Getting Started in South Carolina Real Estate Investing

As you embark on your South Carolina real estate investing venture, realize that although you’ll be doing most of the work and (hopefully) seeing a nice profit, the entire process is a collaborative effort.

You wouldn’t be able to start a new job without the proper training, and you probably wouldn’t be able to successfully invest in the stock market without the proper guidance. So it is with real estate investing. Gone are the days of quick-and-easy buying and flipping with enormous profits. You need a plan if you’re going to succeed, and you’re also going to need some help.

Investing as a Collaborative Effort

You can know all there is to know about real estate, but there are some things that you absolutely must leave to the professionals. Throughout the investing process – and not just the first one, but with each and every property you purchase, you’ll need the following professionals to aid you:

  • An attorney. A lawyer will help you wrangle through any/all legalities of buying real estate. Any contracts that come as a result of the transaction must be written up by a lawyer.
  • Title or escrow company. The best ones to go with are the ones that work mostly with investors; they’ll speak your language.
  • An insurance agent. Not just any insurance agent, but one that specifically deals with real estate contracts and such.
  • A CPA. As investing should be treated as a business, you’ll need an accountant to help you with your finances and profits. The theme here is to find one that understands real estate and investors.
  • A mortgage broker. Again, it’s good to stick to one that understands investors and has experience with investors.

A contractor and a plumber. If you’re investing in a fixer-upper, you’ll need to have a contractor come in to determine if there are structural or cosmetic repairs needed. A plumber will be able to tell you if there are any leaks or problems with pipes. Overhauling the plumbing for a house can be an enormous undertaking, just like with making structural repairs. You want to shy away from the structural issues as these tend to kill your profit.

Just as lawyers specialize in an area, so should the pros that you choose to work with. This helps to keep everyone on the same page – and operating in harmony.

The key to fast-track your success lies in your ability to apply the rule of leverage in every aspect of your business. The vast majority of investors believe that leverage only applies to the use of OPM or Other People’s Money. Nothing is further from the truth.

Time leverage and expertise leverage are just as important. For example, you leverage your time by employing contractors to do the renovation work, and you leverage your expertise by assembling a team of experts such as the one mentioned above.

As the old saying goes… you can either do it the easy way or the hard way. Remember that you should always do what you do best, and leave everything else to the rest. It’s your call.

South Carolina Commercial Real Estate Info

So, how to define commercial real estate? This term mostly refers to different kinds of retail properties such as office complexes, factories, plants, warehouses, shopping centers, apartments and empty land where such buildings can be built.

In other words, almost every kind of real estate excluding single-family houses can be considered as a commercial real estate. So, dwellings can’t be a commercial real property.

This term can also be interpreted as a real estate object that can be used for business and trade.

There is also a big difference between commercial and residential real estate investing. People invest more money in the commercial real estate, and it is a fact. But don’t think that it is easy to convert commercial property into residential and vice versa, it is a big mistake that people make in real estate business.

There are several peculiarities concerning transactions with the commercial real estate. The most important and sometimes the most difficult thing here is to have the right valuation of the property. And the opinions of buyers and sellers on this point do not match in most cases. It is obvious and natural, of course, as sellers want to get the biggest possible profit and buyers or tenants don’t want to overpay.

If you want to purchase or to get rid of your commercial real estate, first of all, it is necessary to analyze all the reliable information about this market segment. And in this question, nobody can help you better than an experienced realtor or real estate agencies specializing in this area. The final price of any transaction with commercial real estate depends on many different factors. That’s why only a pro can use the available information for benefit of his client. Investments in the commercial real estate are really significant, so the risks you can face should be minimized. Don’t forget that commercial real estate is one of the main components of your business success!

Successful Real Estate Investing In South Carolina – Its All In The Mind

Before beginning any real estate venture, starting any course or reading any books, the overall attitude may need its own checkup. By being in the right frame of mind, the “Millionaire Mindset”, investors will be laying the proper foundations for long-term success.

Having mentors throughout the course of a career can be the secret key to success. Even better, it’s good to have several mentors from a variety of backgrounds. This way there is a range of knowledge and ideas at the investor’s disposal. Despite the differing backgrounds of the mentors chosen, it may be easy to spot that they possess similar characteristics. It’s having these characteristics that have probably made them successful – and should be emulated by the protégé for success. There are 6 essential characteristics they share.

Those 6 Characteristics Are:

1: Having a clear idea of the ultimate goal. It’s virtually impossible for anyone to attain success without really knowing what they want from the get-go. Having a clear goal helps to define the steps needed in order to get there. Additionally, it’s crucial to have the burning desire to see that end to fruition. Having the goal is important, but being passionate about it will make that goal easier to reach.

2: A positive mindset and strong self-belief. Along the lines of “you get out of it what you put into it” is the belief that negativity begets negativity and thinking positively will bring about positive results. Consider the obstacles along the way to the final goal as challenges, not problems. This shift in thinking changes the approach toward them.

3: Acquired specialized knowledge. Again, whether in real estate or any other business venture, a solid base of knowledge is required. Therefore, investors must be knowledgeable in real estate investing in order to have any measure of success.

4: Goal-oriented. Similar to the first characteristic, being goal-oriented helps to keep investors on-track to attaining the “big picture” success they see for themselves down the road. Being goal-oriented helps to prepare for the next characteristic…

5: Decisive in nature. Being decisive makes it that much easier to make the necessary decisions – and at the right time. With a goal in mind, and a passion to achieve that goal, it becomes easier to do what is needed.

6: Team players. Rich and successful people realize that they haven’t gotten to where they are without the help of others along the way. They surround themselves with like-minded people and feed off each other for ideas and support.

What to Look Out For When Buying Real Estate abroad

People all over the world buy real estate in countries other than their own…Sometimes it may be because they want somewhere warmer to stay in the winter months, or because the property market in that country looks a lot more promising as from an investment perspective, or they may want to buy abroad simply be for tax-dodging opportunities.

Whatever the reasons, there are some pitfalls that buyers must be aware of, whether they be scams like those covered in the land buying post or just different laws to those you usually abide by.

Here are some things that are important for you to consider when buying abroad:

Financing

Make sure your finances are properly organized. The process of getting a mortgage varies from country to country and can take a lot longer in some than others. It’s important that you understand the process in the country you’re buying in before you start making offers. It’s not unheard of for people to lose their deposits buying abroad simply because it took them far too long to get their finances in place.

Contracts and Titles

A lot of people tend not read contracts thoroughly, but when a contract is in another language it’s important to make an extra effort to understand exactly what you’re signing. It’s important to ensure that the property is being bought with the correct Title. Can you be sure that you’re handing over your money to the real owner? Are the exact details of what you’re buying clear? A good example of this is that in some European countries the property can carry debt and not the individual. You could easily purchase a property and with it, a mortgage someone else took out.

Hire an independent lawyer that speaks the local language so your interests can be put first. Whatever you do, don’t use a solicitor that the developer or estate agent recommends because it will not be in their interest to warn you if there is anything wrong with the property or that there are plans for a power plant in your back garden.

Buying off plan

There are many cases of people buying off-plan and their property never being built. Buying off-plan can be a great way to get some really good deals but is also a common scam – simply sell some apartments that don’t exist and then disappear with the money. Again, consult with an independent solicitor before signing anything and stick to more reputable companies. But even then, something like this isn’t completely risk-free and therefore it’s your decision whether you’re willing to accept the risks.

“If it’s too good to be true…”

Buying property involves making decisions with large sums of money and therefore attracts people looking for ways to take that money off you. If you find a great deal, always try and find out why. If you can’t find a reason, stay away.

Tips for Investing in Rental Properties in the South Carolina area by an Investing Expert

Investing in rental properties can be a lucrative opportunity in South Carolina. In this article, we’ll go over several tips to ensure you choose the properties that’ll result in the best returns on your investment. After reading this article, you’ll know some of the more common pitfalls to avoid with properties in South Carolina, as well as the signs to look for in a great investment property.

Tip #1 – Look at Surrounding Properties

If you’re buying your property to rent out, one of the most important steps you could take is to look at the rent market in the surrounding area.

What are units like yours renting for right now? Take 3-5 units that are similar to the unit you’re considering your investment and average them out.

Would the income from this property be enough to cover your expenses?

Tip #2 – Be Conservative

Be very conservative when you’re calculating your numbers. It’s far better to overestimate your numbers and accidentally make more money than it is to underestimate your numbers and find yourself draining cash.

Remember to account for vacancies and maintenance costs. These costs don’t accrue all at once, but when they do come they can be large expenses.

Tip #3 – Check Your Rental History

How has your unit(s) been renting out over the past years? How strong is the rental history?

If in the past the unit(s) has been consistently rented out with few vacancies, that’s a good sign that the unit(s) aren’t difficult to rent out. If the opposite is true, that should be a red flag to take into consideration.

Tip #4 – Take the Low Hanging Fruit

Properties in South Carolina often have what I call “low hanging fruit” opportunities. These are improvements you can make to your unit that will immediately improve its sale value or rental value.

Some of the more obvious ones include steam cleaning the carpets, painting the walls, making necessary repairs, having tiles cleaned and so on.

The key is to tackle the repairs that will give you the highest return for the least amount of work. The idea is not to repair every little thing, especially if it won’t give you a positive ROI.

There is a lot of free information available to you about investing in South Carolina real estate.