All Forum Posts by: Arn Cenedella

Jack

I moved from the SF Peninsula to Greenville about 3.5 years ago. After a 35+ year career as a RE Broker in Menlo Park and Palo Alto, I have invested heavily in Greenville. It's a great market.

Please let me clarify your question. The tax issue is NOT in state v out of state. It is owner occupied v non-owner occupied. I am a legal SC resident and I pay the higher property tax rate on my rental properties. There is no way to get around this. To state another way, it doesn't matter where you live or where the ownership entity is based. If you don't occupy the property as your primary residence, you will pay the higher rate, period. Hope this helps.

To further clarify, owner occupied properties are assessed at 4% and non-owner at 6%. But the bigger factor is owner-occupied gets a credit for school district taxes. It is a weird system but it is what it is. Non-owner occupied will pay 2.5 to 3 times more property tax for the same value as owner occupied.

You just need to figure this in to your evaluation of the property - no way to game the system. I also own rentals in Austin TX area and their property taxes are high. Even with that, they are great investments!

Greenville SC is a great place to invest. Let me know if I can help. Many of my Silicon Valley clients have invested in Greenville with me. They are happy.

Arn

Olena

I am an active investor in Greenville SC and do have a Broker in Charge license in South Carolina. I am happy to help educate you about the Greenville market. My area of expertise is in the very hot downtown area of Greenville. Additionally I am an SF Peninsula native who moved to Greenville over 3 years ago and love it. Arn

Kelvin

You might consider joining some local real estate investor organizations.

UCREIA is one the the largest and best - attend a few meetings and network.

Partnering with an experienced investor is also a good idea.

Greenville SC is a great place to invest.

Good luck!

Arn

Will: Bigger Pockets is an excellent site. That being said, the comments found here are sometimes/often not accurate or correct. I think when it comes to legal issues, you need to be very very careful. People may not fully understand your question. In addition, State laws vary greatly. Ohio for example looks at wholesalers differently than South Carolina. I have my opinion on your question. But your question is too important for you for me to pontificate off the cuff. My advice is to spend a $1,000 and consult with a local attorney who specializes in real estate and business law. Contact some local wholesalers and ask them for attorney referrals. Have an attorney knowledgeable on these issues set up your business properly. You probably should also consult with a real estate knowledgeable CPA and get that input. Get your business started properly, invest the money now to save you headaches later.

Will: After a long career in the San Francisco Silicon Valley real estate market, I moved to Greenville, SC 3 years ago and have started investing. I believe one can achieve decent cash flow and solid appreciation. Happy to help educate you about the Greenville market. Arn

Hi Parker

I believe the Research Triangle would be a good area to invest in.

I might also suggest another Greenville, the one in South Carolina.

Rapidly growing secondary city midway between Charlotte and Atlanta.

Fantastic downtown with major international employers like BMW, Michelin and GE.

I have two Raleigh residents investing with me because they feel valuations and profit opportunities are better in Greenville SC.

I suggest you google Greenville SC and consider.

Arn

I moved from CA to Greenville SC 3 years ago and love investing here. I also own rentals in Austin TX and have been very happy with them. I imagine San Antonio would be a great place to invest. Arn

You could trade into a property and rent it for 2 to 3 years and then move into this property as a primary residence. My CPA said you should show the new property as a rental for 3 tax returns. This is a grey area check with your own CPA.

I agree Greenville market especially near downturn is very strong. Recently purchased something in North Main held it for four months while I figured out renovation plan. Got an unsolicited offer for 12% over what I paid. I guess that's not a fix and flip just a flip. :-) Greenville is fabulous and only will get hotter as more folks around the Country become aware of its potential.

Where are good markets to invest in single family homes?

Rents for single family homes in Greenville, SC increased 17% in the past year.

What is your market like?

Where do think is a good market to invest in?