All Forum Posts by: Greg Rusianoff

Only in SC so far.

Hi I've been moderately successful as a rehabber and looking to make my first foray into development. I have a plot of land to build on. Still doing lots of research, but I'm wondering: 

What has been your experience in construction costs on a per square foot basis? I would like to know the range that's out there. What does the range depend on?

That's how I got into real estate. I've borrowed money from friends and family to invest in tax liens. The biz has been very kind to me and I have made a profit on every property that was deeded to me. I basically started out w/100k and currently my portfolio is worth around 300k. Best part is all properties are free and clear and kicking off a few grand in rent every month. 

However, as others have noted, institutional investors are changing this marketplace. The last couple years auctions have been hyper-competitive. Investors are searching for yield anywhere they can get it. I'm looking for other avenues of RE investing, until the market improves. Probably worth taking a look after the next stock market crash/correction.

What's the most you've made flipping a house, including all the rehab and legal costs?

Please give some details for the rest of us - what kind of house was it and where?

That's very informative. Thanks. Big fan of tax sales. They're good if you're not afraid to get your hands dirty. 

Wow congrats! You can't go wrong with this one at that price.  I've been interested in PA tax sales. What government entity handles the tax sales in PA? Isn't it run by the sherriff of each county? 

Who owns the other half? 

I'm thinking of buying a wooded lot next to major road in South Carolina, clearing the forest and building on it. 

For anyone who may know about these topics, what steps are involved to clear trees off land. I know that SC's timber industry is quite big. Not sure if there are any limitations to how much trees you are allowed to clear - maybe there are quotas like in hunting... What permits would I need to apply for?

I would appreciate any insight to anyone who has done this in any State. I bet the rules are similar from state to state.

Thanks for the advice guys. Sounds like the thing to do is get the VIN and contact DMV. I'll let you know how it goes.

There's a car on one of the lots that I acquired from a tax sale. It's an old Chevy Impala and had all of its wheels taken off.

The redemption period has passed and I own the deed to the property. It is my understanding that everything that is on that lot belongs to me.

However, the issue with a car is tricky - it's not like most property since it has a title.

How do I go about getting ownership to the car? Am I within my rights to just scrap it?

When I was 26, my first purchase was a mobile home for $4,200. It was sitting on a lot owned by someone else, and I was hoping to make a profit from renting it out at a higher price than my lot rent.

The lot rent got to be too much and I had a ton of problems with my 1st tenant, but it was a real good learning experience. I lost money on renting it out, however, I made it back when I sold it for 6k. Kept on saving money from my job and so far built up a portfolio of 6 homes. 4 of them rented out at an average of 600/ month, so that's 1200 per month income using 50% rule. Rehabbing 2 more.

With your 4k, I would keep on saving until you get about 10k, and then use that as a downpayment for a rental or a flip. Go for 2-3 bedroom houses. Those are the easiest to rent/sell.