All Forum Posts by: Christopher Schmidt

@Kellan S I just completed 2 all cash deals up there the last couple weeks and I did $1000 deposit on each, but like @Steve Santacroce says, closing took about 3 months on boths...though 1 was a short sale and the other was from a foreign investor.

If you want another inspector option, send me a message and I can recommend one...best of luck!

Chris

@Gregory Hodges would love to meet up or get a list of inventory as you get it.

@Michael Nicholson we're just starting (me and a new partner together) so ideally under 100k, 3/2 (garage ideal) in really within a 20-30 minute circle of Greenville (G'ville, Greer, Mauldin, Easley, Taylors, etc)...

Thanks

Chris

I know (though I've never been) that also on the 3rd Monday there an Upstate Carolina REIA meet...let me know if you go this Thursday or to the Upstate CREIA...I'll meet you up there.

Chris

Traveling to Altamonte Springs FL for job in the next few weeks, figured I'd give BP agent first dibs...

Originally from Brevard FL, moved to SC, so not familiar with the area....looking for community like Viera FL in that area...around great schools, newer homes (I don't mind HOA and Cookie Cutter)...maybe to meet with/drive around when plans are finalized...

 Hit me up PM if interested...

I invest in Rochester from out of state (first Florida, now South Carolina).  I bought my first property while visiting which helped me to get to know the area, as @Barry Cohen suggests.  I visited as many properties as I could (probably about 13 properties under 50k) and ended up getting my second choice property.  Though my first one was turn-key, my PM was horrible, non-responsive, ripped me off, etc...and I almost soured from the market.  I found a new PM and was comfortable with my 2nd property sight unseen, which was mostly turn-key.  I've developed enough trust over the 3 years since my 2nd property that the end of last year I purchased a rehab that my PM managed the repairs (closing took until March, but I have a tenant in May 1) and will be closing on a similar property in 2 weeks.  I'll admit my nerves have been racked some with the rehab, but it looks like it turned out well.  Good luck with how you proceed!

@Barry Cohen yah it takes a little getting used to but in the last 2 years where I actually focused on costs, I did still make a profit.  I noticed that most of my expenses came from the second property I bought, where I went into it with a low ball offer and allowed the owners to fix repairs so they can get a better price (i.e other peoples work is garbage).  I will hopefully test that theory this year as most repairs have been handled, but I thin $135/month/door is still ok (year before was a little over 200/door/month).  Are you hitting negative returns in any properties up there?

Chris

@Barry Cohen I'll admit I'm taking a risk on this, but I am managing everything through my PM, whom thus far I have trusted.  I do have family there, who invest as well, so they've helped with ensuring the estimates are good and will be able to keep an eye on the progress.  We'll see if it goes well or not...

It's been a while since I've been online, wow has the site changed.  Before last month, I hadn't made any real estate 'moves' since December 2012, at which time I had 2 duplexes in Rochester NY (I'm an out of state investor).

The last couple months though I've upped my game some...I sold my former Primary Residence in Florida for a nice profit (I moved to SC and rented it out for just under 3 years...phew kept my capital gains)...closed on another duplex (Rochester again) for 22k and have a contract on another property 2 houses down from the one I just closed on, for 25k.

The first duplex, we've started work on and already have a tentative tenant for May 1 @ $750 / month.  We should get 700-750 for the other unit as well, hopefully around the same time frame.  We expect to put about 10-15k worth of work, and is actually not in a too bad part of the city.

The second duplex, nearly identical is under contract and pending an inspection.  One unit is in need of significant repair, while the other unit is already bringing in $800 / month.  We expect about 15k in repairs on the second unit, and should rent $700-750 as well.  This is also the first property in which I am partnering up with someone, actually a neighbor I met when we moved in a year ago (benefits of loving to talk about real estate, you never know who is willing to take a risk with you).

I found a refreshed vigor with investing when I actually sat down and made some goals.  After these 2 properties, I want 2 more this year (with or without a partner) and I want 3 more each year following (again, with or without a partner), for the next 4 years (until I am 40).  This should give me the passive income needed to be 'free' from shackles of forced employment and give me the flexibility to chose what to do with the rest of my life...it's a little 10Xish...but it's what I got...

My plans moving forward too are to look at other realtors & PMs in the Rochester area (I have met a few on here I am likely going to talk too).  Not that I am dissatisfied with my current resources, but to see if some diversity can spread the risk as well as compare the services within the market.

I'll post progress as I am hoping to continue to be engaged with RE...

Chris

@Michael Smith does that 8-unit happen to be in Greer? =)

@Michael Smithyou we stuck it out a little longer, though we still itch to get back home.  There are opportunities here, so why let them go to waste.  Investing up here, you looking to make your move soon?

Let me know when you are up here, we can definitely grab a beer.

Chris