I forgot how that excitement of “let’s do this thing” went into the pit of your stomach. How you are shaking as you work on it. You know it is a good choice, the right choice, but you second guess yourself. Is this really it? Is there something that you are not seeing? Are you ready to take this leap? Oh, what is the right choice? What is the right price? Is this a good deal? Is this a good investment? Should I offer more or less? Should I lay all my chips on the table at one time or hold some back?
Wow, I have worked with many buyers over the past eight years to purchase real estate. I help them find houses and help to make it their home. I can help them “run the numbers”. I can help them pull comparables and determine if the price is fair. I have even worked with investors in purchasing a foreclosed property or distressed property and helping them determine the repair costs and the resale value. Then yesterday, I find myself standing in a foreclosure. I am there with my husband and niece. My husband and I had been there for a while before my niece arrived and agreed the property was in a good location that would rent easily. The rental income would be steady and it was something we could afford. We could put some work into it and then my niece and her daughter would be able to move in and we complete the work on the outside. Yes, let’s make an offer.
I know I was probably eerily silent on the way back to the office. I had numbers running through my head. I had thoughts about what could be done to improve the property. Back at the office I pull comparable of other homes for sale in Sumter, SC. I also look at the recent sold values and the rental prices down to the same street. This is a great thing this is a sound business decision as well as a great decision to help a family member.
Let’s write an offer! Suddenly, my palms begin to sweat. My insides turn to Jello. I am shaking and fumbling with zipforms like I have never used it. I start to complete forms and realize I forgot part of my research (ie Tax Records). I finally have another licensee come by my office and I invite them in. I say, “What is wrong with me? I do this so often for clients. I run the numbers, I coach them on a offer price. I tell them if the property is a good value or not. I let them know about the resale in the area. Why I am so shaky?” Yeah, no need for an answer, I can read it on their expression.
So yes, buying property in Sumter, SC can be nerve racking. Even the pros, need second opinions some times. I have always been able to empathize with me clients and tell them what we need to do. But I now know, I make a bad client for myself!
Wonder what happened? Buying a Foreclosed House in Sumter, SC Part 2
Buying a Foreclosed Home in Sumter, SC is an ongoing series of posts, where I am purchasing a foreclosed property to turn into a rental income property. Follow the posts below to experience the entire process with me.