All Forum Posts by: Adam Scheetz

@Brian Eastman Wow! I hope that was copy and pasted because that was a ridiculous amount of great info!! Thank you so much!! 

I want to setup a Self-Directed IRA. I have a list of dozens of providers. Before I start reaching out, what questions should I consider asking to ensure they are the right fit?

To provide context: I'm an Active-Duty military officer (12 years) as my Full-Time job, I invest in Buy & Hold, Wholesale, and passive Financial investing to other peoples flips for profit splits. I DO NOT have an LLC yet either.

As always, you all rock!!

Hello Fellow Investors! Come join our Augusta GA Facebook Group specifically created for investors, lenders, contractors, agents, and newbies in the Augusta, GA area! Bigger Pockets is an incredible resource and has been instrumental in the growth of so many, but I found it difficult and fruitless to comb through dozens of pages spanning multiple years just to find info on this unique and growing area of North Georgia. Please continue to support and grow BP, but if you want a very local, very personal approach to networking, growing, sharing, and making deals, I'd encourage you to join the Augusta RE Investors Group.

www.facebook.com/groups/AugustaRE

Thank you in Advance!

Adam

@Will Peters well, I'm an OOS Investor living in NYC and investing in Augusta, GA. I have a local agent, contractor, and really good lender (Non-HM) already. I will wholesale if it's more advantageous, but I am looking for Buy & Hold in the Midtown, North Augusta, Evans, Martinez, Grovetown, and Harlem areas. My target is SF & SMF (preferred), pre/foreclosures, out of state owners, and probate. I shoot for all-in (rehab included) less than $100k. Cash Flow $250/mth NET and 12% COC-ROI. Possibly ROI of no lower than 9% IF the equity and confirmed appreciation of the economy and RE market are promising. I have a pretty thorough process of analysis which, though time consuming, has provided a great deal of market familiarity and insight to the single-family market through the majority of the zip codes in the area.

Feel free to PM with anything you might be interested in sharing or if you simply wish to connect and talk more about the area.

@Eder Aldana

Mid/Low C areas are <$500-$700.

High C areas are $700-925ish

B class, which are not super plentiful in Augusta but do exist are upwards of $1200/mth.

Evans, Martinez, Grovetown, and North Augusta are the nicer areas but don't have many foreclosures at all. I've done a lot of research for the area there if you want to know more PM me.

Thanks

Adam

View report

The Report above is for an off market property that came to me by way of my agent. Typically, I'm looking for 3/2 Ranchers in Upper C/Lower B neighborhoods. But...this one in particular caught my attention because of the low entry cost. The Seller wants $13k! The structure is surprisingly solid, the sub flooring and foundation are solid, and the neglect with the exception of a couple spots is very minor and cosmetic. 

Here are some specs:

• Super low property tax!
• Low Insurance.
• Out of Flood zone.
• Across the street from a brand new large middle/high school.
• In an opportunity zone.
• Supported by community initiative to revitalize the area.
• Close proximity to churches, dining, downtown, popular river, University, Major Hospital, and large Golf Course.
• Sitting on 3,500 size lot.
• Current rental for 1/1's are between $500-$650 depending on level of amenities.

Notables:

• There is chimney in the middle of the living room that is hurting bad. Since a new roof is needed anyways, I want to remove the chimney entirely and open the floor plan to maximize the space. 
• New laminate hardwood, New kitchen, new bathroom, new trim and paint, New CapX items. Being in the south, the rehab cost are thankfully low.
• Backyard is way over grown with a dilapidated shed. After mowing, removing bushes, and replacing the shed, the before and after pics will be astounding.

What I need from you all is input on the concept of Buy & Hold of 1/1's. I know the sale of 1/1's are typically a bit harder, but because my plan is to hold, and the area in particularly geared for small families and singles (University, Large Hospital, Industrial workers), AND the low purchase price. I hit my goal for cash flow. I hit my ROI of at least 12%. I have an agent and PM in place already that I have been working with. I'm just not typically familiar with small single-family properties. Does the low cost of ownership and rehab off set the struggle to potentially sell if needed.

I'd LOVE to know your thoughts. Can 1/1's be a strong investment?!?!

@Annette Schneider thanks for the insight. I'm looking at a Duplex that will cash flow, but it's rural and the surrounding schools are 4/10 at best. But it's also not a family tenant pool for this particular deal.

How important are the local Elementary, Middle, and High Schools to you when you're looking at Buy & Hold / Flip properties?

I occasionally find a nice community with a quaint neighborhood that appears to be a good location. The Crime is low. The rents are competitive. The price-to-rent ratio is good. It's a place I could live. By all metrics, it seems like an area worth looking into. But then I research the schools. 2/10, 3/10, or No Data is what I have to work with. 

How important the local schools to you?

My marks are 3/2+ , 1200 sq.ft +, in Class C neighborhoods or better.  You'd think better schools would appeal to small families, right?

What do you think? 

@Ronny Tiburcio Thanks for the add. I'm currently studying and reading a lot. I'd have to say the two things I'd like to strengthen on would be The In's and Out's of Hard Money and Analyzing Rehab costs before making an offer.

Thanks again.

Adam Scheetz

I'm in North Staten Island. Active-Duty U.S. Coast Guard Officer and part-time investor. I see a lot of you folks are in Brooklyn, and while I loathe Brooklyn traffic, I consider connecting with other like minded individuals a worthy return on investment.