All Forum Posts by: Troy Gandee

@Shu Matsuo Post We can certainly help you. We do this a lot. Not necessarily out of country investors, but plenty of out of state folks. My acquisitions partner and I also wholetail a fair number of deals. I can always have him put you on his list for our off-market properties.

@Donald Anderson You can always call the REC hotline. They're there to help and keep people out of trouble. I don't personally know any of the REIAs or meetups in Augusta, but we have a good one in Charleston and REI Live in Columbia is good, as well. Best of luck to you. You'll figure it out.

@Donald Anderson You can manage other people's properties in SC if you have a salesperson's license. That license gives you the range to sell and manage. The problem is that the company you work for may not want you to self-manage as a licensee. You should technically be disclosing to tenants that you are a licensee, so it would be a liability to the company you're licensed with. They would likely want their company split at the very least, but may require you to run those through an experienced manager in your company. 

As far as the structuring of the business goes, I would recommend inquiring with an attorney or your accountant. Depending on the way you're going to structure returns to your friends, it could be a challenge. Inventory is extremely low, causing prices to remain high, so cap rates have been shrinking in the SC market for quite some time. Since you're in Columbia, I would recommend going to a REIA live REI Live and asking some of the old heads there for advice.

@Christopher Mancini I don't necessarily see them dropping. More like stabilizing and returning to a traditional rate of appreciation. What I've noticed it price reductions back down to the realm of reality where sellers should have started. These days of 15 offers and escalation clauses are mostly done for, so listings need to be priced with thought. We can't list 10, 20, 30k higher than the market data suggests. Days on market is definitely extending, but my last few listings have eventually gotten strong offers. We have to be more patient waiting for the right buyer. I think these excessive price reductions will slow down soon. Much of it is just starting too high initially and/or panicking that DOM is more than a few days. 

REI Central is a monthly real estate investor's meetup in the Charleston area. REI Central was founded by Maven Realty and Clear Vision Coaching. Our organizations was designed to be more affordable, less pitchy and more welcoming to all investors. We welcome investors of all experience levels! Whether you're brand new or a seasoned veteran, we would love to network and learn with you. Our REI Central meetings are held every 1st Thursday from 6pm-8pm at the Palmetto Brewing Company. These events usually include a short learning/education portion with guest speakers, small groups for discussion and Q&A sessions and an open networking platform to meet and share resources with others. We hope to see you next month!

Tickets can be purchased ahead or time at: https://www.rei-central.com/ev...

@Maranda Tucker I've done it to get a tenant out of a pretty fresh lease, but it wasn't fun. I think it really depends on the circumstances and your state. If you've got many months left on a lease, it could be worth it. If you're nearing the end of the lease on it's a M/M lease, it's probably cheaper and easier (from a legal perspective) to just ride it out.

@Jeff Landworth Hi, Jeff. We can help you with that, but I will warn that there are not many options for seller financing that asset type. Small commercial multifamily is extremely popular, so sellers don't really have to entertain that type of financing. There can be some tax advantages for them to seller finance rather than outright sell, but it's pretty rare that we see a legitimately decent seller finance option with that kind of multifamily these days. Inventory in 5-20 is hard enough to find to begin with.

As far as attorneys go, Weeks & Irvine is the biggest attorney in town. Mark Weeks or any of his staff attorneys can help you. I use John Florence with Florence Law Firm primarily. He's done a handful of seller finance deals for me with no issues.

@Eric Schoenbaechler You can certainly do that affiliate membership, but it will be your brokers' decision. As a BIC, I rarely find it's worth it for 1 transaction. What I would suggest is that you just find a limited listing company in the Myrtle market and pay a flat fee to list it with them. All the calls and negotiations will be directed to you and it should be well under 1k. It's definitely the path of least resistance for a 1 off property. 

Or just refer it out and get 20-25% of the commission. If you're not very familiar with the other market, it can be a disservice to your seller to try to sell it without knowing the area well enough.

@Christopher Morgan If you're on Facebook, you should ask this question in the Charleston Area Real Estate Investor's Club. We all have good contractors, but a lot of investors don't like to freely share their crews' info. There are a lot of contractors and tradesmen in that Facebook group. They'll likely reach out to you if you post in there.

 @James Hamling Great point about affordable housing being a safe bet during these times. I agree with you. I've focused specifically on affordable housing for quite some time and they're usually very safe bets for collecting rents. Rents have been climbing significantly on my affordable doors, but I suspect they'll spike again if there is higher demand than supply. Sect 8 and other subsidy providers will have to increase vouchers to get secure doors for tenants if that space becomes more competitive.