All Forum Posts by: Russ Scheider

@Jonathan Twombly I just read your blog and signed up for your newsletter.  Good st

@JD Wolfrey we run a radio ad that reaches from Charleston to the upstate.  We recently received a lead on 2 properties in Belton.  If you would like to work these leads with me, let me know.

@Melissa Searing Excellent answers from @Jay Hinrichs & @Charlie Fitzgerald.  If you would like to verify further details with a local RE attorney, I can give several contacts.

@Michael Kelly I am also interested in vacant property in the Charleston/N. Charleston market.  I will send you a private message with my contact info.

@Sharee Mason Welcome to BP and welcome to the Charleston Area.  

@Arn Cenedella Welcome to Bigger Pockets.  This is a great investor community.  I have a property near Greenville that may interests you.  Send me a message for more info.

@Sharee Mason and @Aaron Sizemore we will have another Sunset Happy Hour investor meetup in the Spring. 

@Victor Webster  I have a property for sale near Spartanburg at a wholesale price if you are interested.

@Victor Webster  I steer clear of condos for several reasons. 

1. It is likely that the HOA is involved in lawsuits. If there is no litigation in process, there is a good chance of litigation in the future. People love to sue HOA's. These suits can be a minor annoyance or a major financial issue for the property owners. The first thing I do when considering a condo deal it ask about present or pending litigation.

2. Unless the majority of your complex is Investor-owned, the HOA is run by homeowners/residents who look at the overall property very differently from the way cashflow investors look at the property. If the HOA votes for a complete makeover of the common areas and raised the fees to $600 a month for 5 years to pay for it, you only get 1 vote. You are at mercy of the HOA, unless you can find a way to control/influence the HOA. It pays to take a look at the meeting minutes from the last few HOA board meetings to determine whether fee increases are being considered.

3. Unless the condo is beachfront or in some other highly-desirable location, appreciation often lags behind SFR's in the same area.

You may have experienced these same issues in your commercial RE business, but I find that homeowners are often far more emotional and irrational than business owners, making HOA's very unpredictable.

@Joshua Shockley  I am a full-time professional investor in Charleston, SC and my team is starting to look for deals in Columbia, Greenville, & Spartanburg.  I would recommend that you study the resources @Steve Smith mentioned.  Read "Rich Dad/Poor Dad" and "The Cashflow Quadrant" and then call me with any specific questions you have.  perhaps we can work some deals together when you are ready.