All Forum Posts by: Adam Drummond

@John Coleman

i'd be lying, if i said i understood half of what you just wrote.  

@Russell Brazil

my perspective is from someone who is limited in funds.  i only own three properties that are investment (looking for another one).  i have to have a higher cap rate for it to even be considered.  if i had an insane amount of money.. maybe my criteria would change.   that's not a knock on anyone w/ more financial means.  it's just how it is for me.

@Russell Brazil

i agree that higher cap rates usually come with higher risk.  not always the case though.  it seems like a high risk is investing in a property that barely breaks even every month.  

@Sanjeev Advani

you're absolutely right, man.  it does seem like since the market is good people in the western part of the country experience crazy appreciation.  i have noticed many posts on bp where people bought a house 3-4 years ago for 200k, and now they say it's worth almost double.  i guess your cash flow doesn't have to be great if you're expecting that kind of gain in property value.  of course that will slow down at some point too.  i have a sf home near downtown greenville that i bought for 32k, and i have about 17k in reno costs (do most of the work myself).  I will rent it for 900-950 per month.  can't buy anything out west for 32k though.. lol.

adam

@Rhett Roden

my first flip by myself i cleared about 27k.  of course,  i bought the house for about 43k, and only put about 25k or so into it.  

Adam 

@Sanjeev Advani

i guess they are banking on appreciation??   

@Luke B

i live and work in greenville, sc now, but was active in oconee county a few years back as a realtor.  send me a message on here if you still have any questions, and i'd be glad to help.

talk soon.

adam

@John Coleman

you and i spoke a while back regarding mills mill.  i own a house off of guess st myself.  on the augusta rd side of guess st .. you are seeing a lot of new construction and reno'd homes going for mid to high 200ks.  then in dunean, you are seeing as high as upper 200k's.  i'm really hoping that mills mill will do the same.  a home on orr st just went under contract for 110k in 1 day.  i would love to see someone buy that, and turn it into a nice property.  the old brick property on green ave needs to be developed.  i am hoping to be able to buy something else over there, but that's becoming more difficult.  nicholtown is another hot area as well.  talk soon.

adam

@Cortez Dameron

ah.. i see.  using an equity line against your primary residence is cheap money.  many people do go that route to fund other projects.  there is really no way to know what the future holds in general though.  i will also say that lending now may very well change in 2-3 years.  i remember before the market crashed years ago.. i had a property that i was going to refinance.  the market then crashed, and i almost lost the property because the banks tightened up on giving out loans, and i had a balloon payment due.     i think lenders will usually lend about 75-80% on refi or equity loan.  

adam

i do not think that the real estate market can continue this way forever, as we all can agree.  some of these people have predicted the market crashing for several years.  i guess they will eventually be right?  this is not a slight toward anyone on here.  just a take on some of the so-called ppl that predicted the meltdown 10+ years ago.