All Forum Posts by: Troy Gandee

@Craig Gilliam As @Brandon Barnes said, I'm almost certain that you can assign the contract. The bank doesn't really care as long as their note is satisfied. I'm sure there are some that prohibit assignments, but in that case, you can always do a double close and find transactional funding. Getting a bridge loan is much easier than fix and flip loans. However, they will take a bite out of your profit, but it's better than letting the deal fall apart.

@Rachel Nunes You can absolutely send me a message. I'll get back to you as soon as I can unless we lose power tonight!

Hi @Rachel Nunes. Welcome to BP. There's no shortage of older properties in SC and especially not in Charleston. I'm a Realtor and investor. I'm actually flipping an 80-100 year old property downtown at the moment. No one really knows how old it is, but the tax record default to 1935 in that are when they're unsure of the age. I think the original structure of the home was older, but the upstairs has been added more recently. I'd be more than happy to help you as far as agency goes. Charleston is very tricky when it comes to old homes. It can be quite difficult to work with the BAR and the Historic Preservation Society, but there are also FEMA standards that must be adhered to if you're in a flood zone (which most of the Peninsula is). Finding historic properties is the hardest part. You can find old houses all day long, but finding any historic significance is difficult. I hope you're weathering the storm! Let me know if you'd like any assistance. I can set you up some searches at no obligation.

Weeks and Irvine is very familiar with wholesaling. I would reach out to them. A lot of attorneys are still unfamiliar with assignments. W&I is a closing factory. They pump them out.

@Chris Mason Thank you! I just want to be careful that I have ample time to do everything. I've made my fiancé live in a few less desirable neighborhoods while I do this and we'd like to get into a property next that we want to stay in for a while. I just want to make sure that we don't push it too hard and end up in a house that we don't really love because I'm more focused on trying to satisfy the lease requirements.

Hey everybody,

I'm a Realtor and investor. I'm quite experienced, but I usually use private funds as opposed to bank financing. I bought a new primary residence in April using a Freddie Mac loan. The intention was to purchase this house and then move on when I've saved up enough funds for another primary that we intend to stay in for a while. The house we're in now will perform quite well. I have some down time as my business has lulled while we wait for the hurricane to pass, so I wanted to ask you folks how to best transition out of a primary residence with conventional funds and convert that property into a rental. I'm primarily concerned with what to do in our transitional period of moving out of the home and getting a lease signed from a new tenant. Do most people have to find a rental themlseves while they find a tenant for their primary and then use that lease to appease the new underwriter when they find where they want to go? Or will the lender allow you to purchase a new property and move before you have a signed lease in place for the old primary? I was hoping that there may be some kind of grace period where they will let us move along and then have a tenant in place within 60-90 days or so.

@Robert West I use REIGuard for my investment properties. Their policies aren't the absolute best, but they cater exclusively to investors, so their prices are great and they are very familiar experienced in working with folks like us. The ease of use is also quite nice because they do everything online. 

I don't have a great personal broker, but I'll definitely keep my eye out on this post to see some other people's recommendations.

I agree with @Russell Brazil. That's mainly if the property is getting attention and may not be around much longer. If it's been on the market for a while and there doesn't seem to be a rush, then I will send in a written offer and give them a 24-48 hours to reply.

Thanks, Russ Scheider ! Hi Matthew Kabernagel . I'm a Realtor and investor in the area. I've actually done a bit of house hacking myself. I'd be more than happy to help you. You're right about a lack of multi-families in the area. They do come up, but you have to be prepared for them. If you'd like to send me a DM with your email address, we can chat a little bit and I can get you some searches set up.

Those are beautiful. Great Job!