All Forum Posts by: Troy Gandee

@Ryan Herting Thanks for giving Charleston some love. I'm a little confused by some of the areas, though. Mt Pleasant is SFD only, basically with priced starting in the 400's minimum. Not a market for investments by any stretch. "Stiles Point" is just a subdivision on James Island. It's also not a great investment market right now. I'm selling on off of Fort Johnson Rd in that neighborhood for 350k that needs ~50k in renovations. Market rent for that property is about $2,500 when complete. Again, not an investment market and really not even an "area". It's a subdivision of maybe 100 homes. Goose Creek, however, is a good investment market thanks to the price point and proximity to SPAWAR. But, the winner by a long shot is North Charleston. The vast majority of investment properties and deals are in North Charleston. Again, I appreciate the mention to our City, but I think some more market knowledge may be expected to get loans from our local investors. I don't know a thing about the market in Philly and I certainly wouldn't try to say I do.

@Rudey Botham Unfortunately, if he has been indicated as an occupant, I believe he has the legal right to occupy the property for the lease terms. He doesn't necessarily have to be the Lessee on the agreement to be an occupant. If you wrote his name in as the occupant, he has the right to be there. Especially if they have paid any rent or a deposit. That's consideration for the agreement. However, most SC leases have a rider in there about criminal activities and unlawful behavior. I don't think it's retroactive, but if the cases are ongoing, you may be able to use that clause as means to evict. We can still evict in SC for reasons other than non-payment. I just recently evicted 3 tenants in a triplex who no longer had current leases. They were all month to month, so we were able to use the "holdover tenancy" reason to evict them by using the Month-Month terms in the expired leases. The SC courts do provide a public defender to tenants now that request them, so you may have some pushback from an attorney, but I think a magistrate would understand the concern if you did not know about any of this stuff before you signed the lease. You may even want to try to contact the Judge handling the criminal cases and see if you can get them to help. 

I don't think we'll see a massive wave of foreclosures. I wouldn't bet on that as an inventory source. Wall St has been putting tons of capital aside preparing for it and it just isn't happening. I think may of the funds that were counting on it have had to forget about that as a source of deals. 

@Jessica Douglas Wholesaling is legal in SC. You're technically just assigning your ownership interest in the property with your ratified contract to another party. This has been used for other purposes for decades. However, there are still a lot of things you can do during and assignment that are illegal, so I don't recommend you start making offers until you understand the laws. Every state and market also has best practices. You don't want to ostracize yourself right away by stepping on toes. We're lucky here that our investor community is pretty honest and trustworthy. We try pretty hard to keep the snakes at bay. Like @David Steadman said, we host a monthly meetup through REI Central. It's the 1st Thursday of each month from 6-8 at Palmetto Brewing Company downtown. I would also suggest doing some coaching through a local mentor who actually know state and market specific laws and regulations. Clear Vision Coaching is a great option for that.

@Zach Babich Brown we have a really good Facebook group for local investors you should check out, as well. It's the Charleston Area Real Estate Investor's Club. We also host a pretty big monthly meetup, but we don't have any kind of satellite option for those for out of state folks. That group is called REI Central.

@David Steadman thanks, man! @Kameron Grady feel free to shoot me a message. I’m sure we can help!

Hey @Brett McCraney. We do plan to meet May 6th. It's 6-8pm at Palmetto Brewing Company downtown on Huger Street!

@Robert Clifford I've also never heard of a performance deal. I'm honestly not even sure that's a real thing. Are you saying you're going to seller finance it to the wholesaler or is the wholesaler going to buy it outright with cash or new mortgage at some point? If they plan to buy it outright, you could just do a lease option, possibly. If they want to seller finance it from you, that would be difficult since you're already the mortgagor on the 1st seller finance arrangement. 

Join us for the April REI Central Event. We will be meeting April 1 from 6-8pm at Palmetto Brewing Company.

All experience levels are welcome. Tickets are $25/per event or $100 for yearly access. Please find ticket links at https://www.rei-central.com/ev...

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!

@Jody Vilcheck No state specific tips I can think of other than making sure you're familiar with the tax differences between 4-6%, but I'm sure you are if you're an agent. We do a podcast that's pretty market/state specific through the brokerage and our REI community. That can be found anywhere podcasts are available. It's the REI Central Podcast. We also host a monthly meetup the 1st Thursday of each month in Charleston. It's called REI Central. Lost of great insight from landlords, PMs and other investors there.