All Forum Posts by: Brad Braun

To me, this is a dirty trick. Although there's nothing illegal with offering too much with the hope of it not appraising.  It is however not in your clients best interests in my opinion.  Unless you are the client who enjoys grossly overpaying for your next home, find a new agent.  I live in the one of the hottest markets in the US, with homes under 200K consistently bringing 10 over list offers on the first day.  It's that hot.  I still on Friday helped a client negotiate a home under asking that appraised for $20k over our negotiated price, and that was in a competing offer situation.

Offering too much on a home is not the way to go in most circumstances.  If it's the only home on the market that you absolutely had to have and you had unlimited funds, go for it.  If not, find a new agent.

Welcome!  You're certainly among peers here at biggerpockets. Stay tuned, listen, and communicate.  That will help you as you move along.  

My mentor always said, "if you want to be successful, find someone that is and do EXACTLY what they're doing."

Congrats man!  That looks like a super professional flip and you've done a great service to that home!  WTG!!!

To piggyback what's been said about Downtown Charleston: Here's a good article explaining the current state of Downtown STR's STR's artice Post and Courier

 Depends on several things, budget, your lifestyle, etc.  For example, we have several beach front homes that were purchased specifically for renting to short term renters, the larger of these homes command $10,000 per week in the peak season.  We also have 2 and 3 br condos that a two blocks from the beach that rent for considerably less (and cost a 1/3 of the price of the ocean fronts),   if you're specifically looking to fill it with vacationers, I would recommend looking at Folly Beach, Isle of Palms, Kiawah Island, and Edisto Island in that order.  The Isle of Palms has the most accessable beaches and is commercially the best to offer your renters amenities. We have several homes on IOP that are not ocean front but close to the beach and they are rented a year in advance.  Stay off of Sullivan's Island as they have passed an ordinance not allowing any new short term rentals.

You can find deals on properties and there are many homes/condos for sale in the areas listed above.

Second option I'd recommend is Downtown Charleston,  there is a thriving short term rental business downtown, although not always for the same reason as the beach-goers.  Downtown is centrally located and easy to get to all the touristy spots and you can always fill your home with short term renters well in advance.  

Most of the owners we manage only visit their investment properties once or twice per year and rent it 90% of the time, this is quite normal for out of state investors in Charleston.

 Flat fee brokers account for around 2.5% of the market share in my market.  Hardly going to 100% anytime soon.

In Charleston, in most areas, SFH's are renting for over $1000 now. There are a few pockets left where you can find rent for less than $1k but it's getting harder. We have an inventory shortage like none other and this is driving up rental prices. Right now we are adjusting our own rentals to reflect market conditions as we found a lot of our properties are under-priced. Some of the better areas for rental homes in the area are Goose Creek, Ladson, Summerville, and Downtown.

I would say this, find a cold dead real estate market. One where there's hardly any investment money and then try to get in before the wolves show up. There's no such thing as a wholesale deal in my market because there's 1000's of investors with cash in their pockets looking for the same deals.... oh and stay off the MLS, there's never any wholesale deals on an MLS, not in a major market anyways.

If I had your offer with a dollar for earnest, I would (depending on market conditions) hold out for a more serious buyer.  No offense as I'm sure you're serious too, but someone who brings $1000 or  $2500 to the table is going to attract my attention more than a buck.

I feel they have not peaked.  It's Sept and there's generally a slow down from here til Feb, but I have to feel, that at least in the Charleston, SC market, that we have another few years of pricing increases ahead of us.  We are in an weird market here though.  56 families per day are moving to the area and construction cannot keep up with demand.  As long as there's inventory shortages, there will be price increases.