All Forum Posts by: Troy Gandee

Great points @Corey Goldstein. Management is key. I've personally struggled with management over the years and have many clients who have. For one, I think a lot of investors don't realize how difficult that side of the industry is. It's very demanding and very low margin. We actually have a small management wing in our brokerage and I chose to close it down for a variety of reasons. I applaud any PM who can hang in there.

I also find, in our market at least, that the good PMs grow like crazy and tend to crash out. Then there's usually a rocky period until they can stabilize. If you find a PM that you like, it's a huge advantage. 

As long as it's been de-titled appropriately and permanently affixed to the foundation, you should be good to go. Some lenders will require an inspection or an engineer report to prove that it was correctly done, though. For your end buyer, it's worth making sure everything is done above board so you aren't constrained by any loan types. 

@Kevin Oh Yeah. It happens all the time. Especially if we give notice of non-renewal through the 30 days notice with M/M. I would suggest you continue the eviction based ONLY on the 30 days notice to vacate through the M/M lease. Non-payment issues can be a lot more complicated and magistrates are more likely to try to work out some sort of payment plan or something between the 2 of you to keep the tenant in the home. Especially if the tenant requests a free public defender, which can make it more difficult to evict based on payment issues. If the tenant can show that they're trying to pay you with reasonable efforts, the judge may give them extra time to try to make the payments. If you only file because you want to reclaim possession by not renewing them any further, the money issue just doesn't come into play. It's more cut and dry to say the agreement is expired and you want the unit back in your possessions so you can sell, renovate, rent out again, etc. 

REI Central is the hub of real estate investing in Charleston. We are a community of like-minded entrepreneurs who believe we can achieve more if we work together. We believe in abundance. REI Central revolves around a monthly event featuring some of the best and brightest real estate investors from near and far. Our goal is to create a hub for investors in our market to join forces at least once per month to share knowledge, resources and deals. Please join us for our next monthly event! Most months, we have approximately 100 attendees and often feature a myriad of exceptional speakers from all over the country.

We meet for our primary meeting the 1st Thursday of each month at Palmetto Brewery. The general entry fee is $40. Food is provided by Weeks & Irvine. If you sign up for our annual ticket ($300), you can also access the subgroups that meet throughout the rest of the month. Annual members are entitled to access out Landlords group, Flippers group, Commercial group and Women's group. 

You can pre-purchase a ticket online or buy your ticket at the door the day of the event.

@Kevin Oh What we usually do with M/M tenants is give them a 30 days notice AFTER they've paid their rent for that month. That's just to make sure we get that month's payment. Often they don't leave on their own volition after that 30 days, so we do have to start the eviction process, but most magistrates don't have issues with M/M leases because the agreement technically expires at the end of each month and then renews every month until one party gives notice that they will be vacating. We usually see those tenants will vacate once the eviction notice has been delivered, but we have had to evict them before. We generally don't have any issues from the judge in those cases, but do have to wait through the process for the constable to do the put out. It can take anywhere from 14-30 days depending on the circumstance. It can take longer if the tenants requests a public defender, but usually not a tremendous delay.

Hey @James Derry. If you're looking for potential partners, we have a great Facebook group in Charleston called the "Charleston Real Estate Investors Club". We have about 5k members. Most of the posts on there are for local resources and deals. You could post this same thing there. There are a number of developers that would probably reach out. Just as an FYI, you MUST answer the questions when you submit the membership request or me and the other admins won't approve the request. There's just too much spam, so we make sure people are at least taking the time to answer the membership requests.

You're probably right @Patrick Roberts. And they've been the problem in the eyes of the REC. The term that was being used frequently was "equity stripping". Enough sellers complained that they were deceived and weren't aware the wholesaler wasn't their ultimate buyer and/or that they didn't approve of the assignment fee. They felt they were taken advantage of. Especially the lower-income folks.

It could be an overreaction now and calibrate later, but we'll see. I've personally not seen much of an effect to the market due to it. The wholesalers have been affected, but I don't think it's been too big of a detriment on flippers.

There are essentially no assignment deals going on in Charleston any longer. At least not with residential properties. You can still assign commercial properties and vacant land, but not with anything residential. The attorneys have essentially been deputized by the REC. Any agent or attorney that assists with a "wholesale" deal could also be liable if they assist with the deal. The bill expressly prohibits agent from acting in or assisting with wholesaling. 

My partner and I just started taking title a few years ago. It's not really been that big of an adjustment. Having to put some skin in the game tends to keep the bad actors out of the process. I'm not upset about the "ban" that we've seen. I just wish the bill was more clear. A lot of people have been trying to find loopholes and some less scrupulous attorneys are still closing these if they're arranged in a certain way.

@Martin Grodzki Łatę to the party, but I would check the major MTR/corporate rental sites like Furnished Finder and just see what other folks are getting for similar properties in your market. There is quite a bit of nuance to it and some tenants may reach out to negotiate based on the length of stay and if they have a per diem limitation, so there's usually some margin with these. You should be able to get a good baseline checking the major sites. Also, I believe you can check Airbnb and VRBO for 30+ day listings only.

@Quentin Butler Stop by one of our REI Central meetups. We have a main meeting the 1st Thursday of each month and then a sub-group meeting the other Thursdays of the month. I'll be hosting our Landlords meeting tonight. We usually have around 100 people in the room at our 1st Thursdays meetings.