Where to get intricate details of property?

San Antonio, TX · Member since 2016 · 118 posts · 35 votes

Basically the issue I have is I am analyzing properties to use on the rental calculator as well as the fix and flip calculator on BP. There are a lot of things I don't know the answers to, and that aren't listed on the MLS properties I am looking at. Would it be fair to shoot those questions over to a real estate agent and have them answer them for me? Or is there a place to find the info? And yes, I know county website gives information, but it's limited. I also don't have access to the MLS. Please let me know what technique I should use to answer the detailed information needed to make a good determination. There's no point in using the calculator if I don't have the information in order to analyze the deals. And I'd like to be able to use the calculators to analyze deals quickly, so if you know a way that would be great. Is an agent the only way to get around this? Thanks.

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Russell BrazilBusiness Member

Moderator

Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes

Originally posted by @Steve Vaughan:

Originally posted by @Mohammad Haidarasl:

Originally posted by @Steve Vaughan:

I e-mail the LA specific questions directly. I used to anyway when there was actual value available on the MLS in my market.

@Mohammad Haidarasl - your signature says you are with a realty co. Why no MLS access? Just curious. Others may be also. Thanks!

Thank you for your reply! And this is just my start up company! Hoping to wholesale off of it and build an investment portfolio, but I liked the sound of Realty added on, although I am not a realtor.

Oh I see. Thanks for the clarification.

Because 'realty' pretty much implies or has an assumed agency and a license to broker RE, I would probably change to something else like properties or something. Hopefully you're not into the process too far with state name registration and stuff.

@John Thedford is an agent in FL and @Russell Brazil an agent in MD, but they know a lot. What do you think, guys? Should an un-licensed investor have 'realty' in their company name? Thanks!

The use of the word "realty" is regulated in many states. In Maryland only real estate brokers providing realty services can use it, and unlicensed individuals not advertising realty services can. (Licensed salespersons and assosciate brokers can not use it ever). In DC only licensed real estate brokers can use it.

While it does vary state to state, even if it is allowed in a state it's probably a bad idea to use it as I think it would open you up for liability as it may give the impression your company performs real estate brokerage services.

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Brandon L.
Real Estate Agent · Falls Church · Member since 2012 · 2k+ posts · 1k+ votes
9y
@Mohammad Haidarasl what details are you looking for
1 Reply
Steve Vaughan
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
9y
I e-mail the LA specific questions directly. I used to anyway when there was actual value available on the MLS in my market.
@Mohammad Haidarasl - your signature says you are with a realty co. Why no MLS access? Just curious. Others may be also. Thanks!
0 Reply
Mohammad Haidarasl
OP
San Antonio, TX · Member since 2016 · 118 posts · 35 votes
9y
Originally posted by @Brandon L.:

@Mohammad Haidarasl what details are you looking for
For example, monthly costs of electricity, water, garbage, insurance, capital expenditure %, vacancy %? Stuff from the calculator here on BP.
1 Reply
Mohammad Haidarasl
OP
San Antonio, TX · Member since 2016 · 118 posts · 35 votes
9y
Originally posted by @Account Closed:

@Mohammad Haidarasl Just pay an agent to get the info. Good luck.
Sounds like a smart idea! Going to try and get it from the agents when it's a good property.
0 Reply
Mohammad Haidarasl
OP
San Antonio, TX · Member since 2016 · 118 posts · 35 votes
9y
Originally posted by @Steve Vaughan:

I e-mail the LA specific questions directly. I used to anyway when there was actual value available on the MLS in my market.
@Mohammad Haidarasl - your signature says you are with a realty co. Why no MLS access? Just curious. Others may be also. Thanks!
Thank you for your reply! And this is just my start up company! Hoping to wholesale off of it and build an investment portfolio, but I liked the sound of Realty added on, although I am not a realtor.
0 Reply
Steve Vaughan
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
9y
Originally posted by @Mohammad Haidarasl:
Originally posted by @Steve Vaughan:

I e-mail the LA specific questions directly. I used to anyway when there was actual value available on the MLS in my market.
@Mohammad Haidarasl - your signature says you are with a realty co. Why no MLS access? Just curious. Others may be also. Thanks!
Thank you for your reply! And this is just my start up company! Hoping to wholesale off of it and build an investment portfolio, but I liked the sound of Realty added on, although I am not a realtor.
Oh I see. Thanks for the clarification.
Because 'realty' pretty much implies or has an assumed agency and a license to broker RE, I would probably change to something else like properties or something. Hopefully you're not into the process too far with state name registration and stuff.
@John Thedford is an agent in FL and @Russell Brazil an agent in MD, but they know a lot. What do you think, guys? Should an un-licensed investor have 'realty' in their company name? Thanks!
1 Reply
Mohammad Haidarasl
OP
San Antonio, TX · Member since 2016 · 118 posts · 35 votes
9y
Originally posted by @Steve Vaughan:

Originally posted by @Mohammad Haidarasl:

Originally posted by @Steve Vaughan:
I e-mail the LA specific questions directly. I used to anyway when there was actual value available on the MLS in my market.
@Mohammad Haidarasl - your signature says you are with a realty co. Why no MLS access? Just curious. Others may be also. Thanks!
Thank you for your reply! And this is just my start up company! Hoping to wholesale off of it and build an investment portfolio, but I liked the sound of Realty added on, although I am not a realtor.
Oh I see. Thanks for the clarification.
Because 'realty' pretty much implies or has an assumed agency and a license to broker RE, I would probably change to something else like properties or something. Hopefully you're not into the process too far with state name registration and stuff.
@John Thedford is an agent in FL and @Russell Brazil an agent in MD, but they know a lot. What do you think, guys? Should an un-licensed investor have 'realty' in their company name? Thanks!
Thank you for the reply. Not too far along at all. I just put it cause I figured it meant real estate so I thought it would be okay. Not so sure now.
0 Reply
Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
9y
Originally posted by @Steve Vaughan:

Originally posted by @Mohammad Haidarasl:

Originally posted by @Steve Vaughan:
I e-mail the LA specific questions directly. I used to anyway when there was actual value available on the MLS in my market.
@Mohammad Haidarasl - your signature says you are with a realty co. Why no MLS access? Just curious. Others may be also. Thanks!
Thank you for your reply! And this is just my start up company! Hoping to wholesale off of it and build an investment portfolio, but I liked the sound of Realty added on, although I am not a realtor.
Oh I see. Thanks for the clarification.
Because 'realty' pretty much implies or has an assumed agency and a license to broker RE, I would probably change to something else like properties or something. Hopefully you're not into the process too far with state name registration and stuff.
@John Thedford is an agent in FL and @Russell Brazil an agent in MD, but they know a lot. What do you think, guys? Should an un-licensed investor have 'realty' in their company name? Thanks!
The use of the word "realty" is regulated in many states. In Maryland only real estate brokers providing realty services can use it, and unlicensed individuals not advertising realty services can. (Licensed salespersons and assosciate brokers can not use it ever). In DC only licensed real estate brokers can use it.
While it does vary state to state, even if it is allowed in a state it's probably a bad idea to use it as I think it would open you up for liability as it may give the impression your company performs real estate brokerage services.
[email protected]301-893-4635 Podcast Guest on Show #192
District Invest Group546 Reviews
Website View Page
2 Reply
Steve Vaughan
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
9y
Originally posted by @Mohammad Haidarasl:

Originally posted by @Steve Vaughan:
Originally posted by @Mohammad Haidarasl:
Originally posted by @Steve Vaughan:

I e-mail the LA specific questions directly. I used to anyway when there was actual value available on the MLS in my market.
@Mohammad Haidarasl - your signature says you are with a realty co. Why no MLS access? Just curious. Others may be also. Thanks!
Thank you for your reply! And this is just my start up company! Hoping to wholesale off of it and build an investment portfolio, but I liked the sound of Realty added on, although I am not a realtor.
Oh I see. Thanks for the clarification.
Because 'realty' pretty much implies or has an assumed agency and a license to broker RE, I would probably change to something else like properties or something. Hopefully you're not into the process too far with state name registration and stuff.
@John Thedford is an agent in FL and @Russell Brazil an agent in MD, but they know a lot. What do you think, guys? Should an un-licensed investor have 'realty' in their company name? Thanks!
Thank you for the reply. Not too far along at all. I just put it cause I figured it meant real estate so I thought it would be okay. Not so sure now.
Oh good. A name change will be simple, then. John and Russell will probably confirm that realty in your name isn't a good idea. Somewhere down the line someone will bring it up and start trouble you don't need. The fines can be brutal. Good luck to ya!
2 Reply
Mohammad Haidarasl
OP
San Antonio, TX · Member since 2016 · 118 posts · 35 votes
9y
Thank you for the heads up I really appreciate it. It's such a headache cause I worked so hard on getting the logo and site running :( And business cards :(
1 Reply
Brandon L.
Real Estate Agent · Falls Church · Member since 2012 · 2k+ posts · 1k+ votes
9y
@Mohammad Haidarasl get out and talk to some property managers in your area. They will know the market averages for the info you are looking for.
Also, the "realty" point brought up is a good one. I'm not up on the laws in your area, but you might want to check them out before something bites you unexpectedly.
1 Reply
Mohammad Haidarasl
OP
San Antonio, TX · Member since 2016 · 118 posts · 35 votes
9y
Originally posted by @Brandon L.:

@Mohammad Haidarasl get out and talk to some property managers in your area. They will know the market averages for the info you are looking for.
Also, the "realty" point brought up is a good one. I'm not up on the laws in your area, but you might want to check them out before something bites you unexpectedly.
Yeah I am going to end up just changing it to properties then as I do not want any trouble, especially as I just begin haha. It's better to be safe than to be sorry. Does properties sound fine?
0 Reply
Brandon L.
Real Estate Agent · Falls Church · Member since 2012 · 2k+ posts · 1k+ votes
9y
@Mohammad Haidarasl you would need to research the local laws and regulations to be absolutely sure. Anyone on the internet can tell you it sounds fine, but they will not be standing in court trying to provide and explanation to a judge :)
0 Reply
Mohammad Haidarasl
OP
San Antonio, TX · Member since 2016 · 118 posts · 35 votes
9y
Anybody care to share light on whether they know 100% for a fact it is not legal to do? I wouldn't want to change it unless I 100% have to only because of all the work I've put into marketing already.
0 Reply
Waverly Rennie
Rental Property Investor · Dunedin, FL · Member since 2015 · 121 posts · 61 votes
9y
Hi @Mohammad Haidarasl- I would agree with the other posters, even if it isn't against the law, it seems like a confusing name- I think it won't tell people about the services you provide, and won't attract the clients you want for the services you do provide.
When you were asking about "monthly costs of electricity, water, garbage, insurance, capital expenditure %, vacancy %?"- I had a hard time with this at first, but a couple of things helped. Do you live in the same area you will be investing in? Then you know how much you are paying for utilities, approximately, and just adjust up or down a bit depending on the size of the property. For insurance, that will depend on what kind of insurance you need, but you can call an insurance agent and ask them for a quote. For capex, you can just be conservative and use the high end of what is suggested in the BP calculator, or if it's a newer property in super good repair, you could use the lower end. Same with vacancy, just be conservative at first.
Best of luck! It's an exciting game....
1 Reply
John Thedford
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
9y
you need to check with your state regulators
1 Reply
Mohammad Haidarasl
OP
San Antonio, TX · Member since 2016 · 118 posts · 35 votes
9y
Originally posted by @Waverly Rennie:

Hi @Mohammad Haidarasl- I would agree with the other posters, even if it isn't against the law, it seems like a confusing name- I think it won't tell people about the services you provide, and won't attract the clients you want for the services you do provide.
When you were asking about "monthly costs of electricity, water, garbage, insurance, capital expenditure %, vacancy %?"- I had a hard time with this at first, but a couple of things helped. Do you live in the same area you will be investing in? Then you know how much you are paying for utilities, approximately, and just adjust up or down a bit depending on the size of the property. For insurance, that will depend on what kind of insurance you need, but you can call an insurance agent and ask them for a quote. For capex, you can just be conservative and use the high end of what is suggested in the BP calculator, or if it's a newer property in super good repair, you could use the lower end. Same with vacancy, just be conservative at first.
Best of luck! It's an exciting game....
I am looking into it a lot, and am very thankful to all of you for the precautions in using Realty in my name. I am going to be very careful with it and am making it a huge point to advertise that I am in no way a broker or an agent on my websites and any marketing tool I use. I am also going to soon enough consult with an attorney for representation just to be on the safe side.
I actually live in an apartment complex but I can get a paper from the office that states all of the charges that I am paying for utilities, etc. Is there a proper way to adjust the values for what my place is compared to some place like a duplex or a triplex if I find some? Or is it a bit of hit and miss, experimentation. Cause the majority of the time I'll be punching these values into the BP calculators for the sake of presenting these values and charts to potential buyers here in San Antonio. I don't really have funds to pay an agent to acquire this for me every time, so using your technique of using my personal apartment's utilities I hope is accurate enough to get me to be able to get general conservative values that will be accurate for the calculator's. At first I will try being very conservative with the values. I'd rather be really safe than sorry.
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Mohammad Haidarasl
OP
San Antonio, TX · Member since 2016 · 118 posts · 35 votes
9y
I just fixed everything and working on fixing the logo to correct the changes! Thanks everybody.
1 Reply
Damian S.
Real Estate Broker/Investor · Chicago, IL · Member since 2015 · 106 posts · 22 votes
9y
I would stay away from having a professional term in a business name especially if you do not hold a license, even if it's legal in your state.
1 Reply
Mohammad Haidarasl
OP
San Antonio, TX · Member since 2016 · 118 posts · 35 votes
9y
Originally posted by @Damian S.:

I would stay away from having a professional term in a business name especially if you do not hold a license, even if it's legal in your state.
Thank you for the advice and it has been taken. Hopefully my new name is okay. Just worried about getting my logo corrected now. And how would you recommend getting the values for the BP calculator? Is it okay to use the utilities from the apartment I'm living in now as an estimate? I've never tried it before.
0 Reply
David Graham
Clermont, FL · Member since 2016 · 11 posts · 3 votes
9y
As far as getting the utility costs, when we bought our primary residence we were concerned when looking at it. The house is huge and electricity is expensive (and everything in the house is electric).
We just called the electric company, told them we were looking at buying the house, and they gave us the average over the last 12 months. Obviously, that can be skewed if the house is vacant. I don't know if all utility companies would be this liberal with the information, but it can't hurt to try.
1 Reply
Selton Shakes Jr
Yonkers, NY · Member since 2016 · 14 posts · 2 votes
9y
Hello I am having the same issue with just starting out running the numbers. I was looking at a property i saw on realtor.com I proceeded to finding the county it was in. next going to the website searching the address and no luck. next I asked the question on realtor providing my personal info to later get a call from someone trying to get me pre approved. after I insisted I can't even consider going forward until I run the numbers I was transferred to a realtor who still hasn't provided me what I asked. which was what are the taxes, HOA fees, what are the rents in the area for similar rentals and why has the property been on the market for x amount of time. everyone say you need a deal but if you can't run the numbers you will never no what a deal looks like. so i feel this is the most important thing for me to know and understand. Any tips for me to create a successful system in finding all information needed to run the numbers thanks BP community
0 Reply
Damian S.
Real Estate Broker/Investor · Chicago, IL · Member since 2015 · 106 posts · 22 votes
9y
Utilities are typically paid for by the tenants, so I would only be concerned about the ones the owner is responsible for, i.e. water and scavenger. Contact the listing agent regarding any questions you might have.
0 Reply
Waverly Rennie
Rental Property Investor · Dunedin, FL · Member since 2015 · 121 posts · 61 votes
9y
@Mohammad Haidarasl and @Selton Shakes Jr I know it sure is frustrating when you are starting out! I am only a couple of years in and when I look back at how much I didn't know at first, it's amazing how far I've come, but I also realize I still don't know much at all.
Mohammad, congrats on your new biz name!
As some others have said, if you are looking at multifamily for buy and hold, you would only have to cover certain utilities, and the tenants would pay the rest. Someone suggested you talk to a couple of property managers to get their ideas of what the owner pays and how much, versus what the tenants pay (e.g. their own electricity and maybe water, but landlord pays electric for common areas like hallways, parking lots, probably trash, etc.)
I don't know your markets but keep talking to people at REI meetups and reading and you will start to figure it all out..
Best of luck, W
0 Reply
Christopher Phillips
Real Estate Agent · Garden City, NY · Member since 2016 · 3k+ posts · 1k+ votes
9y
@Selton Shakes Jr The taxes are already on Realtor.com you just have to scroll down to the bottom. If you are looking at a co-op or a condo, you want to ask about maintenance fees for co-op, common area charges for condo. Rents for the area you can get anywhere on the internet.
No one is going to know why a property is been on the market for X amount of time short of they had a previous buyer that fell through.
When you ask for more "information" on Realtor.com, you'll be contacted by a local agent (probably at least 2) that want to show you the property. If you explain that you are trying to run the numbers for an investment, they'll be happy to help in anyway they can.
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