Answers interpreted from the SC Landlord Tenant Act  SC CODE OF LAW TITLE 

As a Realtor and a Landlord myself, I understand how difficult it may be to deal with tenant issues.  You don’t want to interfere with your tenant’s right to quiet enjoyment but you also want to protect your vested interests.  It pays to know the laws governing these issues and how to interpret them.  Here are some of the most common questions I received from my landlord clients.  Some I have personally experienced and others I just researched.

DISCLAIMER: Since I am not an attorney, you may also want to seek legal advice on your own for any of the these issues.   Better yet, Carolina One as an in house property management department that will take of everything for you and simply send you a check every month for your net rental payments.

Q: Can I withhold some of the security deposit for cleaning fees on a rental property?

A: Yes, if the cleaning necessary was beyond normal wear and tear and necessary to bring the home back to the same level of cleanliness it was at the time of the lease.

Q. Do I have to notify the tenant about the deposit not being returned?

A. Yes, within 30 days of termination.  Otherwise “(b) If the landlord fails to return to the tenant any prepaid rent or security/rental deposit with the notice required to be sent by the landlord pursuant to subsection (a), the tenant may recover the property and money in an amount equal to three times the amount wrongfully withheld and reasonable attorney’s fees.”

Q. I want to sell my rental property.  Can the tenant refuse access? 

A. No.  Provided that reasonable notice is given.

SECTION 27-40-530. Access.

(a) A tenant shall not unreasonably withhold consent to the landlord to enter into the dwelling unit in order to inspect the premises, make necessary or agreed repairs, decorations, alterations, or improvements, supply necessary or agreed services, or exhibit the dwelling unit to prospective or actual purchasers, mortgagees, tenants, workmen, or contractors.

c) A landlord shall not abuse the right of access or use it to harass the tenant. Except in cases under item (b) above, the landlord shall give the tenant at least twenty-four hours notice of his intent to enter and may enter only at reasonable times.

Cash Cow - The American way to make money

If you’re like me, chances are you’ve been drooling over the real estate inventory out there, not to mention the ridiculously low interest rates.  But if you’re sitting on a pile of cash in a bank that’s giving you .5% interest on your money, it’s time to consider moving your money into something with a better return.  You need a cash cow!

A cash cow is a business or product that generates a steady,dependable flow of cash.  In real estate, that means an investment property that will make more money than it costs to purchase and maintain over a 5-10 year period. Of course, in today’s market, most people think in more immediate terms.  No problem!

One of the silver linings of our economic downturn is that you can finally turn investment property into a steady source of income .  Of course, it’s against the law for me to guarantee you profits or specific gains, so instead I’ll simply give you examples of real properties that are currently providing a steady stream of rental income as of today.

Each of these are available for sale right now either through MLS or privately through me.

2150 Spoleto Ln B-7, $50,000: 1200 sq ft 2 beds, 2 baths, rents $685 per month

1420 Westwood Dr, James Is - $135,000. 3 bed 1 bath, Rents $850-900 per month

1558 Westwood Dr - Handyman special 3 bed 1 bath $85,000. Rent $750

700 Daniel Ellis - 1 bed 1 bath condo $125,000 Rents $850. per month

These are just a sample of what you can get today.  For more info on investment property and cash cows, give me a call.  I’d be happy to assist you.

Here’s what Joel Greer of Carolina One Mortgage had to say:

“Asking for today’s rate is like asking what are house prices doing today.  It’s such a general question, that the only correct answer is an average. It’s like a perfect world rate.  If all thirteen factors are perfect, then the given rate for a 30 year fixed written today is 4.25 – 4.5%.  However, it’s more important to know exactly what effects that rate.  Only then can you find the mortgage that’s best suited to your individual needs.”

Here are the most common factors that can effect the interest rate of any given borrower: (My translations are in red.)

Credit Score:         620 is the minimum to qualify for a mortgage, however you’ll want 720+ for the best rates! (For your free credit report, click here.)

Loan Term:        30, 20, 15 and 10 year terms are available. Typically the shorter the term, the better the rate (and the less interest you will pay in the long run.)

Loan Amount:        There tends to be adjustments for loans under $100,000 and over $250,000, but the severity of the adjustment is often tied to the credit score as well. 

Down Payment:        Typically the more money you put down, the better rate you can obtain. 

FHA or Conventional:        FHA tends to have a higher interest rate since it’s easier to qualify for, but if your credit scores are low, you may get a better interest rate with an FHA loan versus a heavily adjusted Conventional loan that can have big hits for low scores.  (Also, FHA loans allow for higher closing cost assistance from the seller.)

House or Condo:        There are added restrictions and interest rate adjustments for condominium purchases. Single Family residences tend to have the best rates associated with them. (Condo rates also depend on many other factors such as how many of the units are owner-occupied, HOA management issues, special assessments. etc.)

Lock Term:        The interest rate can be locked for 15,30,45 or 60 days. The longer the lock, the higher the rate. This difference is often very small, but it can be noticeable. 

Occupancy:        This is a big one. “Par” pricing is based on Primary Residences and 2nd Homes. Investment properties have big rate adjustments! 

 State:        Some products have small pricing adjustments based on the State the property is located in. 

Waiving Escrows:        Waiving your insurance and/or property tax escrows is considered risky for lenders. There is usually a small adjustment for not letting the bank be in charge of keeping both current. (In other words, if you choose to pay your own taxes and insurance rather than let the bank do it as part of your mortgage program, they will penalize you with a slightly higher rate because they risk losing 1st lien status behind the county if you default.)

 1 Unit or 2-4 Units:        Multiple unit properties have interest rate adjustments.  

 LPMI or Standard:        Some products have the option of Lender Paid Mortgage Insurance. This means you can have your interest rate adjusted to include what would usually be a monthly premium for your Private Mortgage Insurance. In some cases this is a great option, but it is coupled with your credit score and down payment. 

 Origination Fee or No fees:        The industry standard is to charge a 1% origination fee. This is usually how the Loan Officer gets paid (and the lending bank as well). This, and many other closing costs and fees, can be priced into the interest rate if funds to close are a concern. Whether you roll closing costs into the rate depends on your personal financial situation and how long you plan to own the property should be considered. The longer you plan to keep the property, the lower the interest rate you’ll want…therefore, with long term retention, you’ll want to pay your fees upfront and get the best rate possible. Conversely, if your intention is to sell in 2-3 years, the interest rate is less of a concern, and the minimum contribution of your own money is the goal.

Of course, it always pays to understand what affects your credit score.  For more information on that, read my article on credit scores.

To contact Joel about a new home loan or to refinance your existing mortgage, click on the mortgage tab above.

Trish Bender | Caroline One Real Estate | (843) 276-1618 2395 Folly Road, Folly Beach, SC Folly Beach 3rd floor flat with elevator, pool, dock right on Folly River. 3BR/3BA Condo offered at $325,000 Year Built 2000 Sq Footage 1,477 Bedrooms 3 Bathrooms 3 full, 0 partial Floors 1 Parking 2 Covered spaces Lot Size Unspecified HOA/Maint $702 per month DESCRIPTION It’s all about the view. Gorgeous, furnished 3rd floor unit at Turn of River. Completely MOVE IN READY. Steps from the elevator, community pool, boat slips, dock. Folly Saltwater River views from every room. Great Vacation Rental Investment records available. Watch sunsets, dolphins, shorebirds from your master bedroom, Living area or screened balcony. Sunrise & Lighthouse views from front 2 bedrooms. River to ocean in 2 minutes, Easy walk/bike to Folly Beach, Art & Restaurants. 5 minutes to Amazing James Island County Park, Municipal Golf Course. 20 minutes Downtown, Shopping, Colleges, Hospitals. 45 minutes to airport. Regime fees cover insurance, all amenities. see additional photos below PROPERTY FEATURES - Central A/C - High/Vaulted ceiling - Hardwood floor - Tile floor - Living room - Dishwasher - Refrigerator - Stove/Oven - Microwave - Washer - Dryer - Laundry area – inside - Balcony, Deck, or Patio - Jacuzzi/Whirlpool COMMUNITY FEATURES - Garage parking - Covered parking - Guest parking - Swimming pool(s) - Elevator OTHER SPECIAL FEATURES - Deep Water River Access - Community Dock - Boat Slips Available - Vacation Rental Program ADDITIONAL PHOTOS View from Private Balcony Well built Steel Highrise Right on Folly River Updated galley kitchen Spacious Master Comunity Dock Contact info: Trish Bender Caroline One Real Estate 748014205 (843) 276-1618 For sale by agent/broker Equal Opportunity Housing Posted: Jul 6, 2010, 11:04am PDT

]]> http://www.thecharlestonrealestatesearch.com/3214/folly-beach-condo-fully-furnished/feed/ 0 http://www.thecharlestonrealestatesearch.com/3207/snow-white-black-beauty/ http://www.thecharlestonrealestatesearch.com/3207/snow-white-black-beauty/#comments Mon, 28 Jun 2010 12:53:52 +0000 Trish http://www.thecharlestonrealestatesearch.com/?p=3207 They’re both varieties of eggplant.  Although both can be delicious in their own ways, it pays to understand their distinction when deciding which to use in a recipe. 

Black Beauty to bee

Black Beauty is the most common eggplant found in the grocery stores. An heirloom variety introduced by Burpee seed company in the early 1930’s, it is more cold tolerant than other varieties with a longer shelf life and larger fruit. Usually dark purple in color with white flesh and a medium amount of seeds depending on size – the bigger it is, the more seeds it has.  True eggplant lovers savor the tangy sharp taste of the black beauty and often pair it with tomatoes and Italian seasonings that help offset the sometimes bitter quality of the fruit. Salting the slices before cooking also helps remove some of its bitterness.  Even though it will continue to ripen after picking, the best black beauty eggplants are picked only when ripe.  Picking too early (when the inside flesh is still green) tends to make the fruit too bitter for the average palette.  

 If you grown your own black beauties wait to harvest until they are 6-8 inches long and glossy black in color.  If they get brown, they are too ripe.

 Perfect for grilling, black beauty eggplants are large enough to slice in cross sections and perfect to stuff and roast.   If you’ve never tried to stuff an eggplant, you owe it to yourself to try.  My favorite low-calorie way to serve this variety is sliced and baked with tomatoes, smothered in fresh oregano and basil and drizzled with just a touch of olive oil and lemon juice.  Layer in a large casserole pan: eggplant on the bottom, tomato slices on top, sprinkle with herbs, salt and pepper and drizzle the olive oil and lemon juice.  Cover and bake 30 minutes at 375 and then uncover and bake 5 minutes more.  Serve!

Of course who doesn’t love fried eggplant!  But here’s an interesting fact for those of you watching your cholesterol.  Eggplant’s unique physical properties absorb more oil than any other vegetable – 4 times more than French fries!  That’s why fried eggplant must be placed on a paper towel when removed from the fryer.  As it cools, the cells will begin releasing the oil onto the paper.

 Snow White eggplants – White eggplants can be traced back to the earliest days of farming civilizations. A cousin of the very first edible variety, these are what give the fruit its name.  Originally white in color and shaped like an egg, the first eggplants were harvested and eaten thousands of years ago across Asia. (There is still a variety called Easter egg.) Over the years other varieties have been discovered, cultivated and crossed to produce the modern, longer versions.  Snow white is one of those heirloom varieties. 

Snow White eggplant

Smaller than the Black Beauty, Snow White usually grows 4-6 inches long and looks just like an albino version of the black beauty.  But that’s where the similarities end.  Creamy white in color both inside and out, this is by far the mildest in flavor.  Virtually seedless it can be cooked with skin on and has no bitter aftertaste.  Like Black Beauty, it can be sautéed, baked, grilled or stuffed but the taste is completely different.  Served as a dip recently, my guests thought I’d made the perfect smoky hummus.  

Snow White eggplant ripens a little bit later than Black Beauty but can be grown with the same requirements: rich soil, even moisture, morning sun and afternoon shade. An average plant will yield 6-12 eggplants in our long growing season. Pick when glossy white before brown streaks appear. Due to mild’s nature, these eggplants can be picked as baby veggies as well and require no salting unless you intend to fry.  My advice, don’t.  They are too delicious to drown in oil.  Instead, dice them skin on and sautee with garlic, onions and tomatoes in extra virgin olive oil, season with herbs like oregano, marjoram or Thai basil and viola! Serve over brown rice, couscous or quinoa.

Or if you’re really daring, try my dip!

Smoky Eggplant Dip

• Grill whole 2-4 eggplant until skin turns black and inside is cooked completely –about 10 minutes. Cool
• Skin or scoop out inside meat and place in a food processor.
• Add 2 cloves minced garlic, ¼ cup of lemon juice, ¼ cup of your favorite hummus.
• Do not add salt!
• Process until well blended.
• Serve with warm pita chips or raw veggies.

Ask your guest to identify the ingredients.

This 2 inch long cocoon was hanging from an Iris in my bog garden

Have you seen these around your house and garden?

These are the cocoons of the bagworm moths.  These odd little creatures are known for their cunning camouflage. Unlike most moths that spin a pure silken cocoon, bagworms are trash collectors, gathering dead leaves and sticks which they incorporate into a shell-like cover.  From the moment they hatch, they begin coating themselves in debris, providing a perfect camouflage from most predators.  

Throughout their larval and pupal stages, these bagworm (or caseworm) moths crawl around your garden in search of plant food.  Rarely a problem to the average Charleston gardener, they do very little damage to plants, preferring lichen and mosses to most living plant tissue.   In most cases, you won’t even notice their existence until they affix themselves permanently to the underside of your deck railing or wooden fence post.

There are 600 different species of bagworms in the Psychidae family of Lepidoptera (butterflies and moths)

This little guy actually chose to hang out along my nylon-coated string bean support lines. Ranging in size from 1/2 – 3 inches long, once you recognize bagworm cocoons, you will begin noticing them all over your yard.

Here are some interesting facts about bagworms that you probably never even knew you wanted to know:

• In our area they are rarely pests except to citrus trees. If seen, they can easily be controlled by removing them from the bark.
• In most cases, it is only the male who emerges from the cocoon and then just long enough to mate and die.
• Many female bagworm moths lack wings and remain in their cases where the males fertilize them. Some species even die with the eggs still inside of them; their bodies providing the first food source for their offspring.
• Like other caterpillars, bagworms are either generalists or specialists. In other words, some eat only 1 host plant while others graze on a variety of plants as well as the occasional microscopic insect like scale or psocids.
• In the Southeastern Unites States, June and July are peak season for spotting bagworms.
• North American bagworms come in three types: snail, evergreen and grass.  Snail bagworms look just like fuzzy round snails.  Grass bagworms appear as dried twiglets and evergreen bagworms look like tiny pinecones.

Shopping for great real estate deals in today's market? Use your yardsale instincts to get the most for your money.

Given the current volatility in the world economy, there’s never been a better time to invest in good, old-fashioned, tangible assets: gold, silver, copper and you guessed it, REAL ESTATE!  Have we hit bottom? By all accounts, not yet; however, truly savvy buyers don’t wait for the bottom to hit.  They buy as its going down.  Here’s why: 

Fewer competitors – The fewer buyers you have to compete against, the better the price you’ll pay for anything.  Think about it.  If you and I are at a yardsale vying for the same antique rocking chair, chances are you’ll pad your offer to out-do me.  But if you’re the only one there, you’ll take advantage and bargain your way to a great deal.  Stats show that multiple offers on Real Estate usually bring 5-10% more to the seller. 

Better Terms - If you know that you are the only buyer for a given product, you can demand better terms.  In real estate that translates to more seller concessions like repairs, inspection costs, quicker closings,  and even personal property thrown in.  On one of my latest sales, the buyers fell in love with all of my staging supplies so the seller threw those in.  

More Choices -  Sales ratios this month have bumped up a bit but the Charleston Single Family home market is still selling around 10-20%.  That means that 80-90% of the homes will not sell in a timely fashion.  That’s a lot of inventory to choose from.  Almost too much so do yourself a favor and know what you want before you begin or you’ll fall prey to that shiny teapot I talked about yesterday. 

Higher Profit Margins in the Long Run – Why? Interest Rates are still hovering at rock bottom numbers.  That will change once inventory starts to move. In plain English that means that the $300,000 home you buy at 5.25% will cost $1656 per month instead of 1703 at 5.5%.  Doesn’t sound like much, but that little 1/4 percent will cost you $16,832 over the course of the loan. 

Food for thought if you’ve been thinking about salvaging your retirement fund or switching out of stocks.

What you never want to see in your birdhouse

Yesterday afternoon I was drawn outside by the piercing volume of a group of blue jays in the backyard. It only took a minute to find the source of their alarm.  A medium sized gray rat snake was winding its way into one of the bird houses near my bog garden.

Lucky for us, nobody was home

As the blue jays swooped down en masse to attempt a group attack, the snake simply ignored their taunts to continue hunting for baby birds.  Fortunately for us, the house was unoccupied.

Once the snake figured this out, it hung out for a bit, then slithered its way down the pokeweed “tree,” across the waterfall and into the pond for a casual swim. 

This snake was approximately 4 feet long but they can get as big as 7-8 feet.

Rat snakes are excellent swimmers and are often found skimming the surface of black water swamp areas in search of their favorite food: rodents.

Rat snakes are very fast in the water

After its brief swim, we watched ours disappear under the house, presumably in pursuit of another meal.

Of course, many of you are probably horrified at the idea of allowing a snake to remain in the backyard but to us it’s all part of the bigger circle of life. Rat snakes take their job seriously and can eat 2-6 rats per week as well as an occasional cluster of bird eggs, baby squirrels, frogs, lizards and other small animals. The gray rat snake, also called the oak snake, is non-aggressive unless provoked and even then will see humans as predators rather than prey. As a constrictor they rarely strike. Sadly, they are losing the battle with humans as uneducated homeowners often kill every snake they see (and then pay the exterminator to set rat traps!) 

Even with a full belly, this snake easily maneuvered its way down the pokeweed

Things to remember with rats snakes: where there’s smoke, there’s fire.  Chances are if you see a rat snake in your yard, you have a rodent population that is drawing them. 

Other fun facts:

• Rat snakes are a favorite food for hawks and owls
• Rat snakes can live 15-18 years
• Rat snakes mate in May-June and eggs hatch from July-September
• Rat snakes are excellent swimmers and climbers – in swampy woods, look up!

Roses that my father propagated

As Father’s Day approaches I’ve been thinking about all of the questions I wished I had asked my father while he was still with me.  Dad’s been gone for a while now and yet I still think about him affectionately every time I walk into my workshop for a tool, or try to change the oil in the lawnmower, or when I’m dripping with sweat trying to get the darned thing to start.

It’s funny what I associate with my father. When I intentionally think of him, I recall fond memories of him calling up to me to wake for school, eating cereal together in the wee hours of the morning before he left for work, always 40% Bran Flakes, or his predictable return home every night at 5:30 for dinner.  I can still see him in full routine, removing his work shoes at the door, setting his lunchbox down on the counter, kissing my mother, then sitting at the head of the table he built himself, ready for the family meal.

We’d spend at least an hour at the dinner table when I was a kid, eating and laughing, recounting our day or discussing current events. My father was a laborer, with an elementary school education and big, meaty hands that spent their days steering an 18-wheeler up and down the highway for a construction company.  He was a dyed-in-the-wool-democrat and a teamster, a self-taught man who questioned things in order to understand them better. He was also a fiscal and social conservative – something the media says no longer exists in the democratic party.

Oddly enough, despite these fond recollections, I think about Dad more in the unintentional moments of my day.  I see him in my own actions, when I plant in my garden or try to fix a leaky faucet, when I’m driving down the highway or taking something apart to teach myself how it works.  I imagine that I feel the same thrill he must have felt when I reap something I have sown or complete a repair that actually works!

Even more importantly, I think about who I am because of him and I try to live the lessons he taught me: to work hard and mind my own business, to always keep an extra $20.00 handy for emergencies and carry a hankerchief just in case, to show love by action and to always be accountable for those actions even when you’re wrong.

I used to think that I had to have degrees after my name and piles of tangible assets to prove my worth, but now that I have had all of that, I realize that my intangible assets are much more valuable and I am proud to be my father’s daughter.  To all of those girls out there who love their daddy, give him a hug for me….

And ask him to teach you how to change the oil in your lawnmower.

In a Good Year for Gold, This “Other” Metal Will Do Even Better

In case you haven’t guessed, I’m talking — of course — about the “other” precious metal, silver. In a good year for gold, especially with the cycle we’ve just locked into right now, silver can give you even greater gains… driven by the same precise megatrends

Because many other forces drive the price of silver, specifically, even beyond those driving megatrends the white metal shares with gold.

Just take a look…

• The supply-and-demand dynamic for silver looks even better right now than for any other metal, including gold and platinum, because more and more industries want silver, but fewer mines are producing it
• Maybe you’ve heard, however, that the huge rise in digital photography spells doom for silver demand. Not so. In fact, only 8% of world silver demand ever came from the photography market
• What many amateur investors don’t realize is that silver is one of the best electrical conductors in the world. But it doesn’t corrode like other metals. Virtually all modern electrical switches, from batteries to computer circuit boards, use silver-based solder
• That means you need silver to make digital cameras. And iPods. And laptop computers. Not to mention dishwashers, microwaves, televisions, washing machines, refrigerators and more
• The electronics industry alone uses up 44% of all the silver produced each year
• You need silver to make solder for most metal pipes, because it’s also temperature resistant. And smooth. Which has also hiked up silver demand because it’s an excellent lubricant for jet engines
• Silver has anti-bacterial properties too. The water you drink or use to fill your pool was filtered using silver. Silver is used to help process almost all pre-packaged food, too
• The $300 billion plastics industry couldn’t exist without silver. It’s the perfect chemical catalyst. You use it to make everything from adhesives and heat-resistant surfaces to toys, car parts and more
• Even the U.S. Mint churned through 28.8 million ounces of silver in 2009, to make coins and medals. We haven’t even touched on jewelry demand, which sucks up another 30% of the total annual silver production.