All Forum Posts by: Roberto Costa

@Brandon Barnes yes...I started in Virginia but have moved my efforts to the greater Columbia area....so far so good.  I'm working on another one I purchased thru Hubzu.com from irmo, SC right now with much better margin.

So here's my first South Carolina deal....just very happy to be almost done...giving you all an update...

Property: Purchased thru Auction.com

4/2 1,579 SQFT Lexington, SC

Closing Cost:

Purchase Price: $108,500 (more than I should have paid.  Great price would have been $100-102K)

HUD-1 closing cost: $2,386

Insurance: $515

Other Costs: $676

TOTAL Closing: $112,077

Rehab: $8,132 (Labor and materials mostly purchased at Lowe's)

Holding Costs: $170 (Water, Gas, Electric)

Selling Costs: roughly $6,500 (I'm paying closing for buyer)

Selling price: $140,000

Projected profit: $13,121 (Not great but rehab only took 2-3 weeks and got a buyer while it was rehabbing).  Could have gotten maybe $145,000 but I had a buyer and didn't want to lose a quick deal.

Remarks: Awaiting closing within next 10 days. Buyer using VA and all conditions have been met.

ON TO THE NEXT DEAL

Not sure if you are guaranteed but I just finished a purchase thru them and good a special warranty deed and title insurance.  No issues on my experience.

Been using Lawyer Lisa LLC in Columbia. A+ experience. Closing agent is Wendy Robinson.

I used Auction.com on a property I purchase in July.  We are now last week in August and closing has already slid to the right and very little communication.  Still waiting on closing package from their "closing assistant".  BTW... this was a cash deal.  I can't hardly imagine if you use a lender.

Earl,

I use American Business Insurance and Derek Lacy is my point of contact.  You can find him throughout BP.  Excellent guy to work with and very knowledgeable!  I get builder's risk thru them, it's not extremely costly but it is earned premium.  It covers vandalism, water damage, theft, hazard, etc.

I have won 2 properties last week.  1 on Auction.com and another on Hubzu.com

Do your diligence and pay for the title search.  My attorney does mine for $75 and it's worth every penny.  You don't want to make a $10K mistake on your purchase.

@Ashley Jackson

I use Lawyer Lisa in Columbia.  She is extremely good and can give you reasonable rate.  

Have you asked your realtor to pull the comps from MLS?

Make sure you get a title search done before hand.  Pay the $75 and know what you are bidding on before hand.