All Forum Posts by: Ryan Copeland

Man that was a really nice property for $23,000!! Are there still similar deals like that there?

Thanks for the feedback @Frank Chin. It is really insightful. The property I called about is ideal too.  Any ideas as to how to possibly find the right owner?

Hello BP,

I have been trying to identify deals in the Columbia SC market for months now. I started off on the MLS and in the past couple of months I got on a few wholesalers lists. These are the challenges I'm finding in this market.

• Low priced properties are in low rent areas
• Wholesalers have discounted deals, but now low enough to BRRRR
• Higher rents & good tenants are in the key school zones, but all of those properties are too expensive for REI
• The non-owner occupied taxes (3x residential) will kill a deal
• The listed MF properties have a high asking price, lots are really old (60-100 yrs) and either will require a ton of work or if the work is done, the asking price is significant.

For those of you out there who are currently investing in this market, how are you finding deals?  In the past 2 weeks I've started driving for dollars and I'm cold calling owners (no luck yet). I'm looking at the wholesaler deals, but I haven't seen anything that fits my criteria (or most anyone's from what I can tell). I'm using the BP calculators and after running the numbers the properties don't even warrant an offer.

I'm just looking for some insight here. I'm hungry to gain success in REI and won't stop til I meet my goals, but geez...this is feeling like a hard battle.

@Bryen Blankenship I was recently looking at a duplex in Old Shandon. Can you share the address of the one you were looking at?

I went driving for dollars over the weekend and added a few properties into the Deal Finder app. I did a skip trace today and got the info for one of the owners. She and her husband came up in the skip trace.

I called the mobile number provided, the woman answers. I told her I drove past her property and was interested in buying.  She said that she didn't own any property in Columbia. I told her the address and she said she didn't know the address.  I said okay, thanks for your time and ended the call.

I then went to the county assessors website and look up the property.  Behold, there is her and her husband's name right on the county assessors website.

Has anyone had this happen to them before?

@Marsay Winder how much are you renting each side for?

@Marsay Winder I just heard your interview on The Real Estate Rookie.

Does the 6% non-owner occupied tax apply to the entire state of South Carolina?  

@Kevin Jackson how many leads have you tried to contact? What would you say the accuracy percentage is?

Also, if you think about it they're just aggregating data from various sources. As I think through it, I wouldn't expect a super high accuracy of the phone numbers and email addresses.

I went back in and changed the purchase price to 65k, added in all of the soft costs and did a cash out refi at $97,500.  For the deal to work, I would have to get the property at 65k.