All Forum Posts by: Russ Scheider

@Misty Syts I can help you with South Carolina.  What are your goals?

@Spencer Spagnola   If you have good tenants in place paying market rent, that is definitely a selling point.  Most of the experienced investors I know are looking for a cap rate of 10% or above on a duplex, and will also want at least 20% equity (to allow for future re-fi). However, we may be able to sell a duplex at a much lower cap rate because it is a great "house hacking" opportunity for a new investor.  

@Spencer Spagnola  I am curious to see how other local RE professionals answer your question!  My crystal ball is in the shop and has been for most of 2020.  As you noted, inventory is remarkably low in the Charleston area and multi-unit inventory is especially scarce.  It is very difficult to say what will happen in the future when/if all the rent relief and mortgage forbearance measures end.   Appreciation is always hard to accurately predict, and 2020 presents conditions that are uncharted territory.  There is no question that I or another agent could sell your duplex for you now at a high price. (call me if you want to sell).  Betting on appreciation is a dangerous game.  The real question is "What would you do with the money from the sale?"  Do you have your eye on another investment that provides more opportunity or a better return?  Are you inclined to hold cash and wait for the next downturn?  The general consensus is that there is going to be an influx of bank owned properties at nice discounts coming into the market in 2021, but none of us know for sure.  

@Ross Bowman Follow REI-Central on FB for updates. We have an email list, but we typically add people to that list after their first meeting.

@R.J. Noon I wholesale in Charleston. All day, every day.  I enjoy working with new wholesalers and getting you off on the right foot.  Please contact me so we can talk.  Thank you @Danny Randazzo for the mention!

@Ross Bowman we hope to start up REI-Central again in September. We had some GREAT meetings before COVID. Best meetup in town by a long shot

@Rene M. Welcome to Charleston. Sorry you had a bad experience. If I can help in the future, please let me know. I am an investor-focused realtor. My ex-wife has an airBnB in Mt. Pleasant. I managed it for 3 years before our divorce. She was shut down by the city for not renewing the business license and now there is a waiting list. Mt. P is only allowing 1% of residents to operate STR (short term rentals). James Island and City of Charleston (including West Ashley) can present similar challenges as you know. For my money, North Charleston is the place to buy STR right now. My broker successfully operates one in Park Circle, and another close friend has two in Charleston Farms and one between Charleston Farms and Park Circle. Let me know if I can help you in any way

@Nick Webb 

I love this discussion.  "What we focus on expands"  It's easy to get caught up in the what can go wrong and miss out on what can go right.  I have to make a conscious daily practice of asking myself "what can go right?"

1.  COVID-19 has caused some cash buyers to become cautious, especially the buy-and-hold crowd.  I pivoted my wholesale business more toward fix-and-flip cash buyers and have worked hard this year on building mutually-beneficial relationships with a few serious cash buyers.  Specifically downtown buyers.   

2. The local market is HOT.  I have shifted my focus from cash-offer-or-nothing to "how can I solve this seller's problem?"  After 6 years full-time in flipping, wholesaling, and short-term rentals, I added my RE license in 2019.  This year I am offering sellers the option of trusting me to list houses for them and use the marketing, sales, and negotiation skills I have acquired in my private RE business to help these sellers sell at retail.  The "how can I solve your problem" has also resulted in 2 sub-to deals this year.

3. As a result of the hot market, finding houses to flip is difficult. I won't stop flipping SFR's, but I am spending more time analyzing other property classes and have wholesaled a mobile home park and some vacant commercial land.

Thanks for starting this discussion.  Let's work together on something soon.

@Parker Stiles thanks for the shout-out! @Frank Cesarone, welcome to Charleston!  @Troy Gandee and I are here to help you meet your goals.

@Lauren Salvani I can recommend 2 local electricians who are proficient and inexpensive