All Forum Posts by: Russ Scheider

@Jay Hinrichs @Heather Angelo I am hosting an Investors Happy Hour at the Charleston Harbor Fish House on Sept 15. Inbox me your email address and I will send you the Evite. All are welcome. 

As with most things in business and in life, there is a right and a wrong way to work a wholesale deal.

I am NOT an attorney.  We have done wholesale closings with 4 different law firms in the past 6 months.  These attorneys have guided us to the "right" way to assign a contract in SC.  These attorneys assure me that our transactions are 100% legal.

My own love for people and underlying ethics are summed up in one of my favorite quotes "I will engage in no transaction that does not benefit all whom it affects" - Napoleon Hill, "The Laws of Success" 1929

A good, honest wholesaler leaves every party to the transaction smiling.  Our sellers are thrilled with the easy process I offer.  We pay their closing costs (in most cases), the sellers endure very few showings, no clean-up or repairs required.  90% of the sellers we work with have rejected the traditional process of working with a realtor or broker, or have been rejected BY realtors and brokers because of the condition of their property and/or their lives.  We have several realtors who recommend wholesale seller candidates to us because they don't want to deal with the difficult situations.  We compensate these realtors with listing referrals.  We have helped active drug addicts, extreme hoarders, and tired property owners of all types by contracting to buy their property and either closing on it and reselling with title or by assigning the contract.  I am very careful to explain the process to my sellers.  I explain that I am not an agent or a broker and that I cannot represent a seller, I can only represent my own business interests.  I explain the I will eventually assign the contract to a partner.  If the seller is not comfortable with assignment, we close on the transaction and take title.  When we assign a contract,  I stick with the seller and the end buyer through the entire transaction and I usually attend the closing as a friend to the seller and a friend to the end buyer.

We wholesale one deal a month on average and buy/rehab/resell 6-8 homes per year here in Charleston, South Carolina.  We love buying assigned contracts from wholesalers, and we love assigning to other investors.  A legal, honest, and open wholesale transaction is a BIG win-win.   

Welcome to Charleston

There is a very active REIA in North Charleston. I am also hosting an Investor's Happy Hour in September in Mt. Pleasant. Expecting a crowd of approx. 30 investors and agents. Message me with your email address and I will put you on the Evite list.

I agree with Bryan C.  At your age, house-hacking is the way to go.  Find a Quadplex, live in the best unit and rent out the other 3 for a few years.  "Go to war on your mortgage"   Use tenant rents and the healthy income you will receive from medical sales to knock that mortgage down.  Assuming that you get a decent deal when you buy and the property appreciates slightly while you live there, and you accelerate the mortgage payoff, you can then use equity from the quadplex to buy more income property and use your income from you day job to buy a nice personal residence in a few years.  Good luck!

Nice rehab, Nice profit.  Way to go @Chris C.!

I recommend Jim Algar of 843 Real Estate.  He grew up in Mt. Plesant, knows the market, and is a realtor/broker/property manager.  He helped my sister and her family find an apartment 3 years ago when they moved to town, and Jim just helped them buy a bank-owned house in June.   Great guy, great realtor, great property manager.

@Jay Hinrichs

When you mention the swath of semi-D properties between Charleston and N. Charleston, I assume you are speaking of Cherokee, Chicora, Union Heights, etc.  locals call that area "The Neck of the Peninsula" or simply "The Neck".  I spent the morning fishing yesterday with a good friend who is in escrow for a package of 75 of these properties on 70% owner-financing.  ROUGH area, but his property manager (also a good friend who I saw yesterday)  is up to the task.  He will have a weak-but-positive cash flow immediately and has a plan to increase cashflow over time.  He will be sitting pretty when gentrification sets in.  I am not in on the deal, but I am excited for my friends to score a good cashflow deal and a big property manangment contract respectively.   You may remember the package of lots I have been working on in Union Heights.  I have not gotten the seller to the right price yet, but I will.

@Jason Smith

 I will keep you in mind.  I have a lead on some land on Johns Island right now.  One of my colleagues had some land in Summerville last year.  Let me ask around and get back to you

Thanks @Jay Hinrichs

call me tomorrow during business hours. 843-302-1936. We can make this happen.  My wife and I have flipped 25 properties in the last 18 months. We have a system that works. We are hiring buyers. Call me.