All Forum Posts by: Travis Main

Thanks John.

That was my thought process as well. I've never heard of this practice before and someone saying the all the county property cards were notoriously wrong. I wouldn't understand how property could be sold if all of the county's information is wrong. I appreciate the response. I'll relay this to my client. 

Best Regards,

Hey Everyone, 

I'm in need of help for a client who is working on exiting their first fix and flip in York, SC. They completed the project and now are working with their RE agent to get this property on the market. The listing agent is telling my client that they need to measure the property before they list it and said that the county property can not be used to determine the sqft of the property as it's notoriously wrong. This had my client confused but had agreed to this. The listing agent came back and said the property card is off by 300 sqft. My client immediately ordered an independent appraisal to be done on the property which came back with 1,350. The property card indicates 1,485 and has never been changed from the original state it was built in. Is this the normal in South Carolina, where the legal information of the property is so wrong that they can't go off the property card? 

I told my client if there is a discrepancy with the sqft of the house it would be caught through the appraisal the buyer would be ordering anyway. 

If there are any SC RE agents that can provide me with some clarity on this subject matter, it would be greatly appreciated. My client will also be needing a referral for her second flip that she is closing on next week. 

Thanks in advance. 

I would never advise a client to buy a LTR if the LTR income doesn't cover the mortgage balance. We have seen and still continue to see the crackdown on STRs. If states and counties implementing new restrictions on use of the property, I would advise against this. 

@Christopher Tacchi You will want to check with your currently lender to see if this would be acceptable. In most circumstances, if hard money was used to purchase the property, there will be a due on sale clause as others have mentioned that would be triggered. 

If this is the case you are more than likely going to have to refinance this property out into your LLC. You're current lender might be able to assist you on this as well, if not, you will need to find another bank that will be able to accommodate this situation.

If you're currently lender wont allow for this or isn't capable of refinancing into your LLC, please let me know, I can help you out.

Hey John, welcome to the Bigger Pockets community. You have joined a platform rich in information and resources tailored to support your real estate endeavors. In alignment with Jason's suggestion, it is advisable to explore various financing options for your property acquisition, potentially enabling higher leverage.

Regarding the advice from your Realtor advocating for more expensive multifamily properties due to reduced competition, it is crucial to critically assess whether this aligns with your investment objectives. While a higher purchase price may suggest elevated rental income, it also entails larger monthly payments, potentially impacting cash flow. It is imperative to evaluate the timeline for recuperating the substantial capital investment, especially if your goal is to expand your rental portfolio efficiently.

While cash flow is undoubtedly significant, it should not overshadow other crucial factors in real estate investment. Identifying turnkey multifamily properties with established performance can be challenging. Exploring distressed multifamily properties with value-add potential presents an alternative avenue. These properties offer the opportunity to enter the market with lower initial investment, with the potential to increase both property value and rental income through rehabilitation efforts. Ideally, targeting properties conducive to the BRRRR (Buy, Rehab, Rent, Refinance, Repeat) method can optimize returns, although such opportunities may require thorough market exploration.

Should you require further assistance in evaluating potential investments to align with your business strategy, I am available to offer guidance. Feel free to reach out via direct message to discuss this matter in more detail.

Hey Albert, welcome to the Bigger Pockets community. If you ever want to connect to discuss financing for your future investment venture, feel free to the reach out. 

Hey Jaime, Welcome to the Bigger Pockets community. I'm a lender who is also located in Orlando. Let me know if you would like to connect. I would love to see how I can help you out in your future real estate investments. 

Hey Michael, Welcome to the Bigger Pockets community. Marine Corps vet myself. If you ever want to connect to discuss financing for your future investments feel free to reach out.

Hey Blake, Welcome to the Bigger Pockets community. If you ever want to connect and discuss some of your financing options for your future investments, please let me know. 

Hey Julie, Welcome to the Bigger Pockets community. If you ever want to connect to discuss financing for your future investments, please let me know.