Any Sub 2 Investors In S.C.?
I was wondering if there are any current sub 2 investors in SC? I've approached an attorney about sub 2 investing and he thinks the primary residence tax law could be to risky and could trigger the DOS. In SC, the primary residence tax rate is 4%, otherwise 6%. He is afraid when the new deed is recorded it will trigger the tax rate to 6% therefore causing a flag to the lender if escrowing and cause them to call the loan.
IMO I don't think he wants to take the time to research sub 2. I pointed out to him......if someone buys their first home and in a year buys another home in the same county making it their primary residence and renting out the first. Then the county should change the tax rate to 6% therefor as he says flag the lender. I asked him "how many times have loans been called in this situation". No repsonse.....
I guess my point is.....I'm looking for an attorney in SC who is familiar with the sub 2 process so I can get on with my new way of investing.
Thanks to all for your post...I enjoy much.
go to your register of deeds
make copies of deeds & affidavits
use locks forms or buy some online
take your buyers / sellers to bank for notorization
register deeds
make money - follow lockes system