All Forum Posts by: Russ Scheider

@Jay Hinrichs

There is no such thing as bad press, right??

Charleston is definitely a good place to be right now, especially on the new construction side.  We are investigating land development more every day.  The existing home inventory is so low that new construction is the logical way to go.  We are still able to find a motivated seller with a shabby house here-and-there, but not like last year.  Somebody moved the cheese!

@Steven Clarke

  I sell 1-3 wholesale properties per month in Charleston.  Also looking for properties to rehab and multi-family rental properties.  Please send me you email address and phone number so we can keep in touch.  I will be happy to do the same.  I can also introduce you to a local investor's networking group that is under the radar.

@Prag Patel

IMHO, Charleston is a 97% seller's market right now, which is a good news/bad news situation. As you know, inventory is extremely low, making it difficult to buy properties at a discount, but that low inventory makes it relatively easy to sell rehabbed houses or new construction.  We have a system in place that kicks up good deals and that system is keeping us growing and thriving.  We are also finding that we can pay a bit more this year than we did last year, and still post good profits, due to low inventory and rapid appreciation.  The fact that we are in-and-out of our properties relatively quickly protects us from the downside.

@Jay Hinrichs  has pointed out repeatedly that buy-and-hold is difficult in our market because our rents are low relative to the cost of property, and our taxes are relatively high. Our saving grace on the buy-and-hold side is solid, reliable appreciation.

I don't know Detroit personally, but I recently spent 3 days at an investor's retreat with 2 big players from Detroit, and based on their instructional presentation and dinner conversations, From what Robert & Frank shared with us, the situation in Detroit couldn't be more different from Charleston.  These guys are wholesaling properties 20 at a time.  I learned some excellent "mindset" lessons from these colleagues, but the buying and selling strategies they use are pretty ineffective in my home market.

As far as books go, I prefer "Mindset-changers" rather than "How-to" books.  "The Law of Success" by Napoleon Hill is a game changer.  "The Magic of Thinking Big"  "Go For No" "Who Moved My Cheese" are all favorites.  I am reading Tony Robbins new book right now "Money, Master the Game" (or something like that).  I am only 2 chapters in, but Tony is already changing my mindset.

@Jay Hinrichs

Thanks!  I am here for you if you need anything.

HEY!  @Jay Hinrichs.  Stop encouraging investors to move into my backyard! ;-)

We are looking for a full-time buyer.  Not sure that it would work on a part-time basis, but we could explore possibilities.  Give me a call if you would like to discuss.

Welome Joseph,

My wife and I are full-time investors in Charleston.  Let's talk about how we can work together.  I look forward to hearing from you.

Dumb question, I suppose, but - do you pay the $497 HOA, reducing your cashflow to $428 or does the tenant pay the HOA on top of the rent?

I can see the listing now.  Looks great!