All Forum Posts by: John Semanchuk

I have a client who is now on the board of the HOA for a condo complex. They are likely to look for a replacement management company. Do you know if Bridgeport manages condo associations? (or have a recommendation for someone who does)

The prices at Lowes and HD can be helped if you can use % off coupons.   That said, when I put some in a duplex last year, I used Mannington Adura Max that I got from FlooringMarket.com.   There's several of those type of places that it's worth checking prices with.  

What I liked about the Adura Max is that it's thick, 100% waterproof and rigid so that it can handle variations in the floor better.  It also comes with it's own backer pad already applied so you don't need to buy that.  It's comparable to Coretec that I've also used before.  For me I've bought both of those for a little under $3 sqft shipped to the job, but with the tariffs in place, the price might higher now.  

@Joe Caron Welcome to Charleston!  If you renovated a horse barn into a post and beam home, I'd say you have some experience in real estate. That sounds like a really interesting house hack!   Do you still own it?

There are good contractors, they just aren't cheap.  There's so much work that they can command high prices and I have to admit, I don't blame them for doing so.  

The market is hot here in Charleston but again, not cheap. There's a lot of competition for those great deals and they're not as easy to find as they used to be.  I would say your best bet would be on the outskirts heading north... Summerville, Goose Creek, Moncks Corner... that's where the industry is going in and creating job opportunities.  There's lots of competition from new construction though.   I live on James Island and am most familiar with James and Johns Islands, Mt Pleasant, West Ashley, the beaches and of course downtown.  A deal is a deal though and wherever you find it, it's a good thing.

I've mostly been buy and hold and have flipped a couple.  I only have a few rentals and I self manage.   Working the retail end of the real estate market in the meantime.  

Thanks for the mention @Jason Merchey, but I have the same problems you do finding qualified contractors.  I have my residential builders license but don't do work for others these days.  I thought I found contractors to do a complete renovation on a project I had but they turned out to be a mistake. (I have another name for the "do not use" list)   I ended up selling that property to a flipper who intends to do the work himself.   @Bernard Pearson I used to do all of my own work but don't have time for it anymore.  Finding qualified, reasonable people is just about as hard as finding the deals these days.

@Miguel Garcia I'm a Realtor who lives on James Island.  What are you looking for in the way of a condo?  Price point, # of bedrooms, etc. 

I'm not sure how long my loan last but I think it's renewable.   Southern First just did a drive by appraisal and relied on pictures I sent them.  There was no cost to me for an appraisal for my duplex.

That's actually what I have Mike, I really can't see much practical difference between a Commercial Line of Credit and an investment property HELOC though. On an investment property, would it still be called a HELOC? The H stands for "home"...

Mark Weeks knows investment properties as does Patrick Townes with McCant's.  You might more need a CPA at this stage though. 

@Alex Black It doesn't seem hard to find a lousy PM these days.  My daughter has a similar story here in Charleston  SC.   Left it in the hands of a PM (friend of a friend) while she lived out of the country and it's been a disaster from day one.   It's also a great student rental and he also neglected to list it early in the year (though he told her he did).   For more than one reason, she's decided to sell her property but with a different PM she might have thought differently.   She contacted a lawyer for an opinion and the lawyer concurred with most of the advice you've gotten here... cut her losses and dump the PM.   I'll be listing her townhouse soon.  :-/