All Forum Posts by: Anna Buffkin

I have had home warranties in the past.  They rarely replace. I had an ac unit installed in 1991 that they kept saying could be fixed.  Finally I just replaced it at my own expense in 2014 and dropped the home warranty.

 @Adam Drummond,

Slightly off topic.  I saw your profile said you are from Anderson. I have seen a couple of articles about Anderson being the best rental market in the country.  What's your take?

I live in greenwood and invest in greenwood and Columbia.  I have looked a little up that way but never seriously. 

Also, I find your profile picture offensive.  Go Gamecocks! :-)

Hope that wasn't too strong a negative response, but Eau Claire is a rough area and would hate to see you or your friend fail because you don't know the area.

May I ask what street it is on?

Feel free to ask me anything you want to know about the area.  PM me if you like. 

advice: RUN!

My husband is from Columbia and I lived there for 8 years.  We have 2 rentals in Columbia.  A house hack in Irmo and a condo in the Rosewood area.  

If I see 29203 area code, I don't even open the listing. Much of the area is a war zone.  The area keeps trying and failing to revitalize.  I would not go there at night if you paid me.   Also Columbia metro area has 2 of the best school districts in the state Richland/ Lexington 5 and Lexington 1.  The 29203- comonly refered to as Eau Claire - is in Richland 1 which is a sub par district.  The high school there is one of the state's worst.

Also yes it is near USC- I am a grad- Go Gamecocks!, but I have never met a student who lives in Eau Claire.  Most students live so downtown, in Rosewood area, or Cayce/west Columbia area.  

If you are marketing to students, look in 29201, 29205, or Cayce- can't remember the zip.

I like Irmo.  It is arguably the best school district in the state. I get 30+ calls and my pick of tenants in Irmo. 

As for Columbia as a whole, 40% of Columbians rent and the city hosts 7 colleges. 

I personally would not invest there and would not recommend it to others. 

while you have the high ground here, is it worth fighting it?  I would make attempts to have them honor their commitment, but if they give push back it may be worth cutting your loses.  

Today is the 22nd, can you show, vent, and approve a tenant by the 1st. If yes, is the market hot enough to quickly find a new tenant?  

Do you want to have a tenant that is already flacky and does not see the value in a contract?

I would cut your loses unless this is a particularly hard property to rent.  Even if the law is on your side, is it worth the money to fight.  Kind of like cash or keys in reverse.

that is not at all what I am saying. I don't know what the job market looks like in your area, but just don't overlook working your way up from an admin or labor position with a real estate related company.  

For example, my current employer hired me as an office administrator making less than I wanted.  This was when jobs were hard to come by, but it was a newer growing company with an accountant ready to retire- note: I have an accounting degree. I was promoted about a year later to a coordinator position and when said accountant retired, I was given the accounting position.  All this occurred over the course of 2 years.

At this same company I have worked with 3 admin assistants. One lacked the knowledge and drive.  One was flat lazy.  The first 2 no longer work there.  The 3rd lacked experience but had the drive.  He was promoted to supervisor in another department which i think better suits his skill set within 6 months.

Also, you would be surprised how many résumés I get with poor spelling and grammar.   Glad to see yours is well written.

Just some general advice. 

Firstly, I agree with @Steve Babiak.  You need to state what you bring to the table.  I can't tell by your description above how much experience you really have. 

Sometimes "owner" can turn off an employer as well. They may wonder if you will ditch them when your business takes off or if your business is failing, is it your work ethic.  Neither maybe true, but perception is what you are fighting against.  Do you have a title at your company other than owner? Don't lie or conseal anything, but reveal your ownership interest during the interview once they see what you bring to the table.

Don't be afraid to take a low paying job if opportunity to grow exists.  It sounds like you have drive and ambition, but lack experience. Don't overlook a low paying job in a real estate or real estate adjacent field with opportunity to move up.  It may be worth more to you in the long wrong than the present paycheck.

Disclaimer: consult your tax accountant.  I am not giving you actionable tax advice.

That said, you don't get to deduct your down payment just like you don't get to deduct your principal portion of your mortgage; however, you do get to take a deduction for depreciation expense for the useful life of the asset. Land does not depreciate for the purposes of tax deduction. A SFH has a useful life (for tax purposes) of 27.5 years. In very basic turns, it can be a little more complicated, you get to write off 1/27.5 per year of the capital outlay to purchase less land value in depreciation expense. Commercial property, I believe has a different useful life as does certain capital improvements.

I am the accountant for a manufacturer. I have an accounting degree, but am not a CPA.  I also own 3 properties.  I have an understanding of taxes, but do not consider myself an expert.

under $30k does not have to be a war zone especially in small towns.  Also, you may find many condos/ townhouses under $30k. 

As for financing, while conventional mortgages may not be an option, you don't have to do all cash. You can do home equity loans on existing property, home equity lines of credit (HELOC), personal line of credit, personal loan, 401k loan. Just think a little creatively.

 I purchased an $18k 2/1 condo in an OK neighborhood.  My husband lived 3 blocks from the condo before we got married and the area seems to be improving, so no war zone.  I purchased it with a personal loan which takes like 15 minutes and one signature to get if you have good credit and a w-2 job.