All Forum Posts by: Jacob D Adamczak

I also disagree that off market it just a marketing term. You can search by keyword in Zillow as well -As an agent I have both zillow and MLS alerts as zillow and MLS both have different capabilities. A good investor agent that is plugged in with local wholesalers, is prospecting, and marketing on their own will have plenty of discounted off market opportunities that will have less eyeballs on them then the MLS. Still may be competition and multiple investors but certainly a good tool to have in the toolbelt.

@Allison Park We work with plenty of investors who are either agents themselves or dont want to sign a long term buyer agreement with one agent.  If they are interested in that property I have them sign a 30 day agreement for that property specifically. For me, If they buy with me and then sell with me when they flip it, it is totally worth the time/effort.  I disagree that good agents wont want to work with you or that you need to commit, you just need to find the right investor focused agent who "gets it"

@Dena Sommers I would be happy to help! We primarily focus on working with investors and have access to both on and off market deals. Feel free to reach to to me - 716-480-4212.

@Shayne Floyd also interested, just sent you a message but email is [email protected], would love more info.

@Jay Hinrichs Yes still good money in flips and new builds to be made especially with off market deals. Ive started buying my rentals in other markets primarily.

@Anne Christensen I am not finding them to cash flow unless you are finding a really heavy value add where you can be all in for 65% of ARV.

@Dan Rivers is a good investor agent very familiar with the Summerville area. As Patrick mentioned, I would be careful to be competing with the new builds and stick to more affordable price points or places with a large yard or no HOA that will appeal to a different group of people than the new builds will.

@Cody Lewis have you spoke to Mike Savage about his revenue management for STRs? He does this for mine for a low flat monthly fee and he really helps fill up the weekdays/off seasons and optimize booking revenue during the peak times.

@Reed Jackson Would love to chat with you about house hacking!

@Kyle McShea 
Question:

#1 What does a good Charleston deal look like?

- 20% equity after rehabbing
- 4% Cash on Cash return
- 5% Appreciation rate
Appreciation in Charleston over the last year was 9.8% 

Answer: If you are doing a heavy value add, you can certainly build 20% equity. I am buying flips at 70%ARV -repairs although I am looking at on market and off market deals and sorting through a lot of junk deals on a daily basis. I have built up a portfolio of (20, but 19 in CHS) rentals that I have a min 12% cash on cash return and 25% equity in. However, I started in 2019. It was easier then, but not impossible now. I am hitting those numbers now on a current project thats a very heavy value add multifamily in North Charleston. North Charleston is where I am finding you are most likely to find a cash flowing rental as it has a stronger rent to price ration than most other areas in town, unless you are open to STR's. I like to think of appreciation as icing on the cake. However, my next buy will be downtown or in surrounding areas in the city of Charleston as they have historically seen more appreciation, or to think of it differently, the 9% appreciation will result in a bigger increase in my net worth on a 500k property than a 200k property if the rate is the same. I also wont get to cash flow immediately on this like I have on my North Charleston rentals but am at the point that I'm trying to build a mix of both types of property.

I've also noticed West Ashley / Johns Island struggles to reach the 1% rule.

This is correct, direct to seller is the best way to find this or its pretty rare without a large downpayment or STR.

Are others seeing this as well or should I find an agent who is in the loop w/ off-market opportunities?
Or would I find better opportunities to reach the 1% rule in areas like Summerville / North Charleston / etc?  

I am an agent as well and would be happy to chat :)

#2 House Hacking Room Rental Rates (West Ashley / Johns Island)
I am looking to house hack and I would like to know what does the going rate for a 1 bedroom 1 bathroom usually go for?
I've seen a range of $1,000 - $1,300 based off Facebook Marketplace + Furnished Finder, but what are the numbers you are seeing?

A: This is pretty accurate from what ive seen, parking, access to a private bathroom are two factors that can help you push rents as well as the updates in the house. The higher you go, the more likely that they can afford a studio or 2 bed and dont need to rent a room.

#3 North Charleston areas to invest
I understand that Park Circle has been gentrified over the past couple years but it looks like it has gone through its up and coming phase. Does anybody have ideas to where other areas in North Charleston are gaining traction?

A: I don't see that Park Circle is done growing.  I think similarly about hanahan, west ashley, and Johns Island. Would be happy to chat to go into more details about subdivisons.

All in all, I think a house hack in a good area of town is a great bet to get started. I house hack now and its my favorite thing to help clients find.