All Forum Posts by: Benjamin Pekarek

@Mav Larson

We find that these properties, even with deferred maintenance, are what everyone wants because the typical buyer for these understands that students are a captive rental market and the area is fairly nice.  What's more they tend to be alumni who may have left the area and made their money elsewhere.  Near campus is the only thing they know.  Or, we see many out-of-area investors purchase multi's when their kids matriculate.

Either way, their requirements tend to be very different than mine.  They want something much more passive than I need, are looking to park cash, are seeking tax benefits, and can tolerate much lower cash flows.  Those of us in the business full time tend to have much different criteria (our cash is working actively all the time for higher returns).

@Aaron Allie

Renting by the room/bed can be very profitable, but also be a management nightmare.  Shared housing usually attracts undergrads who are living away from home for the first time.  Expect high turnover, partying, high summer vacancies, etc.  Just know what you're getting into and get a property manager's opinion.

@Logan Hassinger

I would add lawn care to any list of expenses.  In Utah, we also have snow removal and these can add up.

Also, $40/mo for pm software?  Not a plug because I haven't used it, but just saw a demo for Cozy.  It looked pretty slick (and free).

Originally posted by @Ryan Baker:

I'm in Sarasota! Just started saving up to purchase my first rental SFH. Saying hi! Would love to touch base with some locals sometime (St. Pete included)!

 Nice! I have been a realtor for 12 years and will be moving to Sarasota county (Venice area) in a little less than 2 weeks! I have been taking my online classes so that I am ready to take the state test as soon as Im down there. I have Made a few contacts already, but the more the merrier! If any other agents in the SW region want to connect for possible back and forth referrals, Hit me up! 

I've been reading alot on the forum for about a year, and this topic seemed like the perfect one to finally post on. My apologies, I'm still not entirely sure how to quote from more than one source from this thread, but I'd like to add my two cents to the pot. 

I hate to get on this bandwagon @Michael S., but I have to agree with @Jay Hinrichs, and @James Wise. Based on your profile photo, I'm assuming you and I are roughly the same age (I'm 23), unfortunately, age discrimination is not illegal! The only time "age discrimination" is actually a litigious offense is if an individual is discriminated against because they're too old!!! I know, I pursued a case once. Unless you're over forty, age discrimination won't affect you.

Again, @Michael S., "An agent refused to present an offer the the seller because it was "too low" and the seller owed a mortgage above my offer (I think this is also confidential info that shouldn't be disclosed)"
If the client has stated they don't want to be bothered by offers below "X", I don't have any obligation to present that offer. If that's the case, I have no intention of wasting my time, or the buyer's agent's time. Same story, if the seller allows me to disclose his or her mortgage amount, you'd better believe I will! It keeps the useless offers out of my e-mail.

My parents were real estate investors, and I watched them deal with all kinds of REALTORS, and real estate licensees growing up - @Adam Bartomeo, I have to agree, real estate "unprofessionals" are the bane of the industry, but that does not mean they're the norm. Provided you answer your phone when your customer, or client calls, and admit when you don't know the right answer if and when that occurs, the people you're working with are thrilled you're honest with them. 

@Nick Britton, I've seen REALTORS who've signed on the dotted line, and taken the NAR required ethics courses, BOLD FACED LIE to either me when I was starting out as an investor, or to my parents. There are losers in every field, you just have to weed out the bad ones.

@Kim Knox, For the few closings I've facilitated one side or the other, I agree. The quieter and more unremarkable the transaction, the better it is. My theory: if your client forgot you existed, you did your job.

@Mike Cumbie, as a Broker, I can tell you that your definition of unethical is incorrect, at least here in Florida. 95% of real estate transactions here in Florida are done as a "transactional deal" - meaning that both REALTORS involved were "transactional agents". There are three kinds of transactions: Single Agency, No Representation, and Transactional. (1) In a single agency transaction, the REALTOR is actually looking out for your best interests. In this case, the REALTOR is truly working for you, and has to do whatever it takes to get you either (A) The lowest price if you're the buyer, or (B) The highest price if you're the seller. (2) In a No Representation transaction, the REALTOR is just there for the commission. Usually this occurs when a REALTOR is in a single agency relationship with a seller, and you walked in to their office, or called them off their yard sign. In this case, you're about to get shafted, see single agency above. (3) In a transaction deal, the REALTOR is merely there to do the paperwork. We are not there to give you advice, or look out for your best interests. Our job is to show you units (houses, condos, WHATEVER) until you say "this is the one". At that point, we write up the deal, and hope for the best. Personally, I work exclusively as a transactional agent. I don't EVER recommend that you take an offer as a seller, or that you offer "X" as the buyer. All I do is put the paperwork together. At the same time @Adam Bartomeo, I'd advise you to look up your requirements as a REALTOR again. Even as a transactional agent, IF I'm given permission to disclose X,Y, or Z, and that information will get the deal to the table, you'd better believe I'm going to disclose whatever I've been given permission to disclose!