MLS is stressful but offer accepted!

11 Replies

After a stressful couple of days, my offer was accepted on 2 duplexes in Columbia, SC.  I'm just waiting on the final offer paperwork to start lending process.

Half my units have come from off market sources and half have come from MLS; however, my MLS purchases have been for the most part aging listings which little competition. This time I saw 2 duplexes owned by the same person post to the MLS Wednesday. I am in South Carolina and the remains of Hurricane Michael came right over us, schools were closed and everything, on Thursday. I called my agent on Thursday about viewing and making an offer.

She calls me back to tell me there is already 2 other offers.  As the units are all occupied, I know the other offers were made without viewing the place.  I have 5 properties in the zip code of these duplexes and I have been in the neighborhood and looked at 2 houses a few blocks from these in the past. Needless to say I know the area. 

With gale force winds outside and an hour and a half drive one way, I opt to bid without even driving by.  The next morning, my realtor gets 2 calls from the sellers agent.  First to ask about the strength of my financing. The second was to ask about how firm my offer price was.  I go up $5k at this point.  My realtor says 1 offer is cash and figures if we lose out it will be because its a cash offer and not price.  Friday night the seller comes back and we agree to go up another $3k as our highest and best.  I call my agent this morning.  The offer was accepted but she was waiting on the paper work for it to be official to let me know.  I am planning to go view it during the inspection once setup.  

I agreed to a 30 day close.  So, by Nov 15th, I should have 4 more cash flowing units and will be over 70% of the way toward my cashflow goal.

Congrats. I’ve heard Columbia is a good market. I would like to find some properties down there close to campus, just have moved to that stage yet. Nervous about rentals a hour away. 

Originally posted by @Will Gaston :

@Anna Buffkin congrats! Are these in Rosewood? I believe you already own few in the area?

Thanks. These are off of Broad River near Nunamaker.  While I do have property in Rosewood and Irmo, I have been buying a lot in the 29210 zip.  

I have had a lot of success with single income families and single moms making a living slightly below the median household income. As such I am shifting my strategy to buy in the more affordable housing space focusing on the Broad River/ Bush River area and Friarsgate in Irmo (for the schools). These duplexes will make 9 units in the 29210 zip.

Originally posted by @John Hovanec :

Congrats. I’ve heard Columbia is a good market. I would like to find some properties down there close to campus, just have moved to that stage yet. Nervous about rentals a hour away. 

 You and everyone else.  Joking.  Rosewood, the most desirable area near the campus, is red hot!  

I am closer to Greenville than Columbia, but my husband is from Columbia and I lived there for years.  So, we go with what we know.  I see you are from Piedmont.  Are you investing anywhere in the Upstate?  

Yes I’ve flipped a few in piedmont, just finished up a rental in Williamston and looking for what’s next. I like to stay within 30 mins from home but know I need to branch out. 

Originally posted by @Andrew R. Lucas :

Congrats @Anna Buffkin!  I assume that you got Apple Valley properties.  I was working towards an offer on them.  Speed wins every time.  I'm glad you are not afraid of that area.  Rent rates are great there. 

Yes.  It's the 2 on Apple Valley.   

Most anything west of the river is ok to me.  I refuse to cross the bridge in the 29203 zip though.

Amen on 29203 @Anna Buffkin . I would never recommend that zip code even though there are a handful of decent pockets. There is money that is made there but only those with very specific local knowledge and a very tough property manager. I've had plenty of out of state investors PM me about that zip code and always tell them to RUN far away from it!