All Forum Posts by: Joel Owens

Jimmy your welcome.

Bpo agents come in many levels.If you have a newbie completing one they might look at your comps and your repair list.

Seasoned bpo brokers/agents complete sometimes 200 or more bpo's a month and barely have time to breathe.They have a mill telling them get the report back in 48 hours or we will start reducing your volume.

The last thing they want is to have to chase down an investor to gain access trying to influence them so they can make a measly 50 bucks and get on to the next orders.If they can't get access they often tell the mill to re-assign which causes the bpo to take weeks to get back.For the bpo broker/agent it's about how fast can I get out there and take pics and upload to the office.

I still do a few a month but stopped doing the volume years ago.

Used to in the hot sales market I would get 130 to do a rush 24hr exterior. Now sales for comps are few in between and the order pays 40 to 50 which is below my pay grade.

Yes there will be more renters in the market at that time but also more properties available as well.

Same with real estate agents as many have left the game and when markets get stronger you will have more sales but an influx of more agents coming in so it will be a wash.

They should give you printouts of the MLS sheets which show the info.We are required to put accurate info into the MLS as all the other brokers/agents depend on it.The signed paperwork is also sent in to the MLS for verification of data. So what you will be seeing is accurate but nothing is ever 100 percent.

When buying a property if rents in the area go for 600 to 750 I base off of 600 or lower.Get it rented fast and have the most applicants to choose from so you increase your chances of landing a good tenant.

Also make sure your lease is air tight or you will pay later in expenses that crush your cash flow.

In my area our MLS gives the brokers and agents data on rents,average concessions given,and the time it took to rent the property.Also shows expired's and with drawns and actives to show what renters will pay.

When you have a rental you have to know if the property presents badly,has no marketing exposure,is asking over priced rents or all of the above.

If you buy right you will be able to cure all problems. If you overpay you will be in a world of hurt.

Spring and the summer might go fast when you buy you need the flexibility to rent year round at great rates and still cash flow well.

You don't buy based on getting a high market rent if you turn the lease at the peak of renting season.Instead base on conservative numbers and if you rent at the peak it's a bonus.

Kathy,

Sounds like a seller that doesn't understand what as-is means or contract law.

On this board we can't see your contract and one word can change everything in a contract.If you are referring to your earnest money deposit it depends on what would be in the contract as to what your rights are.

Is the earnest money refundable or non-refundable under any circumstances.Was this not earnest money but an option fee??

Disclosure is a separate issue from earnest money but sounds like the route you want to try to get the money back.

You might benefit from a legal review of your contract by a real estate litigation attorney.

You won't find legal representation on here for free to get your 5k back.

no legal advice

Providing the lead based paint disclosure is a Federal law.

I am not in Florida but everywhere I know selling "AS-IS" doesn't give you free reign to not make proper disclosures or material facts known about the property.

"AS-IS" is saying you are presenting the property without any warranties and you will not do repairs and it's upon the buyer to inspect and conduct due diligence with the property.

If you don't disclose a known material fact or give proper disclosures required by law you can still be sued for damages and lose.

Usually banks that have foreclosed and estates have never lived in the property and cannot fill out a sellers disclosure or warranty it's condition.The seller still provides proper mold,lead paint disclosures etc. that they get the buyer to sign to protect themselves from future litigation.

no legal advice

If brokers and agents followed the bpo companies rules values would not be influenced at all.

Having said that there are brokers/agents who get kicked out of BPO companies for this very practice.

Most companies have an electronic signature form that we have to sign before submitting the finished BPO online.It says in a nutshell that we have not talked to,taken comps,relied upon ANY investor,contact,seller information etc. to influence our value and that we have inspected the property and pulled the comps ourselves.

BPO companies (mills) are really tightening down the standards as they are competing against other mills for large institutional orders.

The local to regional banks use brokers/agents more on a direct basis than the national banks that farm most bpo's out.

So you are just selling off a note for one trailer??

Do you own the land as well?

If it's just an old trailer they have very little to no value and are very expensive to move.

More details.Thanks

Have a deal I am looking at right now.It's a 60 unit apartment building.

Full stabilized will generate an NOI of 155,000 a year.Currently right now at 45% occupancy at NOI of 79,000 a year.

Purchase price would be around 450k to 500k.Buying on the low basis I would reduce rents from 460 a month to 400 to increase occupancy.

Resale at a 10 CAP will have a value at 1.5 million.Let me know if anyone can partner with me with cash or can do a loan.

Anymore info just ask.

Currently I am signed up with about 30 banks and counting with direct contacts to the commercial special assets vp's and directors.My goal is to sign up with a few hundred more.

Most distressed properties released by banks are lots and raw land for which they see no recovery followed by mom and pop type stuff.

2011 I believe more of the bigger stuff will hit the market more frequently.

Goal is to do at least 30 million in transactional volume on real estate deals as a broker and then purchase a few investments of my own.

Between triple net,apartments,and bank distress deals I believe my goals are achievable.

That will be really tough.Part-time agent as an investor equals high liability for a broker and intensive time training them in most cases.

I get many calls from agents wanting to park their license with me or they do just a few to no deals a year yet the real estate commission requires me to keep a ton of paperwork on them.

At the highest I had about 50 agents but have pared that down considerably to work on my own deals.I still have some experienced agents that I don't have to spend too much time on.

So do you want to be an agent or just an investor??