All Forum Posts by: Russ Scheider

@Augustus Miller Welcome! I grew up near Harrisonburg, Va and I am now a full-time investor here in Charleston.  We do fix-and-flip and wholesaling.  Send me a private message if you would like to join my buyers list, or if you need help with any deals.  I only wholesale an average of 1 property a month, but my wholesales are DEALS!  I sold my last 3 on the very first day.  Let's get together sometime soon. 

@Account Closed Let's get together sometime soon.

@Rose Feng I will notify you when we get our next wholesale deal.  It looks like my wife and I are each going to get a property under contract this weekend, but I think we will rehab both of them. 

Hi Rose,

I am constantly working on rehabs and wholesale deals, but Charleston is such a hot seller's market right now that my wholesales are usually gone within the first 2-3 days.  I will let you know when I secure my next wholesale contract.

The rental market is strong, especially within easy driving distance of Boeing and the colleges.  However, competition for these rental properties has driven prices up rapidly in the past year.  Watch your cap rates carefully, because the margins have gotten very tight.

lots of opportunity in North Charleston, but please seek local knowledge.  Some neighborhoods look good, but are not, and some look rough, but are perfectly safe.  As with most cities, one side of a certain road or railroad track may be a decent neighborhood and the other side may have much lower property values.  

I learned the hard way that a drive through the neighborhood doesn't tell the whole story.

I am not a realtor, but I buy houses in Charleston, SC.  I can recommend several good realtors for the beaches of Charleston.  Contact me for more info.

Hi @Rickie Natividad I posted on one of your other threads. Welcome to the Charleston investment community.   I would be happy to help you in any way I can.  

Those numbers seem workable.  I am a rehabber and wholesaler in Charleston.  I don't buy/hold, but I am familiar with the numbers and I wholesale to landlords.

l would recommend you offer$35k - $40k to the seller in the first conversation.  If he/she does not bite, I would go back 1 week later with "if I could pay $45K would you accept my offer"  If you still get a "No" I would go back 1 week later with "if I could pay $48k, would you accept my offer"  It is a numbers game.  I find that it takes 40 offers to get 1 deal at the right price.  We rehabbed 10 houses in 2014 and wholesaled 4, working part-time.  This year my wife and I are both full full time investors and plan to do 18 rehabs and 12 wholesales.  To do these 30 deals, we expect to make 30 x 40 = 1200 offers, or 100 a month, or 20 a day (5 days a week)  Remember that some of these offers are follow-ups on previous offers, they are not 1200 separate properties.  A fellow investor in San Francisco recommended the book "Go for NO" to us.  It made a HUGE difference in my mindset.  Every NO gets me closer to YES!  I recommend this book to every investor.

I would love to buy some wholesales from you.  We prefer West Ashley or James Island, but we are rehabbing 3 houses in North Charleston and 1 in Ladson right now.  We buy anywhere in the tri-county area.  We pay wholesale fees with a smile!!

Let me know if I can help you in any way.

@Dev Horn  is right on!

@Kevin Samuels 

You can buy lists of all the cash buyers in your market.  Send them letters and build your buyer's list.  If you have lots of time and little money, you can find them manually buy scouring the tax records, looking for cash buyers in your area.  Attending local investors meetings is also a great idea.

@Nicholas Kral 

We do our own marketing AND buy from wholesalers.  I wish there were enough strong wholesalers in my market to supply me with 20-30 solid deals a year.  We could save a fortune on marketing and I am more than willing to pay wholesale fees!  On the flip-side, I have a decent side-business wholesaling the properties that don't fit my flip-formula, but are great landlord properties.  Lots of ways to skin the cat.

@Bobby Hornsby Send me a PM and I will give you contact info for a local mortgage broker who might be able to help you.

I have contact info for 2 local "skip tracers" in Charleston.  They are specialized private investigators who can/will dig up contact info for a small fee.  PM me and I will rummage through my notes and send you contact info.  

There are also multiple online services that will find current phone numbers for you.  I have used "Intelos" to find the number for the owner of a house off Morrison Drive in Charleston.