All Forum Posts by: Steve Vaughan

Quote from @Robert Sayre:

I have heard from informed and veteran foreclosure agents and investors that up to 40% of these houses are being bought up by hedge funds.This takes them off the market for long periods of time, because as we all know renovating them is not quick or easy.  There have been houses in my area that have already been purchased this way and two years later, they are still empty. I'm unsure how to stop this, but governmental action in this case I think is justified.

This is probably a common problem in a lot of areas and could somewhat easily be addressed by special tax levies at the county level on any entity-owned and out of area absentee-owned residential property.  

3x their property taxes and action will be taken in addition to much less purchases going forward. 

3 of my faves when I was active for entity structure,  contracts and landlord-tenant have retired but Ryan Feeney of Overcast Law was very good with landlord-tenant matters.  If he doesn't do biz structure or contracts,  I bet he'll have referrals.  

An up to 80% LTV heloc could be an option.

For reference though, ours is 9.55% and in 1st/ only position.  

The other option is old school punch each debt in the face Dave Ramsey style. 

Are any of your debts on a vehicle you could sell and downgrade while you work through this? Tell us more about what you got @Mike C.

@James S. congrats on what looks like a great plan.  I would probably borrow a little more than $100-$150k if I could to keep more reserves.

All I can do is mention my favorite fellow long-term operator and handyman in P-burgh @Jim K.. Hopefully he has a minute to chime in.  

Best wishes on your worthy project👍

Quote from @Piper Pepperidge:

Quote from @Steve Vaughan:

The biggest advantage of having a good buyers agent to me is the comps they know to better value your potential property, the digital offer PSA and connections to a good inspector and lender.   Although most just get the yes ma'am inspector that doesn't break up deals.

If you have a handle on the value of the house, can make an offer that protects you and adhere to the contingency deadlines like inspection and financing,  a buyer's agent does nothing but wast your time and cost you thousands.  

 Ok I think I’ll stick with them

Most newer buyers need and benefit from a GOOD ONE. 

Even as we get efficient and effective buying solo, getting it to our advantage with price reductions and concessions used to be very tough but should get easier with the new (about time) rules of buyers being responsible for getting their own agent paid. 

The biggest advantage of having a good buyers agent to me is the comps they know to better value your potential property, the digital offer PSA and connections to a good inspector and lender. 

Although most just get the yes man/ma'am inspector that doesn't break up deals. My favorite inspector is not the agents favorite at all.  He's thorough and looking out for me. 

If you have a handle on the value of the house, can make an offer that protects you and adhere to the contingency deadlines like inspection and financing,  a buyer's agent does nothing but waste your time and cost you thousands.  

My go to for lowest hassles, taxes and  transaction costs are Lease Options or selling directly to the renters. 

But these are slow exits.  Speed and cost/tax-efficiency are usually mutually exclusive.  

Welcome @Kathryn Kuo !  Glad to have you!

I think big factor contributing to de-railmemt is losing focus on that one thing we specialize in. Our bread and butter and core competency.  

Old what's their name was doing great, acquiring LTRs. Houses, plexes, etc in their backyard. 

Then they heard about MTR furnished, STR, out of state and got a partner. Then self-storage, syndications, you get the idea.

The more control and say you lose, outside of your expertise,  the higher the chances of non-achievement.

The only industry where you, as seller, for decades were expected to pay for the other team's coach. 

Can you imagine if it was that way in sports? Or court? 

Now, as seller, you may pay for your opponents coach/counsel/agent, but at least it's a negotiated concession.

Here is $15k Mr/Mrs Buyer.  That's it.  Use it to buy-down your loan, offset some closing costs, or pay your coach.

I love that it forces buyers to realize their agent isn't free to them.  Bonus if you buy solo, it will now be recognized and we can use our seller concessions to buy down our rate or whatnot.