All Forum Posts by: Alex Verdugo

@Colby Fryar

Hello. I'm very interested in connecting with this group. I am new to investing, dont have any money, but I'm looking forward to making something happen soon. Please let me know when the next meet up will be, virtual or IRL, and I will be there.

Welcome to BP!

As an agent, don't you have a legal responsibility to submit all offers to the owner?  Then it would be the owners decision to reject the offer.  

A couple of weeks ago I went to look at a distressed property that needed a fair amount of work to get it to be rent ready. Needed an a/c unit, finish walls, install appliances (new appliances came in the deal, just needed install), general landscaping, etc. No major renovations that I could see on the initial walkthrough. My plan was to make an offer and during the inspection period get a contractor to give me a firm estimate on the cost of the work needing to be completed. I emailed my offer to the agent for this off-market property and included some of the comps I used to get to my offer price. They were asking $120k, I had seen that there was a price reduction from another agent for the same property to $115k. According to them the ARV was going to be about $160k. I did some research and saw the comps they were using and the rehab would have to be much more than what their estimates were. Anyways, I email my offer of $85k to the original agent and still have not heard back. Is this a normal thing to have happen? I didn't really expect my offer to be accepted but I do expect some sort of responce, either a counter offer or a thanks for playing but no. Is this just a bad agent?

Thank you everyone for your comments.  The property hasn't been listed and I havent heard  back from the realtor either.

I'm not an agent.  The realtor that told me about it said it was off market and the research I've done pulls up very little.  

 The current owner has the rent at $550 and I figure I can raise it at least $50. Its located near speedway and swan, so not a bad part of town but not the best either.

So I have a question about etiquette. I met a realtor at a local meet up and he told me about a property. The property it self looks like it's going to need quite a bit of work just from the outside appearances. I've messaged him with a few questions about the property, rents, why they're selling, etc, and have yet to receive a response. Its been two days since the first message where he replied that he would get the answers to my questions. My etiquette question is this: how long should I wait to receive a response to my questions or should I just sidestep the realtor and ask my questions directly from the seller? I have no idea if the realtor has another buyer, already sold the property or is just ignoring me. My thoughts are that if the realtor isn't responding, that I should be able to go directly to the seller, find answers and make a deal directly with the seller. I'm still new and not sure what real estate investor/ realtor rules/ guidelines/ practices dictate. Thanks for helping with your opinions.

I try to put up bandit signs on non major roads.  i dont think the police or who ever takes down the signs ususally go down secondary roads or in neighborhoods very much.  I have seen signs up that i placed over 3 months ago.  If I do put them on major roads I try to keep them about 50 feet from intersections.  This keeps them up a little longer and I figure that when people are stuck waiting for the light to change they have a chance to take down the info.  Place them where you know the traffic jams happen or where youre going to have to wait 3- 4 light changes to get through the intersection.

i think that increasing the rent over the course of a couple years is a good idea if I want to keep the tenants but Im sure that no matter what I'll end up loosing some of them just because there's an increase. Some people only want to pay a certain amount no matter where they live.  Like Patrick said, it's probably set up as 2 triplexs so that it can still be listed as residential.