All Forum Posts by: Russ Scheider

Not true.  We make offers directly to listing agents several times per week.

@Chris Thigpen

 I put all my wholesale properties in Postlets and let it generate the Craigslist code.  This seems to save me a lot of flagging.  "Ghost Ads" get flagged nearly every time.  I wouldn't be surprised if a local competitor has a search alert set up that notifies him/her when certain keywords come up and then flags any thing with "rent to own" terminology.  I post "We buy houses - Cash" ads on Charleston Craiglist weekly and they are left alone.  BTW, I am going to organize an investor's happy hour in  the near future.  I will make sure you get an Evite.  I am thinking September 15.  There are 60 local investors on my guest list, no idea how many will attend.  Keep in touch!

We live in Mt. Pleasant and work the tri-county area.  We are rehab/flipping and wholesale/flipping.  Favorite areas to rehab are James Island and West Ashley.  We have also done quite well in certain areas of North Charleston and Summerville.  We have done well wholesaling all over the tri-county are.  Our business is approx. 50/50 split between rehabbing and wholesaling.

 We don't plan to buy-and-hold any SFRs in the near future.  We are planning to acquire a medium-sized multifamily in the next year or so.  We will be searching the entire state of SC and NC for a 20-30 unit building.  If you see a great deal pop up, let me know!  

@Jason Hatfield What is BRRR?

If anyone on the site is fearful enough to sell off their coastal properties at pennies on the dollar, I am buying!  

2 of my Charleston investor friends run secondary operations in Florida.  FAR more deals in Florida, but our margins are a bit better in SC.  Not a very scientific study of the market, but that is the info I have

@Jason Griffin

If there is a listing agent on the property, I would call him/her and ask if you can make a direct offer through the listing.   The worst he/she can say is "no".  Then you must go through the auction website process, which is a shot in the dark in my experience.

IMHO, it is alway beneficial to speak with a human being and let him/her know that I am a real person who buys local real estate on a regular basis. If we can't make a deal on this property, perhaps he or she will call me when the next good REO comes along. Good Luck. Persistence pays!

@Wayne Brooks  I agree.  I attended our local live auction at the courthouse this week and sat right next to the attorney who represents the banks.  I was able to look over his shoulder and see his notes "Minimum bid" and "Maximum Bid".  When a property hit the maximum bid, he let them go.  It is a fair process in my opinion, whether online or live.

@Prag Patel makes a good point.   Happiness must come first.

 On the other hand, Greenville is a pretty cool town. 

As a full-time cash buyer in Charleston, I must say that it has become SIGNIFICANTLY more difficult to find good deals over the past year. BUT,  My attitude is "When it gets harder, we must get better at it!"  We are pretty successful with rehab/flip and wholesaling. The key is having a system and a team.  Consistent effort and a heaping helping of Hustle gets it done. Oh, and "Cash is King".  I recommend you find a source of cash.  Hard Money, Private lender, line of credit, etc.

Cashflow properties are extremely difficult to come by in the Charleston area.  Charleston rental rates where working people live (off the peninsula/away from the beaches) are similar to other parts of the state, but the cost of acquisition is much higher.  For example, I am presented with "deals" every week that look something like this "Steady rents at $800 per month, priced to sell at ONLY $89,900, needs paint and carpet".  Contrast that with @Jason Hatfield's example in Greenville, or properties in St. Louis, or Ft. Wayne, etc. Where we can purchase a performing rental property producing $800 per month for $40-50k.  These deals existing in Charleston, but when you see one, you better not hesitate, or it will be gone!!

@Melissa Searing If you make the move to Greenville, please let me know.  We would like to expand our business into the upstate.

Welcome, Ashley. I wish you great success!  When you find some wholesale deals in Charleston, Berkeley, or Dorchester counties, please let me know.  We have funding in place and are looking to buy 3-4 houses per month.  Keep in touch!

Welcome to BP.  Great info on this site.  Lots of good people, too.  I buy and sell Charleston area properties as wholesale prices.  We also do rehab/flips and other types of investment.  Please reach out to me with your contact info if you would like to keep in touch.