All Forum Posts by: Adam Azam

I have purchased OOS rental properties but always used an agent. Now that my wife and I are looking to buy a primary home in a HCOL city, I am considering representing us as an agent since I hold a license here. We know the neighborhoods inside out and my father is a home inspector who will inspect for us. With our price target of around $1M, we potentially save 25k-30k (minus broker split) in commissions.

My wife is uncomfortable representing us since I have no experience as an agent. What are your thoughts?

Here are the full terms excluding personal information.

@Wayne Brooks @Ray Hage @Steve K. @Jay Hinrichs

Wow, thank you all! Did not expect so many helpful responses. I blocked out every field in that contract - probably could have left some parts open to view. But the closing terms were 25 days from the agreement (4/7/23) and contingency was set to 3 days. Seller said they are moving forward when the 3 day contingency was up, which is why I assumed we are good to close. I texted him yesterday on the title, and this was the amendment he sent me. He said he needed to change the title company. Not sure what to think of this.

@Allan Smith @Theresa Harris This is what the contract looks like. Seems like its a wholesaler..

I just received a cash offer for a property I am going to accept. I just accepted the offer and they are supposed to give me $1000 as a deposit. I haven't received this yet, so should I be getting this directly from them? Also, he says he needs to wait for title to clear before closing, but he is lagging on giving me info on their title company for me to verify. What can I do to watch out for myself?

With some of my wins, came a big loss with a duplex I purchased last year. I bought it over market for $175k. I found out that an almost identical duplex next to mine is getting offers at $165k. So, I would be taking a loss if I sold it in this market. But this property has been full of issues from Heater and AC going completely out, leaks in upstairs bathroom which shot out lights for the bottom floor. And there are currently more standing issues:

-Crawlspace constantly floods during rain because of it's low elevation (water coming in from waterbed). So, an encapsulation is likely needed. Simple sump pump wont do.

-Plumbing is apparently not up to code and needs to be redone

-I just had an eviction, so still need to do cosmetics

-Kitchen sink in other unit busted and ruined the kitchen cabinets below the sink. Needs to be replaced when they move out.

Judging off the two tenants I have, this area doesn't attract the best tenants. All in all, I didn't do a good job in my DD and I broke some of my own rules because I got a little caught up with the housing frenzy.

Based on estimates that I've gotten for some of the issues above, I'm would need to spend significantly more than the loss I would get from selling the property. Would you ride this out eat all the costs to stabilize it or get rid of it?

@Kim Meredith Hampton Yes, unfortunately that seems like the best option. Thank you!

I have a duplex. I am in the middle of an eviction with one of the tenants and the hearing keeps getting pushed back. It's been 2 months. I have been wanting to replace the property manager because they are simply terrible. Recently, my paying tenant has been complaining of a leak under kitchen sink for over 4 weeks with no response from the PM. It has soaked the cabinets which are now sagging.  I only found out because the tenants told a plumber I recently sent out to look into a different problem. I have a few replacement PMs lined up, but only 1 (not my preferred) PM is willing to take on the duplex despite eviction. What should I do here? Has anyone been in this situation?

You can make the strongest wage earner the primary tenant, the person to stay if relationships fail.

If I were you I would change my personal income standard and look at maybe adding other standards that reduce your risk of tenants not following through, such as looking at how long they have had their jobs and how long they have co-habitated. Neither of those are discriminatory since they don't address marital status or another protected class.