All Forum Posts by: Chad Carson

Great question and replies! I learned a lot from all of them. Thanks everyone.

@Rick Fischer You've received some great advice from others, and I can't add anything to it.

I live in Clemson and invest in the area near you. I have a great realtor I use for my flips, so if you'd like her name just let me know. I am not associated with her or earn anything off it. She just does a great job analyzing market, staging (since it's vacant, that's big), and getting involved.

Best of luck with the sale and let me know if I can help (send PM).

Congrats @Joshua Dorkin and @Brandon Turner! I just started listening to the Podcast and I love it. I downloaded about 15 episodes to my IPad for a recent road trip to the beach. Thanks for keeping me awake, inspired, and educated for 8 hours:)

yeah, habit has been hardest for me. I'll start odometer and then realize three days later I forgot to write down!

So I also right down all physical appointments or places I drive in case I have to retrace and estimate mileage using google maps a couple of days later.

Great thread!

Joshua, Your post is making me nostalgic because I loved the simplicity and the economics of living in my 4-plex a few years back. I'm now 2 houses and 2 kids later on my owner-occupied journey, and while the bigger house and bigger equity I am currently in are nice, I loved living free with 450/mo x 3 units covering my $890/mo mortgage + tax/ins back then.

Back to you ...

- I second idea of entity owning and you renting. I did that as well.

- I can't speak for commercial financing, but as a BUYER of your building it wouldn't give me much heart-ache to value your building with you in it. It helps to know current rent roll, but for me it's just like buying an occupied SFH that I intend to rent. I do my own projections and determine my own valuation based on after you move.

So if you are selling, I am not sure it hurts you to stay, especially if you rent at market rate from an entity. Save the hassle and expense of moving.

I like Bill Jacobsen's analysis, but I would have to have more info about the location before accepting an 8.9% cap. For some locations that would be great, others I would pass.

Is it quality? Or Is it management intensive?

Is their room to add value and up rents, or are rents maxed out?

Is general location and town adding population and jobs, or moving other direction?

Those would all positively or negatively affect my decision in your shoes.

Scott, I had the same realization at tax time a couple of years ago.

But I have found myself to be much more effective tracking mileage with my odometer and then pen and paper in a personal calendar/planner than in my smart phone. It is just one of those tasks you do when it's rushed, you do over and over, and I find it easier to open the planner for 3 seconds, write it quickly, and be done. I then total my miles set end of month when I change out calendar pages.

This of course is very personal and you may not physically use pen and paper at all. But I thought it might help to know other people struggle with same issue and attack it differently.

Best of luck.

Hey @Jessica Gourdine,

Welcome from a fellow South Carolina investor. I'm on the other side of the state in Clemson, so the market's a little different. But the greater Charleston area is a great place to be with really good long-term economic trends.

Best of luck as you learn and then get started with your first rental deals. If you're ever up in the Upstate, we have a very good REIA club called Upstate CREIA that meets on the 3rd Monday of every month.

Chad

Hi Miki,

Welcome. I'm an investor from the other side of the state in Clemson. You're in the right place. Bigger Pockets has LOTS of very good information to build your education base.

I'm sure your commercial experience will be a big help as an investor. Yes, it is a BIG difference buying for yourself than for others as an agent. But the analysis I use, for example, on smaller rental properties is just the same as an institutional investor who buys for cash flow on larger income properties.

So brush off your commercial knowledge, bolster up your courage, and go out there to buy some deals for yourself:) I think it's a lot more fun (and profitable).

Best of luck and let me know if I can help!

Chad

Hey Stacey,

I'm from Pickens County too over in Clemson. I do rentals, rehabs, and also teach some classes at the local REIA from time to time.

I recommend going to the Upstate CREIA meetings the 3rd Thursday of every month at the Embassy Suites in Greenville. I've been attending for 10 years and it's a great resource for everything - including hard money.

I personally don't use hard money, but I know Lima One Capital is local and doing loans to other rehabbers in the area. Google them and you can get in touch to find their terms.

Best of luck to you. Hope to see you at a meeting.

Chad