All Forum Posts by: Joseph C Schmitt

@William Stewart Before we got into the long weekend I wanted to confirm that the event hasn't been updated for this Tuesday. I'll keep an eye out in future months so I don't make a false trip next week. Have a great 4th everyone!

@William Stewart @Ryan Bergeron Hey guys I wanted to follow up per my feedback from Matt. 

"REIA meetups are on Meetup.com app and take place on the first Tuesday of the month at rotating locations."

I found a few groups on Meetup but I believe this is the one he's referring to:

https://www.meetup.com/Horry-C...

I'll likely be at the next one once they post more details. I'll be in the area that night, if you're looking for more deals definitely DM me and we'll plan to connect while I'm in Myrtle. Cheers!

Hello all! I wanted to reach out prior and confirm that this group is still meeting? Please let me know of any groups local to the Myrtle Beach area if available. Everything in BP for this market hasn't been updated for a while.

I am researching different MLS markets in cooperation with Investor/Agents. My goal is to identify ideal markets by connecting with licensed MLS users, and discussing their MLS platform features with the eventual goal of adding value as an Agent's Assistant. I am a Data Scientist by trade, and can identify discounted properties by comparing active listing prices to sold data within the last year.

Reaching out to anyone in any market interested in connecting to discuss whether your market would be of interest for my next project. We cannot help each other if you do not have legal access to an MLS, my eventual goal would be to become an agent's assistant in your market and can only partner under one license per MLS, and it will be an equally beneficial introduction prior to discussing a permanent relationship where we can both learn about your market.

Hopefully I've phrased this well, I'm looking for help researching prospective markets throughout the US. Please let me know if anyone is interested in connecting.

Thank you! Cody 

I currently live in New York, my network currently targets the majority of sellers using Direct Mail campaigns.  South Carolina has the following law: PURSUANT TO S.C. CODE §30-2-50, OBTAINING OR USING PUBLIC RECORDS FOR COMMERCIAL SOLICITATION DIRECTED TO ANY PERSON IN THE STATE OF SOUTH CAROLINA IS UNLAWFUL, AND IS PUNISHABLE BY A FINE OF UP TO $500 AND IMPRISONMENT UP TO ONE YEAR, OR BOTH.

The only paid lists we generate are through List Source. If the rest are Lis Pendens and other Foreclosures, Probates, eCourt Files that are all public, does that mean that these lists are illegal to target in the state of South Carolina? Maybe my network is committing bad acts in New York and haven't known it.  Please let me know if this law is as bad as it sounds and what the limitations for this state are.  Thank you!

From what I’ve gathered, the screening laws are much less strict down south compared to the new laws that were recently passed in Upstate NY. Does anyone know of resources or classes that explain the local housing laws and screening requirements for Charleston SC? In NY there are classes offered by housing authorities, an equivalent situation for learning these things prior to screening with processes and systems catering towards NY laws would be great. Thank you!

Hi Mathew, Thank you for reaching out, this makes sense and answers my question! I ended up taking out the equity so that I wouldn't lose access, and have ways of offsetting the interest and look at it like an insurance cost. Thanks again, make it a great weekend! Cody

After recently refinancing a duplex, the remaining equity will allow me to open an interest-only HELOC with a maximum withdrawal amount of $21,300. The HELOC is fixed for the first 5 years and then it will adjust with prime, the draw period is 15 years, and the amortization schedule will be 30 years.

Since I think the market is hot/inflated right now, and inventory is low, my goal was to get a high appraisal, lock in a HELOC, and use it to buy properties at a discount down the road (assuming that prices will reset within the next 5 years). My concern is whether it is common for banks to have clauses in a HELOC product that will allow them to stop the draw period at any time due to discontent in dropping housing values. I worry that if we experience another market bubble like in 2008, the bank will assume that my property isn't worth the prior appraisal, and will try to discontinue the draw period in fear of not having enough collateral during a foreclosure. Is this common? If I can't pull it when prices drop, then this long term strategy will need to be replaced with a more immediate project.

Thank you for any thoughts, I am planning to close on the HELOC next Tuesday, 2/27/18, and will be reading the fine print for the loan in advance once the bank sends it to me tomorrow morning. Cheers!