All Forum Posts by: Russ Scheider

@Scott Winbigler LVP is a great suggestion!  I have used LVP on residential and commercial projects.   In my experience, LVP is extremely long-wearing, inexpensive, and very forgiving.  Great choice for renters, because a single damaged plank can be removed and replaced without affecting the entire floor.  

DO NOT put laminate flooring in a downtown property. Laminate floors don't do well in our humid climate.  Furthermore, old houses "breathe" more so than modern homes. Spring for prefinished hardwood flooring. The less expensive narrow (2 1/4") oak flooring in golden oak or gunstock is appropriate to Charleston and will expand and contract with the house in our humid climate.  You can have to prefinished floors re-finished for $2 per square foot in 3-5 years when they wear through. Much cheaper than putting in laminate and replacing it every 12-18 months when the tenants get tired of tripping over the raised seams and the surface starts to peel off revealing the fiberboard core. 

Welcome to BP and Welcome to Charleston.  There is a an active (competitive) investment community here.  Let me know if I can be of assistance.

We are experiencing steady population growth in Charleston. It is definitely a seller's market. The challenge we are experiencing in our market is very low inventory, making the buy-side of the business more and more challenging. Several of my local investor friends are leaving the flipping business to focus on new construction and land development. Bank-owned, Fannie Mae, HUD, etc properties are being snatched up by national buyers at 80%-100% of market value. Working with my realtor, I wrote over 200 offers in 2014 resulting in purchase of 3 houses. There are a few deals at the auctions, but the rest of our deals are being generated by grassroots local efforts.

If this property is 1 mile from the beach near Charleston or Hilton Head, this is a solid deal. Decent spread for our area.  We can't always get 2% and you are pretty close.  Appreciation is a reality in most of Charleston, but I would be extremely cautious with Hilton Head or Myrtle Beach.

If you decide to pass on it,  I would love to take a shot at it.  I will make it worth your while.  

If you decide to move forward, I may be able to help you get it done.   If this in the Charleston area, I can recommend professionals to help you.  Realtor, Attorney, etc.  Same goes for Beaufort County (Hilton Head Etc.).  I know these markets and I am happy to help you succeed.  I also have some good contacts in Myrtle Beach.

If you would like some local knowledge on your side, send me a private message.

I wish you success!

I second what @Jason Burr said. JUMP IN! Talk to some experienced investors at your REIA. Determine the correct acquisition formula for your market. Put something under contract! Give yourself 60 days to close, and either wholesale it or find the funding to rehab it. You will never learn anything valuable until you take action.

@Tradd Bastian 

The more work they need, the more I like it!!  I worked as a remodeling consultant for 24 years.  We can take on structural work, foundation repairs, termites, water damage, you name it.  I especially like properties that don't qualify for bank financing, leaving them available for cash buyers like me.  I will send you a private message to make sure you have my correct email address.

Hi Tradd,

We have spoken several times in person and on the phone.  I am looking to make a cash purchase this week and every week.  Please let me know what you have.

@Alistair Nicol 

Mt Pleasant is SUPER-HOT sellers market.  Use www.postlets.com to post your house FSBO. Plan to pay the buyer's agent 3% for bringing you a buyer, but this avoids the 3% on the listing side. You can also find a flat fee listing service that will put it on the MLS for a flat fee of $500. We use Gene Keyser of Charleston Saltwater Realty for our flat-fee listings on our investment properties. We live in Mt P and will be selling our personal residence in the near future, so I am very familiar with the market. If you send me a private message with your address, I will run comps for you to evaluate the price at which you should list.

@Jay Hinrichs I have lunch with 6-10 fellow investors every Wednesday.  Several of these folks are deep into the mobile home world.  I will pose the question and get back to you tomorrow.