Bought an investment property that turned out to have a lot of problems and required a complete rewire and more. When we were done it turned out that we had a lot of metal scrap to get rid of. A friend of mine told me about SMC (Southern Metals Company) on Donald Ross Rd. here in Charlotte NC which is a metal recycling center that pays cash for various types of metal scrap.
So I decided to take an old U-Haul truck that we used for carting away debris and loaded all the metal scrap up into it and took it to SMC. When I got to SMC they were very nice and polite and were mainly interested in the copper that I had. Apparently copper pays more (much more) than most other metals. It must be the copper’s doing really well on the stock market or something.
Well I am glad that I didn’t just take this stuff to the landfill like I usually do with most debris from these foreclosures and other investment properties that I buy from time to time. It turned out that the scrap metal I had was worth $2100! I wish I had known this before because I had done similar cleanups on at least twenty previous investment properties – some were much larger like run down apartment complexes and these probably would have yielded $10,000 or so at the current values of the various metals!
The guy’s at SMC told me that a lot of the scrappers locally go to the landfill to pick out the scrap metal that others, like I did previously, wastefully dump there. It omits some of the scrappers makes six figures going to the dump every other day or so to pick up scrap metal. I didn’t know there was so much scrap metal out there and such a market for it.
Well, anyway back to the guys from Southern Metals Company here in Charlotte, they were very nice and knowledgeable and gave me cash on the spot for my scrap metal. A few more visits like this and I can buy another property that i will similarly fix up and rent out. My secret is I buy houses that are absolute crap that no one wants for pennies on the dollar. Then I fix them up and turn them into rental positive cash flow generating machines.
Now with SMC and the prices that they pay for scrap metal this will become an even more profitable venture for me. If you have scrap metal and want to convert to cash with some really nice guys I would deftly recommend Southern Metals Company (SMC).