All Forum Posts by: Kevin Boylan

The most weight should certainly be given to what very similar homes within half a mile have sold for in the last 6 months. You should also look at the list price of very similar homes currently on the market AND at the list price of homes that have recently expired from the MLS. So if most houses have recently sold for around $100,000 and you see a bunch of current list prices around $115,00 and a lot of recently expireds at $110k - $115k you know the market price is going to be somewhere around $100k right at this moment, unless there's something really special about the house your looking at. But things constantly change so you need to re-check the numbers often.

Hi Mike,

How do you figure in the fact that you are "earning" the management and maintenance fees for the properties? Are you simply figuring the amount you figure you would have paid a property management company if you had them managing your properies?

Thanks!!

Kevin

I'm not saying it should be, I'm saying that in reality that is often the case with a lot of agents.

My question is this. When you have the house assigned over to you, what happens if, for that house, for some reason, you can't find any interested investors to sell it to? Is there some contingency in the assign contract where if you can't find anybody within a certain amount of time the house goes back to the owner?

I would disagree that a busy agent is necessarily a good agent. That is good for the agent but not necessarily for the client. A busy agent is a good prospector, which does not mean a thing to the client. There are many many busy agents out there that are not responsive and that don't provide the attention necessary. Also, I can look on the MLS at a lot of high profile, busy agents and see that their closed to expired listings ratio is very low compared to other agents.

Also, if I was trying to sell a house I would be wary of agents with lots of listings that are way higher priced than my house would list for, because you will not be a high priority for them.

That being said, I would interview several agents (busy and not busy) and listen to what they have to say, you should be able to tell if they have any intelligence or not and I would talk to some of their previous clients to see how responsive they were. A busy and responsive agent would be great, but I'd rather have a responsive newby with a good broker backing them up than a non-responsive busy agent any day.

Kevin

It would be good to use a throw away email address for anything you post to the internet like the previous poster mentioned. For one option, go to http://www.e4ward.com and there you can set up unlimited email addresses that will forward email to your normal email address. Even your replies will only show the temp address to the person you are emailing to. This works great for me. If you start getting spam or once you are done with that particular add, you can disable that email address and use a different one for the next add! Best of all, this is all free.

Since I am in Dayton also, I was wondering if you could detail some of the specifics of your purchase? I am also interested in investing in doubles and quads. How much of your own money did you have to put into it? Did you get a conventional loan or seller financing?

Also, I see this was awhile back, how is your cash flow, maintenance, etc compared to what you had projected?

And how did it go with your problem tenant? Do you still have any section 8 renters?

This is a great forum!!! :-)

Thanks!

Kevin

Thanks guys.

Sam, that link will come in handy when I have a specific property that I am making an offer on. Right now I was more interested in having an idea what the typical GRM would be for a specific area so that I can eliminate some possibilites when I see adds that include price and rental income. But then I suppose the proper GRM would have a lot to do with the condition of the specific property, so maybe it would not be so easy to eliminate possibilites in this way.

Juzamjedi, I did infact go to my first Real Estate Investors meeting a couple weeks ago and plan to join up and continue to attend and find out more about these kinds of things. :D

Kevin

How do you go about finding out or determining the proper Gross Rent Multiplier to apply to a house that you are thinking about purchasing?

Thanks!!

Kevin

Hello all,

When you purchase a house by having the owner assign their mortgage over to you "subject to", how does that affect the seller's credit? Does that continue to show up as a debt on their credit report?

Thanks,

Kevin