All Forum Posts by: Rene M.

It's likely going to appraise. She showed me the comps and the per sqft price is market average. 

But when looking in the marked I see that smaller houses generally have higher sqft prices. That's why - my potential house - which is on the bigger side and thus should reflect a discount on the sqft price.

I really like the house, location, size, area...

I just don't know if with the current market & Corona situation if I still would have offered the same and I know no one can give me an answer to this.

I think I would like to be open to the seller and tell them that I would need another discount or else will back out of the offer. Is that acceptable or offensive?

It's just that things have changed a lot in the last 2 weeks since we made the offer..

I have a buyers agent and did order an inspection for tomorrow

I offered 230 - 5K. It was a multiple offer situation.

As said before I have a due diligence till Monday - so I definitely don't have a problem yet... I might if I don't back out.

I was hoping to hear from someone who knows the Charleston market/area?

Thanks

Yes the offer is contingent on appraisal and i have a due diligence till next Monday.

Hello all,

I just recently got married and we are currently shopping for our first house. 

We have an accepted offer at full price - home warranty and 5k towards closing cost for this house.
https://www.redfin.com/SC/Summerville/9032-Fieldstone-Trce-29485/home/68869691

I really like the house, size and location are decent as are the schools.

My biggest concern are the comps. The last 3 sold houses were at 190, 210 and 210. If I look at the propert values of all neighboring houses, which also have the lake in the back their values are 20-30 K lower.

The house is from 2003, but has an AC from 2016. The roof is original and will come in the next 5 years...

I am fully aware that there will never be a perfect home, but in the hot markets of the last weeks in Charleston, SC I am concerned we might have caught a peak... Escpecially considering Corona, stock markets, etc.

I heard as a rule of thumb that you always want the cheapest house in the neighborhood - that would certainly not be the case. 

Any suggestions?

Thanks

Rene

@Christopher Phillips Thank you very much for the expertise and detailed reply.

You can't see any leaking water only the water stains on the ceiling under where the sink is and under where the toilet is located. 

The water heater is from 2007.

I did not see any mold but wouldn't be surprised when there was enough condensation from the air handler to ruin the floor... It is exactly 15 years old - as is the AC outdoor unit

Holy cow - I had no idea that it is that expensive to remove a tree... Maybe I just let them cut the branches.

It's an attached townhouse in North Charleston, SC. But the neighborhood does not have an HOA so every owner is responsible.

Roof is approx 30000 sqft.

If it were to be Poly plumbing + how much would it be to replace it? 1.5 Bathrooms + small house..

Again many thanks!

Rene

Hello all,

I found another prospect for my first property…

77K for a Brick end-townhome without HOA from 1986. 1200 SQFT, Fenced in yard, Little balcony, 2 bed, 1.5 bath. With a very good location right of the interstate and it's a 1 min walk to 9 different hotels.

My idea is to fix and clean the house up and then put it on AirBnB. Pessimistic business case income should be 1500$ a month - after all Airbnb+Cleaning expenses. Current market rent would be about 900.

I just had the walkthrough and found quite some things I did not like…

1k-There is downstairs laminate floor damage (due to condensation from the airhandler according to the seller).

5k-The airhandler is very old - min 15 years and so is the AC unit.

???k-There were two visible water issues under the bathroom (1 under the sink one under the toilet) - The plumbing looks like poly (below is a picture of the Waterheater - does anyone have an idea if that is Poly and if So how much it would be to replace it in a house like that)

5k-original roof but looks fine no visible roof leaks (very simple roof structure and small surface - don't know how realistic my estimate is?)

1k-Giant tree in the backyard with branches touching the roof (tree removal after approval by city)

???K-Wiring is original and I'm sure that would not fulfill current building codes - Do I have to do something as long as the electricity is working?

2-3k-Carpet on the stairs and upstairs needs to be replaced by vinyl plank

So 20K for the rehab?

There is a lot to do, but I feel the location is strong…

What do y'all think?

Any experts who can help me validate the rehab cost?

Thanks!

Rene

Thank you very much for this very helpful insight @Whitney Coleman

Also many thanks to you @Danny Randazzo- I will get in touch with him!

Any legal experts what counts for the building year?

The property used to be a residential garage and was built in 2000... Anyone an idea if i can use the garage age as property age?

Thank you @Jake Miller and @Jeffrey Stasz

The building is Cat 2 and built in 2000... so i guess no STR at all.

But lets say the building would be 50 years old and in Cat2 I could rent out one of the apartments as it is on the same property (1 STR per property is max)?

My question regarding parking spots is still open. I don't know how they define parking spot. Why do you mean that parking rules don't apply for a triplex?

Thanks

Rene