All Forum Posts by: Brandon W.

Nice work Brian, congrats.  I saw this when it was posted for sale and glad to see you got it sold. I saw current rents are $2225/mo. What do you think the rents could/should be?

Hey @Willie Norris

Check out REI LIVE local meetup run by @Andrew R. Lucas. You’ll meet a lot of investors in similar situation. Let me know if there’s anything I can do to help. 

Brandon

Hi @Timothy J. Cudjoe

PM me the details and I can give you my analysis from a buyers perspective.  

Brandon

You may be better off with FHA. Don't forget the VA charges a funding fee. For 2020, the first time you use your VA loan this fee is 2.3% of purchase price. Consecutive times using the VA loan it increases to 3.6%. This funding fee is not a down payment, it is a fee that does not go towards the purchase. One benefit however is that VA loan doesn't require PMI whereas FHA does. You'll need to weigh those and see which works out better in your situation.

Brandon

I should add, I used 1CC tax district for the calculation in my post and that will affect the local option sales tax credit.  It appears your property is in a different district where the tax credit is less.

A property sale will likely cause a re-assessment of the property at the sales price.  I have seen properties sold in 2018 re-assessed and 2019 tax bill reflecting the sales price.  Yes, this causes a massive tax spike and investors need to be very aware of this when analyzing properties.  

Also, the math on your estimate is incorrect.  Here's corrected:

Taxable Value $435,000.00
Homestead (if applicable) $0.00
Net Taxable Value $435,000.00
Assessment Ratio X 0.06
Total Assessment $26,100.00
Millage Rate X 0.5514
Estimate Before Sales Tax Credit $14,391.54
Local Option Sales Tax Credit - $1,496.40
Estimated Tax* $12,895.14

Good luck!

Brandon

Hi @Timothy Casallas. What made you focus in on Columbia specifically? 

It's usually the 3rd Tuesday of the month so I would assume Feb 18th.  The 17th is a holiday but I doubt that'll change anything.

Let me know if there's any way I can help.

Hey @Layla Sewell.  Stay an extra day and come to @Andrew R. Lucas' REI Live meetup Tuesday night! I will be there.

https://www.biggerpockets.com/forums/521/topics/788445-rei-live-columbia-sc-meet-up?highlight_post=4660252&page=1#p4660252

Hey @Christopher Leet.  I've looked at a few condos in the area but haven't liked any enough to pull the trigger.  PM me and maybe we can help each other out.

Brandon