would not choose C as you can cut your deductible (liability) in half for only $20 more per year.

A or B would depend on a lot. I would ask myself. Can I afford to pay an additional 5% of damages in case of a hurricane?  How likely is it that the home could be destroyed by hurricane?

I know how you feel. I purchased property insurance yesterday. I went through the same debates exception I live too far inland to worry about hurricanes.  

0-5

The streak continues, but I was surprised by the reason. 

Everything is good on my end, but at the last minute the seller calls and says one of them - the home is held jointly- is out of town.  I asked about a power of attorney.  They had none and the traveling seller had already left.  He will be back next Wednesday.  

I would have thought the sellers would have been more eager as the home is vacant.

I do not own anything in Myrtle Beach, but i am born and raised in Mrytle Beach.  My entire family still lives there.  Here are a couple of things I would consider. 

I can't speak for investment property tax, but own occupied is not bad thanks to the outrageous hospitality taxes- 11% in restaurants in city limits for example.

Insurance can eat you alive especially the closer you get to the beach.  Some companies won't even quote beach front.

Keep in mind too that statistically they are about due for a major hurricane.  

Are you thinking vacation rental or 12 month lease?

thanks @Mary B..

@Kelly N., I had similar experiences.  My husband is a teacher. You can't get more stable than that.  My husband was switching the school he taught at over the summer.  They would not close until school started to make sure he was actual working.

My cash close that closed late involved the seller having a lien against the property.  I knew he was in financial trouble, which is why he stated he wanted to sell and close quickly, but I didn't realize how much until we closed.  He owed back taxes and HOAs. 

I have yet to close on time.  I am 0-4. I even had a cash deal close 3 days late.

I am suppose to close on Friday on a new primary residence, but I am already prepared for the call that we are closing next week instead.

Does anyone else feel my frustration on closing late?

3 MLS

1 zillow for sale by owner

My first thought when I read your post was if a potential tenant has $10k and can afford $1100 per month, why don't they just buy the house. If it is a matter of credit, what will change in 12 months time for the tenant?  I would think you would potentally have a supply shortage of qualified rent to own tenants.  

My other concern for rent to own is contract or not, if the tenant can't get a loan in 12 months and you keep the $10k do you worry about ending up in court? You may win, but how much of that $10k goes towards legal fees.  Tenants sue for a lot less.

Have you considered just renting it? Will it casflow well if you can't do rent to own.

Disclaimer: I have considered but never done a rent to own with any of my properties.

With or without a bank account, I prefer money order over check.  Can't bounce a money order.