All Forum Posts by: Bill Fairman

Yes,

The average effective property tax rate in South Carolina is just 0.57%, fifth lowest of any state. Part of the reason taxes are so low is that owner-occupied residences get the benefit of a lower assessment rate than commercial and second residences.

If you are buying a non owner occupied any kind of property in the name of a legal entity, it we be considered a commercial mortgage loan. You can get conventional financing on a 1 to 4 family residential property if you do it in your own name. Typically you need a loan amount of 75K or higher though. 

I would look for private financing (someone with a self-directed IRA that's looking for 7 to 9%, 5 to 7 year term).

In my personal opinion, 

the property should be purchased or transferred into a land trust. Look up Illinois Land Trust, each state has it's own rules but as an over view. The land trust has three components, the grantor, the trustee and the beneficiary. The trustee is the one that signs all the documents for the benefit of the beneficiary. The grantor is the person that sets up the trust and can also be the beneficiary. The beneficiary remains anonymous except to the trustee. There are two major benefits to having property in a trust, the first is the anonymity and the second is as an entity and there is no probate when someone passes away it just changes to the alternate beneficiary.

I agree with Darryl,

you may be able to find a private lender if the deal is a deal but you need to focus on you first. Check into credit repair, there will always be deals that come along, just get yourself in a position to take advantage of them when they do. 

Personally, I wouldn't buy anywhere that I would not feel safe living there myself. 

Notice that I didn't say, wouldn't want to live there. (feel safe living there)