1% Rule. Charleston Sourh Carolina
Is this rule still applicable in a crazy market environment like we are in right now. You can hardly find anything in Charleston SC for less than 150k to start. Anyone have any ideas or advice?
Most Popular Reply
Lack of 1% yielding inventory in the MLS has most of us screaming across the country. Both realtors and investors are having to get creative in finding sellers. If you are able to consider flips or BRRRR that has some better potential as the cash-rich buyers out there are typically shying away from "fixer uppers". Otherwise see about buying lists of people in mortgage forbearance, probate, divorce, expired from MLS, or FSBO > 30 days. Send the "golden letter" to each (hand written on the envelope and then a good pitch for why it makes sense to sell in this market, inside). There's also "driving for dollars" where you pick good neighborhoods and try to find houses that are distressed, and door knock those.