All Forum Posts by: Patrick H.

Congratulations @Rob Wilson 

Welcome to the Forums!

Those are some good looking numbers. Sounds like you found a winner. What type of areas are you targeting? I would assume based on the purchase price, its either rural or in the hood. Are you managing it yourself?

Best of luck with it.

Great Job! Kitchen looks really good.

Ok, not sure why that confused me @Jay Hinrichs I  know you're Aiken St. House. I work nearby. For some reason I thought you meant you went to Aiken SC after Charleston. I'm really happy to see the East Side neighborhood coming along. I suspect it will be a completely different neighborhood in 5-10 years.

Thanks @Karen Margrave Hopefully my next project will fall into place soon. If it does, I'd be happy to post it.

Hi @Jay Hinrichs I appreciate the compliment. I was really happy with how well that project turned out. We didn't really have holding costs exactly. I partnered with another investor who put up the cash, so he had opportunity costs. Or I guess you could say I paid half the profit for the ability to do the project which is a holding cost of sorts.  Either way, it was well worth it for me. I can understand your apprehension about these old properties, lots are certainly easier/safer. 

I've never been to Aiken. I'll have to take a look. I've looked at some other markets in SC, but since I'm only looking at my second project I don't feel I'm ready to attempt a long distance one.  What other markets do you work in? 

This is a great idea @Karen Margrave 

I can't wait to follow along to all the cool projects and possibly post my next project. I'm a real estate voyeur as well.

Hey @Jay Hinrichs I'm a sorta newbie working in Charleston. I've completed one project on the peninsula and now working on my next deal. Can't wait to see your Charleston projects.  Here's a link to the one I did.  http://www.biggerpockets.com/forums/223/topics/135...

Good luck with Aiken street!

Congratulations @John Blackman and @Bryan Hancock on getting this deal together.

And thank you for sharing all of this information. This is an awesome thread and I can't wait to see how it plays out.

Good Luck!

Hi @Michael Marlatt 

Welcome to Charleston. Its definitely a great place to live. You've already gotten some good advice here. I agree with @Jason Shamis , you've got to watch out for the bad school districts.  If I were looking for rental properties, I'd take a hard look at the Summerville area. Its a great school district that still offers cash flow. Good luck with your strategy.

Hey @Patrick Bross 

Welcome to BP and to Charleston.  Its definitely a great place to escape from. I moved down here a few years ago from NYC for many of the same reasons. My wife has a lot of family from northern Virginia so I can understand your desire to escape. The traffic alone would cause me to leave.

Looks like you've got a good plan laid out for yourself and BP is definitely the right place to find the help you need. I'm a bit new to REI myself, but I'd be happy to answer any Charleston questions you have or at least point you in the right direction. I've completed one major flip and I'm currently looking for my next project. I'm also looking to purchase some rental properties in the near future. Again, welcome and good luck with your investments.

Hey @Russ Scheider How are the REIA Thursday meetings? I'm unable to make it to the Monday meetings with my current schedule, but have been considering giving one of the Thursday meetings a try. Are they well attended?

Hey @Troy Knight 

I know how you feel. I recently had to do this on an old house I was working on. It had an old metal roof over shingles.  You should check local building codes regarding this issue. Here is a quote from the 2012 IRC

R907.3 Recovering versus replacement.
New roof coverings shall not be installed without first removing all existing layers of roof coverings where any of the following conditions exist:

1. Where the existing roof or roof covering is water-soaked or has deteriorated to the point that the existing roof or roof covering is not adequate as a base for additional roofing. 2. Where the existing roof covering is wood shake, slate, clay, cement or asbestos-cement tile. 3. Where the existing roof has two or more applications of any type of roof covering.

If it were me, I'd probably remove the old roofing. It will allow proper inspection and repair of the existing roof and proper installation of the new roofing. 

Good luck with your rehab!

Hey @Nat C. 

I think if you simplify the whole plan, you can get everything in you want with plenty of space. That is, assuming the constraints of the existing are pretty minimal. It looks like they are since the plan seems to be ignoring the context for the most part. I had a thought about it and sketched it this morning since it was easier to draw than explain. I felt a little presumptuous just posting it here and tried to send it via PM, but the BP system wasn't working for me. PM me later and I'll send it to you if you'd like. Or I can post it here. Whatever you prefer.