All Forum Posts by: Angie Shires

@Antonios Fessaras I'm not sure about Delaware, but not treatment is required for any seller...let me understand better, do they have a buyer that wants the treatment as part of a negotiation for repairs? If that's the case, then it's a pretty cheap fix if it makes them happy! 

Does that answer the question, or is there something I've missed? 

@Antonios Fessaras In Texas it is all negotiated...generally, as long as the repairs are done by licensed professionals, the buyers don't care one way or another. In my experience, the seller usually chooses who will do the repairs. 

@Gordon Davis cheapest way to go may not always be the best way to go. What does your competition look like? If they are granite, custom cabinets and high end appliances you'll want to follow suit if you want to get same rents. I almost always go with laminate floors in all of them unless the original hardwoods are in good shape. 

If you are in a lower rent area, I'd go with laminate (or refinish hardwoods), go with pre-made cabinets from Lowes or Surplus Warehouse, you can do a formica or butcher block countertop and builder grade appliances. Contract the work yourself and stay on top of your workers to make sure it's getting done in a timely manner...time is money! 

@Blake Wash it really depends on how the real estate market is in your area. Are there many sold comparable in your area? How long were they on the market before they sold? 

Are you trying to sell them on your own, or are you planning on using a Realtor? Even if you are planning to sell it FSBO, it might be worth interviewing a few agents in your area that specialize in multi family. You might be surprised, but a lot of times you will net more even paying the Realtor's fees. When you factor in holding costs, time on the market and the fact that they know how to price and market the property. It's free to have them come out, and even if you decide not to list it you're learning and making connections with people who can help you in the future!

@Gail W. I'd still say it's a pretty good deal. Those off market deals can be your best deals, and it sounds like you both helped each other out!  You learned a lesson, but it didn't cost you a fortune! Have you got your next one lined up? Are you excited to do it again? 

@Gail W. Congratulations on completing your first deal...that's a huge step that a lot of people never complete! 

I've definitely heard worse stories, so certainly don't beat yourself up! If you have the home inspected, you should have a really good indication of what is going to have to be done. Inspections (at least in Texas) cost between $450-500, but can save you a small fortune! 

After you get your inspection done, get your bids for repairs. The bids are free and you'll have a good understanding and be able to better run your numbers! 

How did you purchase, off market, wholesaler, MLS...etc?

@Daniel Peavey We personally like laminate, what are the issues you've had with it? Have you considered ceramic tile? 

@Daniel Mendez you are not required to be licensed to wholesale! 

@Kellie Ellsworth I guess it's really a personal judgement...I have a feeling by posting it, you really don't want to buy a different shovel. I'd say go with your gut on an issue like this...there is a difference in being a good landlord and letting yourself get walked on by a tenant...always trust your gut

@Kiel Johnson That's great, at least you have a place to start! If your Realtor doesn't invest themselves, they will probably know someone that does that they can ask! 

Definitely helps on the investor side to have my license. I have unlimited access to the MLS, so I take time daily to comb through both old and new listings to see what might be of interest to me and my investor clients! Also, I can get out quicker to view a property when I don't have to coordinate with a buyer. The only caveat is you have obligations as a Realtor to tell people if they have greatly undervalued their home...that really resolves itself if they are listed with another agent though. I really see it as a positive to have your license.