Just Closed 11.33 GRM Duplex in Melrose Heights, Columbia, SC!

[Brian Poirrier]

Investment Info:

Small multi-family (2-4 units) other investment in Columbia.

Purchase price: $302,500

Exclusive Sellers Agent on closed highest recorded current GRM for MFR in Melrose Heights

What made you interested in investing in this type of deal?

This was a very interesting deal with oversize units, a lot of upside on the rents, great bones and ATI tax savings.

How did you find this deal and how did you negotiate it?

Been in talks with the seller over quite some time and when they were ready, after revisiting the financials, comps we hit the ground running, shopping off market for a bit and then full marketing of every site at our disposal. When it came to negotiating we were very firm but fair on the price and had disclosed a foundation report prior to the offer. The buyer attempted many repairs or a larger than fair credit over the foundation but we didn't budge as we also had full price back up offers.

How did you finance this deal?

Buyer used conventional financing at 25% down, which is the minimum for MFR.

How did you add value to the deal?

The most important component was vetting buyers as I generated a ton of interest. inquiries and showing requests but don't waste my clients time with every single one. Learning the buyers experience, obtaining POF and a pre qual was key.

What was the outcome?

We closed on schedule and with minimal headaches for my client. I would say everyone come out of it very happy with the process and resolving their intended goals.

Lessons learned? Challenges?

I don't usually lock in buyers to contracts as being a small town and really in any market size everyone knows everyone but the buyer brought in another agent last minute after a lot of conversations and meeting at the property. We were able to come to a fair and quick agreement due to the situation but otherwise with the marketing, negotiation, process etc it couldn't have been more flawless.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I will continue to be the best and work the hardest for my clients when it comes to Columbia MFR. Not only will I get the best price but vet the buyers qualification and seriousness in order to close the deal. In order to achieve that I will highlight the story of the deal along with analysis and better marketing than other agents.