All Forum Posts by: Chris V.

We noticed a house in our neighborhood had a yellow paper taped to the front door for a few days, and it doesn't look like anyone's living there now. We live in a quiet, safe and affordable neighborhood. I'm interested in trying to buy the house. Any issues you guys see with owning a rental in your neighborhood? Also, how would I go about asking to buy it before its foreclosed? Drop a note in the mailbox? Does that even work?

I assume that whatever we offer will likely get declined, but just thought it'd be a good chance to try something that makes me hella-uncomfortable, and that is trying to buy someone's house who hasn't listed it for sale.

Thanks in advance for any thoughts/experience, and hope I don't offend anyone.

@Mike Flora The seller does pay the commissions in SC. Good point. I guess I assumed the seller would not go for anything over the standard % commission.

@Russell Brazil Thanks for the feedback! I definitely don't want to make an agent work for nothing. Just a super duper newb and hadn't heard of this before. Thanks again.

Hey all, just curious after our very first meeting with a real estate firm in town.

One of their requirements is that every deal will yield a $3,000 commission for the buyer agent. So if we were buying a $20,000 property @ 3%, this would only yield $600 commission, which would leave an additional $2,400 for us to pay the agent out of pocket.

I definitely understand the logic, that it might not be worth the agent's time. But of all the learning material I've seen so far from BP, this is the first time I've heard of a minimum commission for buyer agents.

Can I get some experienced investors to respond on their experience here? Should I keep looking for a different agent who will accept the standard % commission, regardless of the sales price, or is a minimum commission amount pretty standard, and you guys pay it?

Thanks!

@Ivy Wang, @Zach Sikes, @Mike Cumbie, thanks for the quick responses!

We just had our first meeting with a potential agent. Their company seems great. Just a question for all: How common is it for an agent or firm to require a $3000 minimum commission on every deal? This means if we were purchasing a $20,000 property, the commission 3% buyers agent commission of $600 would not meet the requirement so we would have to come up with the other $2400. Implication is that any deal under $100K would require additional cash for us. What are your thoughts?

We're looking at a bank owned property that is listed at a great price for the size and neighborhood, being sold as is. We're interested, but concerned since we don't know a lot about the condition. Any experience on this? Are there ways we can do to protect ourselves and still make an offer? Does "as is" mean we can't get an inspection or back out if there are major problems with the property? We're new investors and don't want to make a big mistake on this. Thanks!

Newb from Columbia SC here. Glad to meet y'all!

@Brent Coombs, thanks for all the notes and advice, sincerely. I don't think I was paying attention to whether or not those home prices were asking or actual sales prices. I'll go back and verify. Thanks!

Seems like estimating ARV will involve a bit of experience and educated guessing that will get easier as I gain more exposure to my market.

Thanks on comments for Cap-ex, vacancy, other expenses. I'm making notes. I'll try to call the insurance company and see if I can get some estimates there. I assume the agent can help me figure out who's paying utilities (and what's common).

Any corrections please let me know!

If any other readers have comments, please, FIRE away. I've reached out to some agents, and I hope to have some details back and posted this week.

Thanks for the advice, @Natalie Kolodij. I'm searching for an agent now, hope to fine one soon!

Hey SC Locals,

My name is Chris, just dropping by to say hi and introduce myself as a new investor in Columbia.

I graduated with both undergrad and MBA from "the" USC. Worked the past 10 years in Information Technology, currently a director of cybersecurity at a local financial institution. I'd be glad to help anyone in this area, as I don't have much to offer yet on the REI side.

From REI, my goal is to make my first investment in 2017, single family or mutli.

Hope to see you all around town. I'll be going to a meetup I found in early May. Let me know if you know of others you'd recommend. Take care!

Chris