All Forum Posts by: Troy Gandee

@Andrew Merritt I think most of the folks visiting are there to see family, attend things like weddings and graduations, etc. We have one in Park Circle and it's about 50/50 vacation to visiting for a specific reason. We also get a lot of people visiting town for job interviews/work stuff.

@Robert Frazier I don't think the categorical imperative comes into play on this one. Kantian ethics are a stretch for something like this. It's usually applied when you're doing direct harm to another group or party. It's way too black and white for the modern world. That's the same simulation that posits if an axe-murder asks you if your family is home because he wants to kill them, you must answer honestly because lying would be immoral. I appreciate the reference as a philosophy major is college, but it doesn't really apply to this argument. 

I operate a couple of STRs and I stand by the owners' right to use their property to it's highest and best legal use so long as it doesn't violate any state or local regulations. However, it's clearly created huge pressure on affordable rentals. This creates longer term economic issues because it drives away your work force. We see it really significantly in my market. My biggest issue is the number of out of state investors who operate these STRs. The majority of the proceeds don't stay in the area they affect. If you're going to inadvertently drive away the work force, the income from the property should at least stay in that market to be recirculated. 

I'm in favor of tight local regulations to thin the herd. The good owners that take the time to work within the rules tend to be much better in the long run. 

@Mary Davidson Unfortunately, that's pretty standard in the current market. Those rates will eventually settle back down, but it would be a while. Investment rates are almost always higher than primary residences. Investment & 2nd home rates were the first to spike and then primary residence rates followed. Rates are expected to stay higher until the Fed feels they can be lowered again.

I don't specifically seek them out, but I have and have had a lot of Sect 8 tenants. I've also brokered a lot of properties with Sect 8 tenants.

@Matthew Vedder James Island is a great community. West Ashley is a similar vibe. Both are popular for different reasons, but fairly similar to one another. I don't generally recommend riding your bike from either of those areas to the beach. It's a pretty long ride out to Folly with unfriendly biking lanes. You can do it, but it's not really leisurely. You'll learn Charleston is not a very bike friendly city, but they're trying to improve that. You could ride downtown from West Ashley, but not easily from James Island. The JI connector is basically a highway. I own a brokerage with about 40 agents who are all investors. If you're still looking for an agent, shoot me a message and I can put you in touch with one of our guys. 

@Jack B. You're going to get a lot of silly opinions here and very little actual advice. I understand your dilemma. I'm super burned out from these last 2 years. I'm very grateful for the business, but these last 2 years were the first time I ever really thought about HOW or WHEN I would retire. I'm no way near that point yet, but it's put the gears in motion for certain goals so I won't have to stretch to reach those goals at the last minute. I'll never totally stop working, but I want to get to a place where my passive income completely eliminates financial worries.

I personally would probably take the 3rd option that you seen preferential to. Relocate to a LOC area, but be very careful where you choose. You will want LOC but make sure it's a place you'll really LIKE living. It's already a big move, so make sure your anxieties are lessened by LOVING where you move.

With a primary and couple of rentals paid off, you'll always have the ability to access cash or sell an asset if it's a really dire situation. You could even go ahead and get a HELOC on the primary so you have a safety net if any huge emergencies arise. I'm sure you won't be 100% out the door with active income opportunities because you're young. You'll probably get bored and maybe do some consulting, contracting, part time stuff, etc. That'll help with income and keep your mind occupied. You'll likely keep investing, as well, but maybe with less stress since you'll be in good shape financially. Almost more of a hobby and will continue to keep your balance sheet growing. I know a few guys who have done this. They're all set and don't need to keep investing, but they do it periodically just because they like it.

I personally just dislike the stock market. I've never been much good in those waters. If you're like me, then I would avoid that route. The stakes are too high for you at this point to let the market erase your net worth.

Thanks, @Dan Weber! @Dan Rivers or I would be happy to have a quick chat to try to help @Alexandra D.

@Curtis Rouse Jr That's definitely an attorney question. But in most cases, you're going to need all parties on the title to agree to the sale. Most properties are owned with a fee simple title, which doesn't usually allow any kind of majority rule to force a sale. 

@Lyle Hedman It's the City of Charleston that has the primary residence rule. Charleston County doesn't have that same rule, but there are some tax collections issues to be aware of regarding the County. There are a lot of other municipalities in the Charleston area with much less rigid rules than City of Charleston, but they all vary wildly. Each is a very distinct market with different rates, as well. The first filter will be your budget. Depending on how much home you can afford, you'll know better which areas you should focus on. The hardest part for most people is trying to walk the line between affordable purchase price and decent enough area not to take a beating on "location" reviews.

@Jessica Jenkins REI Live is a great REIA in the Columbia area. We also have REI Central in Charleston, but probably a bit too far away for you.