All Forum Posts by: Bill Patterson

Hi Cliff,
Mortgage rates are very low now, so a refinance to a 30 yr. fixed rate is relatively inexpensive as long as your Mom has the income to make the payments. Have her also check with her lender about a Home Equity loan. This will give her time to "unwind" from the divorce and decide if she wants to stay with the home and its memories or maybe down size like Vikram suggested. This all takes time and settling the property splits is the first step in moving on with both your Mom's and Dad's lives. I hope all goes well with their new lives.

As for you....stick with BP and decide how you think you would like to make real estate a part of your investment plans.
Good Luck!
Bill

I would not pay for an appraisal, but submit the Realtor's CMA. Also submit any pictures of the termite damage (along with any other repairs needed) and an estimate of the cost of these repairs. The lender may accept that or request a new BPO. It's basically up to them. If they do order another BPO, have your Realtor meet them at the home to provide any comps, repairs, etc. that the BPO agent may miss.
Good Luck!
Bill

Hey Sam, I just typed in "Tulsa, OK" in the people search box at the top of this page and came up with 7 BP members in Tulsa that you can reach out to.
Good Luck!
Bill

Actually, I'm glad that somewhere I got the drive to improve myself and my life, so that I don't live like that. I don't know for sure what makes some people successful and others stuck in the welfare mode. And don't tell me that they are lazy. Many work very hard at finding the angles and working the system. At any rate, I like hard work and success and love the direction my life has taken and is now heading!
Bill

Wow! Mike OH, I'd like to see those rentals! I've never done Sec 8, but have been in the student market for years. I've never seen anything like that in the worst "student ghetto areas" that I have never considered!
Bill

James, buying out the tenant's leasehold interest is probably the best bet. Hopefully there are lots of comparable rentals available at about the same rent, so that the cost to buy the tenant out is just for his moving expenses and inconvenience (this is the big one!). Usually this type of negotiation happens before the sale. Good Luck!
Bill

Mark, sorry to hear about this problem. In a nutshell to answer your questions:
I think the average agent that I have dealt with as a Realtor (I've been a Broker for over 25 years) is ethical. Although, I think many will take liberties to get a sale, especially if their house payment is due.

Your best recourse is to inform the agent's Broker and /or file a complaint with your local Board Of Realtors.

The guy doing the renovations before he has a solid contract or has closed on the house is a fool!

Finally, if it is a good deal, forget principle. Buy it and you win. Let the fool have it and he wins. My "principle" is better served if I win!

Good Luck,
Bill

Sam, you need to get a new PM! Over a year with no tenant is not acceptable any way you look at it. Check out the Management companies in the area on line and get a proposal from a couple of them. They will also be able to tell you the cost for the windows, appliances, etc. Also search BP members for someone in the Tulsa area to see if they have a recommendation. Once you have tenants in place, your family can decide if they want to stay in the rental business or consider selling. Good Luck!
Bill

I liked Jason's post. The good agent can save you lots of time and as we all know...time is $$$. Although, I can do my own plumbing, I hire one to do the work. I'm a firm believer that you first take care of your business. Use a good agent to find deals, market and sell your properties and spend your time over seeing the big picture and getting more investments.

Another thing that I have not seen mentioned would be that for a lot of sellers and buyers, emotions can play a big part in a transaction. A good agent can offer the perspective gained by experience in the real estate field and smooth out the emotional glitches that often insert themselves into deals.
Bill

Congratulations to Nick, Jason and all who survive attacks by jealous individuals. It is a testimony to their way of doing business that pulls them through, stronger than before. It also says a lot about the accuser, who mostly will be anonymous!