All Forum Posts by: Parker Stiles

Yea @James Spence, i'd stick with Colombia, SC since you're a lot closer. There are tons of opportunities up there. I'm sure Orangeburg as well. You just have to become a marketer to find them. Or pay a premium by purchasing off the MLS. Another way is to shop around for local wholesalers in those areas and get on their buying lists, but you have to be quick and know your criteria!

Awesome! Some advice, just get started somewhere. So many roads to go down. Just get out there, find some guidance and start making mistakes. (small ones if you can!). Also check out the best monthly meet up around that vince crane runs. Search FB for Atlanta REI Meetup.

Just learned about this. Looks like it was recently changed to 50% of the PP.

For the FULL FLYER CLICK HERE

8-Unit Multi-Family in an OPPORTUNITY ZONE

3310 Florida Ave. North Charleston, SC 29405

Rare opportunity to own a multi-family complex of this size in Charleston! This property is also located in one of Trump's "Opportunity Zones." We have been working on this deal for over 14 months, and finally have control of it. All units are occupied and on paper leases! There is a property manager in place, and the "Walk Score" is 73.

All units are 2/1, around 700 SF, & on leases! One paying $750/mo and the other 7 are paying $700/mo. I believe with a little cosmetic work during turnovers you can get this renting at $800 per unit for a total income of $76,800/year. The roof was replaced in 2004. About $45,000 was invested a little while ago in new appliances, new wood on porch decking and stairs, and some other interior cosmetics.

Kristopher, that sounds like a solid plan. Got to hold the rentals for the long haul, unless you find something with better returns! We have property in Charleston that we make available to investors like yourself. If you want access to those, PM me.

We wholesale in Charleston. 

@Arianne L. & @Chris Lemire first of all great story and thanks for sharing. It's stories like that which got me started, and made this "investing thing" doable and real in my head. 

I'd like to dig deeper in to your expenses if you don't mind. You mentioned above that about 50% would be your net. My net is 25% of our gross wholesales, and I'm only talking about wholesales here. So maybe that makes up some difference, but what makes up the 50% of your expenses?

When I close 100K gross in wholesales, its ends up being dispersed as follows: 25% after tax profit, 17% for taxes, 15% to my Acq Mgr, 43% for marketing/payroll/operating expense.

Yes @Jim Young your correct. I used to help Eli out with that meeting up in Canton from time to time and he handed it off to Jered Sturm who I think handed it off again? It's not at Ravinia any since that location kicked us out. Next meeting is August 29th at 7pm at the Ivy in Buckhead. I'll be at that one. Hope to see everyone there. 

ARV: $210,000 and Market Rent: +/- $1,650

Recently renovated home in a great area! Needs very little work. Hardwood floors. Roughly 5 years ago the HVAC, duct work, flooring, and sewer lines were re-done. Has shed out back. Owner is tired of renting and wants to liquidate. The home is vacant so come see it before it goes!

Pics: https://photos.google.com/share/AF1QipOxPZmcAuaj7G...

Hey Andrew, congratulations on getting started! It's refreshing to see someone DOING something, when so many others just talk talk talk. 

Yes... Get an LLC set up and call it something generic for your first few properties. Gotta protect you personal assets from being sued. You can do it yourself very simply. Just research it online. I think its $50/yr for GA, not sure for SC. Some have all their rentals under one LLC, and others like to split them up, like 2-4 properties per LLC. That way if one LLC gets sued for any reason, they are not all up for grabs.

No... In my personal opinion, I would not recommend a mgt company this early, as long as you have some handymen or contractors that can help you out along the way. My wife and I have 4 doors currently and she handles all the calls. It's not very much work. Just make sure to do any rehab on the front end CORRECTLY and not on the cheap. You will pay more in the long run, in money & frustration. We had a mgt company from the start and I fired them because they just charged too much for little things here and there, and it was eating up my monthly rent. Maybe once we get to 15+ doors we will reconsider hiring again. Until then, its not much work. Get a forwarding number from like CallRail or Google that you can give your tenants so your not giving out your personal.