All Forum Posts by: Amber P.

Here is an article that seemed to help explain the difference between additional insured versus additional interest:

http://www.effectivecoverage.com/800/additional-interest-vs-additional-insured/

Hi,

I am a real estate agent, working on listing a 5-unit property in a historic district downtown. I've researched comps all over the area and they are all over the board. I've talked to lenders and understand that there are a few different ways to value a property like this but I want to know if anyone has any advice on the best way to price a property like this one.

Four out of the five units are leased and the owner currently lives in one of them. This is not a condo, but a multi-family, approximately 108 years old and in a certified historic district. From what I can see of the P&L, it cash flows, but I have asked the owner for an updated P&L to be sure and for the rent roll for the last three years. It does need some repairs, but is in good structural condition and he has done a great deal of work to upgrading kitchens and baths in each unit.

Any advice would be appreciated.

Thanks!
Amber

Priscilla,

In Indiana, the standard PA has a box to check for the type of deed requested. You would select Quit Claim deed on it.

I would just state, in whatever contract you use, that you are selling it As-Is and the deed will be Quit Claim.

Anthony, with all of the new legislation and especially when you're new, it might not be a bad idea to either find another investor in your area to mentor you, or work with a real estate agent or attorney through your first few deals. The fees you pay them now are far less than what you could end up owing if you inadvertently broke the law.

I know that Dustin and EJ have both stated having these relationships are a positive and it never hurts to have a good agent and a good attorney in your network. Building these relationships now, at the beginning of your career will set you up to succeed in the future. You never know when you'll need them.

Best of luck to you!

My mom has used borax laundry detergent for years. It kills them. She will line the edges of the walls and counters with the powder and they walk through it and carry it back to their hills and it kills them out. It takes a week or so, but is effective.

Depending on your states requirements for licensing and the number of hours, some classes may be offered at the local colleges.

I took my classes there two nights a week for a few weeks. There are lots of options. Try googling real estate school in Napierville, IL and see what comes up.

Robert, the biggest thing is to determine what is bringing you the most impact and money for your time and to focus on those activities.

It sounds like you have already narrowed down what you need to bring more business to you, which is more effective that you spending 80% of your time searching for what will only supply 20% of your income.

My focus is on generating leads and I am doing what gets me the most business that way. I allocate a good part of my day to networking and talking to investors and making calls, which is what brings in the business for me.

Hope this helps and good luck!

Jerry, as long as real estate is real estate in this country, and contracts are negotiable. You can ASK for you anything.

Robert, when I read your post, I couldn't help but think of the 80/20 rule. It sounds like you are concentrating 80% of your efforts on the most productive thing you can do and I think you will really see the rewards of that.

I have been focusing 80% of my efforts on the 2 or 3 most effective things I can do for my business and I am beginning to see the rewards.

Good luck to you!

I would agree with J that there is not likely a set rule, but perhaps a general knowledge of when your area's MLS wants to see a property 'pended'.

However it is still largely controlled by the agents. A lot of agents want to show it pended immediately, as the ink is drying, so to speak.

I also know agents who won't pend a property until the inspections are negotiated. I know other agents who won't show a property pended at all...and still others who will put a SOLD sign on it as soon as the purchase agreement is signed. I think it tends to be more about how the agent feels they or the property will be perceived by the market if they 'pend' it.

Hope that helps, that has been my experience in my market.