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All Forum Posts by: Bill Fennelly

Bill Fennelly has started 5 posts and replied 73 times.

Post: House flipping

Bill FennellyPosted
  • Hingham, MA
  • Posts 73
  • Votes 29

I was 20 years old when I bought my first property with $15k of my own cash...bought 5 more houses off that first property...easily parlayed that into $650K in equity now in my primary residence...never too young, those who say you can't do it are  the same that will be saying woulda, coulda, shoulda in 20 years, one to two will also be paying you rent along the way...get after it now...just my opinion !

Post: Should I work with this mentor?

Bill FennellyPosted
  • Hingham, MA
  • Posts 73
  • Votes 29

Take the $12,500 for the guru and buy a house...just my opinion !

No kids, no lead paint concerns, easier on evictions with no kids and depending on where you live, sometimes a couple with double income...just my opinion !

Post: Broker Leads

Bill FennellyPosted
  • Hingham, MA
  • Posts 73
  • Votes 29

I would start at the largest brokerage office with the biggest market share, their phones will be ringing and generating leads, also find an agent in that office that has more listings than they can handle and do open houses for them Saturdays & Sundays, or commuter open houses during the week, here you will meet people and therefore more leads, problem here is that the commission splits will be lower since you are new and that is the typical formula...going to a fee based brokerage will cost you money monthly and you will be responsible for creating your own business since typically leads will be sent directly to the broker who's listing the buyer is calling on...work your network, that's where the best leads will come from in the end...just my opinion !

Post: Pulling Comps

Bill FennellyPosted
  • Hingham, MA
  • Posts 73
  • Votes 29
Originally posted by @Sean OToole:

Having access to the MLS is a key source of comps - it is useful because it doesn't only show what is listed, like the sites you mention, but also what is pending, expired, etc. which all provide clues as to the state of the market.

Second, you want a source of public record comps, as more and more deals are happening "off-mls", and these too provide important insight into the state of the market. Ideally that source will tell you the type of comp - REO, shortsale, flip, etc.

Finding the best comps is more art then science. It also depends a bit on your goals.

Two keys in my mind:

1. Understanding comps from a buyers perspective - at this level you really need to get off the computer and go look at houses. Any impression you have from comps out of the computer will be easily trumped by the knowledge of a buyer who is actually out looking at houses. Not getting in the field enough is a key investor mistake imho. 

2. Understanding the comps from an appraisers perspective. Even with all the talk of cash deals, the majority of sales (60-70%) require financing. Lots of pressure on appraisers to be conservative. Best to understand what comps they are most likely to use - ie the most obvious and easiest to defend. Requires high art to convince them to use your comps.

I completely agree with Sean...as an appraiser and a broker I can assure you that I don't even look at Zillow and/or Trulia, complete waste of time...you need to get into houses when they are on the market and then see what they actually sell for in the end, start by going to open houses, take MLS sheets and make notes, than see what it closes for in the end...information is the key, MLS data or access to other data sources that will provide data and info on county sales will pick up non MLS sales...use a good broker and/or an appraiser and pay them for their time and effort...just my opinion !

As a broker in a large national company I have E&O for my activities as an agent/broker under the brokerage...for personal rehab projects, flips, or new construction projects I am required to get a separate E&O policy to cover myself

Post: Cant buy a house

Bill FennellyPosted
  • Hingham, MA
  • Posts 73
  • Votes 29

If you are missing out like that and as noted prior, maybe your offers aren't even getting in front of the Seller, so either have your Realtor as your Buyers Agent present the offer in person to the Seller, or start going direct to the Listing Agents and see what kind of success you have then...just my opinion !

Post: Rent to a coworker?

Bill FennellyPosted
  • Hingham, MA
  • Posts 73
  • Votes 29

It's the same principle as doing business with family and close friends...don't do it...just my opinion !

Post: Now THIS is a great landlord!

Bill FennellyPosted
  • Hingham, MA
  • Posts 73
  • Votes 29

great story...