All Forum Posts by: Aaron Linde

If they are reputable and exercise their duties of Loyalty, Care, Accountability etc. their connections are meaningless.

Meaning, they are working for you and should have your best interests in mind.  They can't push you towards bankers/brokers that you don't feel comfortable with.

If you are working with them for their connections, again do your due diligence with their connections too.  Ultimately, as you said, this is your team and if they aren't performing to your needs keep looking.

Are you investing under your own name or that of a LLC?

My #1 concern with an "Investor Friendly" agent is:  Do I have to pull information from them or do they push it at me?  

I have worked with a few agents, that wait for me to identify properties and then they sit and wait for a PSA.  Whereas, my best guy updates me weekly (if not daily) of properties that fit my wheelhouse and even "comp" them for me.  It has saved me a lot of time vetting the properties and he doesn't have to spend several hours with me driving properties.

Basically, how much "Care" do they give you?  Everyone of them will do what you ask for a while, but only the good ones will have the foresight to stick with you until the money comes rolling in.

Ignore it - this time.  If it happens again, address the issue with the proper authorities.  Being a 4 plex I envision you have a community dumpster for your renters.  Make sure you have it posted that there is "No dumping allowed".  

I think you'll find most people start by doing every thing themselves. Nothing wrong with it, especially if it works for you and your situation.

Pros:  Save money

Cons: Takes more time (unless your "job" is your flip).

Analyze both angles.  I do less construction than I used to do, because "time is money".  If doing the labor myself saves $2500 in labor costs, but prevents me from getting the flip back on the market and/or increases the holding time - I have to decide which works best for me.

I want to echo Greg here.  Your offer needs to be empty of emotion.  Offer your "best and final" - if it isn't good enough... WALK AWAY.  If you overpay for something, just to make sure no one else gets it, you have only hurt your pocketbook.

Place your best offer and accept the outcome.

I think Real Estate Hacking is a tremendous idea!  I have 3 friends/colleagues that have done it with success. I wish I would have thought through such a scenario 20 years ago.  I'd probably do it today if I could convince my wife. ;)

@Logan Turner said it best - Analyze best case scenario, analyze worst case, and it will prob end up somewhere in between ...If you can eat the entire mortgage with no renters then i say do it.

Chance are (and again it all depends on your financing terms) your monthly payment on the 4-plex will be covered by rent from 2 of the units.  The 3rd unit should cover extra costs (maintenance, etc.).  I don't see why you couldn't be living "rent free" in the 4th.

My only advice - don't "assume" anything.  That $125K 4 unit is gold - only if your numbers are solid!  The numbers might sound promising (depending on your financing terms), but no one can know for sure but you.  Do you have a mentor or trusted realtor that can guide you on the numbers? If not, find one.  Then when it comes time to pull the trigger, the paralysis will be gone!

Good luck! 

While I am not in Buffalo, I am in the exact same boat right now, but I think it is always a great time to be looking.  I suppose it depends on the "stones" you are turning over.  What used to work for me is obviously not working now.  I am just looking elsewhere now.  My efficiency is down, but I am confident something will turn up.  I can't believe what some people are willing to pay, but eventually these people will get stuck from over-paying and I will be in the better position later.

Keep the faith

Wow - the exterior really "pops" now.  Good luck renting!