All Forum Posts by: Brooks Johnson

@Carolyn Fuller

I use apartments.com and it works well for me. It does take about 10 days for the money to clear but not bad for free! I like the setup and encourage my tenants to set it up on autopay. I’ve used QuickBooks as well but it cost about $10 a month for an ACH transfer but is much quicker.

@Alec Weissgerber

What I’m unclear on is, did this bounce 6 months ago and they didn’t notice till now or did a tenant challenge a charge 6 months after the fact? I’d think that if they provide valid info to the credit card company showing it’s owed it would be reversed. If it’s a new problem I’d honor it with the PM but fight the CC company within a reasonable amount of effort. If their accounting is that out of date I’d say it’s on them at this point.

@Jacob Skeen I think it’s about what’s best for you. I started house hacking with a SF and rented out rooms. I had a fixer that I worked on and added value as we went. I was 23 when I started and had lots of friends that could fill bedrooms. We had a lot of fun and it gave me the financial ability to pay down a lot of debt and get a good head start in life! I wouldn’t have changed it for the world! If you’d rather not rent to friends etc I think a small multi is a better fit. I turned mine over after 4 years and did other deals with the money.

Thanks, @Nick Reinhardt I hope it's a great property for you!!

Hi Tom, 

Good to see you on here! If you want to chat about the Twin Cities market or see any properties hit me up!  

local boards can and do switch MLS software providers but to your point, whatever one the local board chooses you're pretty well stuck with. I think the issue there is that regional MLS's have a hard time competing with the loose money literally 100's of millions being pushed into the space to the likes of Z and Redfin. Honestly, my MLS dues $33 a month are just about the best deal of anything I pay for in my RE biz.

I think there is an important distinction between marketing and showings on a property. I believe the way this is going to shake out in my MLS is that a coming soon status in the MLS and other marketing will be fine as long as the property isn't being shown yet. I love pre-marketing my listings and having a whole pile of buyers ready for it to go on the market. It's the preshowings that are problematic, if one person shows it and makes a full price offer can I really look my seller in the eye and say this is the most the market will bear? I doubt it, because until it gets full market exposure who really knows. The rule does allow for marketing within offices for sellers that don't wish their listings to be exposed to the public.

Yeah, probably time to look for someone else.  I'd ask a lot of questions about if they have worked with investors before. You want someone proactive, knowledgable and committed.  Typically, that commitment goes both ways, I'm not going to do much work for an investor that I don't have an exclusive agreement signed with. Too many investors will just try and work around agents to "save" a little money it's short-sighted.  Also, make sure you're very clear on what you're looking for and what your expectations are for communication.  There are lots of bad agents out there. sorry, you got a dud! 

The National Association of Realtors Board recently voted to ban pocket listings by 5/1/2020 or sooner(timing depends on local boards/MLS). Meaning all Realtor listed properties will have to go in the MLS within 1 biz day of any public marketing. I'm a Realtor/Investor and I actually think this is really good for the market and consumers/investors. I think it will make the MLS as a source of deals much more competitive. I'm curious what Flippers, BRRR buyers think of it and if it will affect your business at all?? Any agent/wholesalers have any thoughts?

Hey, I think you have the right idea, that's almost exactly how I started out back in 09. My recent experience (as an agent) has been that life will be easier for you if you can get approved "conventional". There are a lot of good 3-5% down programs or even less with down payment assistance. Most of my buyers when they price it out conventional is a better deal for them in the long run, and easier condition requirements. If FHA was your only option I'd still go for it. Find a good agent, I'd get coffee with a few, and then get the mortgage process rolling. Good luck to you on your journey!!