All Forum Posts by: Catherine Emert

Ty,

I am not sure how the laws are in IN but in Oregon there are really strict laws for property management. You can call your state licensing office and they should be able to quickly answer this for you.

If you are a broker most counties have a website where you can search by property address. Ours is linked into our MLS as well.

If not you can contact a title company and they will usually pull a neighborhood for you free of charge.

Carl,

As a fellow property manager and real estate broker I think there are some key item to look for:

Any moisture on the windows, around toilets, under sinks. Also look for staining from previous leaks. (roof, under sinks, etc.)

Look at the roof, any missing shingles or tiles...any look damaged?

The smell...if it's got an overwhelming smell as though someone has gone through with air fresheners, you may want to ask yourself why. It could be mold or pet damages.

Large gaps in the foundation. Small cracks are just sign of the house settling but if they are large there may be a bigger issue.

Signs of the owner not keeping the house up. Leaky faucets, faded exterior paint, poor landscaping. These may be signs that there are other maintenance issues that were not taken care of properly or at all.

Check the windows for gaps as well.

Cracks in the interior walls or ceiling.

Turn on the faucets to make sure there is good water pressure.

Test the thermostat to make sure the heat kicks on.

Hope that helps.

I own a brokerage and we do property management as well. I think some key questions on the phone would be:

1. Pets - especially if you have a pet policy or limit.

2. Why they are leaving their current place? - this can help weed out evictions, etc.

3. If they are able to pay all move in costs at the lease signing. Make sure you tell them all the costs.

As a broker I would recommend you make sure to contact the MLS and local Association and look at how much it will cost to join. Some are more expensive than others and it's always a good idea to make sure you know every cost before you jump. I used to work for our local MLS and Association and I can't tell you how many times new brokers would come in and be completely blindsided by the costs to join.

Once you have that figured out, make sure you interview with several brokerages to make sure you are where you will get the most benefit for you! 

I have a property that would make a great rental investment property listed for sale. It is a 3 bedroom, 2 bath, attached garage, fenced backyard. In our current rental market it could rent for $1400. Sales price is $325k.

Current owner has installed all new hardwood floors, interior paint, exterior paint, new gate.

If you know anyone interested please let me know.

Investment Info:

other investment in La Pine.

Listed and found an investment buyer for a small town convenience store that grosses over $4million a year.

What made you interested in investing in this type of deal?

I grew up in this town and personally know the owner and founder of the store. In a city of 1700 people he was able to build a store that served more than the community and grew to gross over $4million a year.

How did you find this deal and how did you negotiate it?

The owner actually called my business partner and didn't realize that I was a broker, once I contacted him he realized that he has known me for nearly 30 years and after a few meetings we signed the listing agreement. Within minutes of the listing being live we had the phone ringing. We ended up with multiple offers.

How did you finance this deal?

This is being financed by SBA.

How did you add value to the deal?

I brought a knowledge of a small town most have never heard of and the ability to balance both the buyer and the seller's needs.

What was the outcome?

Happy clients on both sides!

Lessons learned? Challenges?

Interview SBA lenders more and verify how prompt they are and how quickly they can get the deal together.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I was the broker on both sides of this deal.

Did a tenant just vacate from the property? You may be able to name a tenant and the management company. Depending on the state laws. In Oregon a property manager is bound to ethics and has to protect the owner's investment.

We use Contactually and have had no issues. I personally would be lost without it!

As a brokerage we take care of the title companies that take care of our clients, usually a gift card for everyone to get lunch is our go to. And it is always appreciated.