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Updated over 8 years ago,

User Stats

65
Posts
6
Votes
Todd C.
  • New York, NY
6
Votes |
65
Posts

Making my first move...HELP NEEDED!!!

Todd C.
  • New York, NY
Posted

Hey all--

So something (potentially) amazing happened last night! Two nights ago I decided to ask my landlord if he would consider hiring me as a property manager. He owns a 7-unit walk-up building in a high COL area (think metro city) and I figured I could charge him a low percentage and make a couple extra bucks every month. He ended up calling me yesterday and asked for me to stop by his apartment that evening, so I did. We got to talking (there is a bit of a language barrier there), and he ended up saying that he trusts me and wants to sell the building. Luckily for me, my girlfriend is a lawyer and applied/received her broker's license. With that said, we want to take this listing!!! This could jump start our investing careers as we're trying to save to get involved in rental properties and this could be a somewhat decent payday for us. With that said, I have a number of questions.

1) Is there a contract that needs (or we should) sign with my landlord to ensure that he is OUR client and WE HAVE the listing?

2) Typical commissions are 6% for a broker (3% for selling agent/3% for buying agent). If she is the only agent, does she collect the 6% (her father is a big property manager and should be able to find a buyer without the use of a buying agent)?

3) Probably most importantly, but where is the best few places to find comps for this type of building? Or is there an easy way to calculate how much we should list the building for?

4) What documents should I receive from him to see what makes sense? 1) Rent Roll?, what else?

5) What other things should I recommend he do to increase the purchase price and get him the best possible outcome?

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