All Forum Posts by: Tim Schmitz

Hey Michael,

I've lived in Charleston for 15 years and have just started buying and holding rentals.  So far, so good.  I haven't bought anything yet that doesn't cash flow.  One thing I should tell you, is the greater Charleston area is a mixed bag and you really need to scope out each neighborhood/market to make sure it will hit your target.  There are many run down areas that offer great cash flow but limited equity.  These are also areas where you will have more problems with tenants.  Other areas are a good mix of CF and equity.  So, best of luck and feel free to contact me anytime to discuss further.

Tim

Patrick,

I have gotten great service from Zach Larichiuta at Prospect Mortgage, [email protected], (843) 469-9010.  The last two loans I got were processed in less than 3 weeks.

Tim

David,

My agent has been the best at finding buy and hold property that perfectly fits my target numbers.  Tell him I sent you. 

Bryan Hammond,

Tim

Hey Charles,

Welcome to PB.  I really think you're going to like PB and the great folks that participate in the boards.  I know I have learned so much here.

I have only just started down the REI road about a year ago and I have taken the Rich Dad Coaching course, so please take my advice with that in mind.

First thing - use as little of your own cash as possible.  Let the bank pay for most of the property while you control all the property.  

Second thing - I have had great success buying HomePath foreclosures from Fanny May.  They are only 10% down and the loans go through fast, if you have all your financial info ready up front.  Find the one you want on the HomePath web site.

Third thing - Do your calculations!  You can use the PB property analyzer, it is pretty good.   But, there are others out there.  Get quotes for insurance, figure the actual taxes, etc. to get as accurate expensive data as you can.  The "sweet spot" is not always where you think it is.  The cost of the house is NOT proportional to the rent you will get.  Do NOT buy anything that will not cash flow the day you rent it.  The neighborhood makes a lot of difference.

Forth thing - Get a good team.  For your loans, contact Zach at Prospect Mortgage.  My last two went through in two weeks!  If you need some references, go to my web site for a great RE agent and mortgage company: MarshlandInvestments.com

Let me know if there is anything else I can do and best of luck.

Tim

I just formed Marshland Investments, LLC in January. I've started with SFR and trying to work my way up to multi-family. You know, the old trade 4 green houses for 1 red hotel strategy. I am also looking at some business investments. Please check my web site at www.MarshlandInvestments.com

Tim

Welcome to Charleston and to BP Laura.  Let me know if I can help with anything.

Tim

Kevin,

Welcome to Charleston.  The market is great here right now.  Let me know if I can be of any assistance.

Tim

The online version of QB has "property" classification as well as class. 

Welcome to BiggerPockets Marcus. I think you've come to the right place to learn to be successful in real estate investing. And, you live in one of the best markets in the US, so great place to start. Let me know if I can be of assistance.