All Forum Posts by: Craig Parsons

@Noah Milstein. So how does the interest work is it fixed or is it variable. Interesting concept no matter especially if one is sitting on a mountain of crypto.

@David Avery

I could not agree more!!!   While there is nothing inherently wrong with  the upper quality SW paint. You can get better paint from Behr for half the cost without a discount. If you know someone who has a 20% pro rewards discount the pricing is not even close.  Personally having been a painter for 36 years and a painting contractor for 21 years I think the Behr paint actually applies much better than the high faulting stuff from  SW or Benjamin Moore.  Now I have no problem using the expensive stuff from the name brands If a customer is set on it. I just wouldn't use it on any of my properties including my own home. 

So is this a house hack where you would live in plus get $850 per month rent.   How much is your other options for rent if you did not live in this place?  Can you force any appreciation out of it? Just some thoughts.  I'm new too.

I have the exact same problem. I have contacted Hard money and it is possible that way but with 4 points and 25% down that was for a 3 unit multi family as well.  Not sure how it would work for a Single.

@David M I will message you as well if thats ok. Bank statement shows plenty of income.

In my opinion DO NOT let your tenant paint. I probably have painted over well 400 rental units in the past 20 years  whenever a tenant "helps" and paints it is almost always a mess causing the landlord more expense in the end. From my experience as a tenant raising the rent will either A) increase your cash flow  or B) get the tenant to move out. I lived in a triplex for 12 years  during the first 8 years the rent never increased as I was classified as a "good" tenant but what happened was by the time I left I was still only paying about 80% of the market rate.  What caused me to move though was the Landlord raising the rent every year substantially.  The first year I said well ok that's fair I have been getting off cheap for a long time. The next year it hurt a little more  and then finally after the third year I Moved and the landlord was still able to raise the rent another 20% for the next person.  Had she kept being nice I would still be renting and her losing income every month.  Always raise the rent every year even if its just a little just so your tenant does not get too comfortable and you don't feel bad raising it.

So my son is 19 and wants to start real estate investing. He was in college until covid hit and now he has decided not to return. He did have a restaurant job but has worked for me for cash for last 6 months.

My question is can we get him a FHA loan with the good rates and low down if we cosign for him. I can start paying him on the books but even that would take some time, I imagine, to establish his income.

Also he would be moving states. But he would still have enough income obviously to pay the mortgage. We would also be doing a house hack as the potential property is a triplex. Not sure if that matters or not.

Thoughts?

Thank you.

This maybe silly but if he unit you were in is only 5 doors away and the current unit would be empty why cant you just use th eold address until the end of your lease. This would at least solve one problem.  Secondly remember this when your tenants have a similar problem hope the don't sue you!

@Jeffrey Long.Fair enough I get that but how do you reconcile the fact that maybe one of those buyers would be be offering 20% or more over asking price. Not to mention maybe a long term customer.

I'm sure it's been discussed here before how to put a system in ace on how to handle that kind of volume of buyers but from my point of view you and your sellers are cutting out 80% of your customers.

I do not have a solution for you but it seems there could be a better one. Even if on your website you gave buyers a tutorial on how to be prepared in a crazy market. IDK

Please everyone don't get me wrong I have learned tons from this thread and will approach listing agents in a different matter from now on. I just hope some listing agents can learn a thing or two as well here.

@Jeffrey Long Wow just wow. Now I can completely understand not wanting to take on new buyers who say hey find me a house. But if you are an agent who has a house listed that is not under contract and you refuse to return the calls of interested buyers. You should not list the house. Now it looks to me as if you are the one who needs to prove something.

Every agent I have contacted except one was an inquiry about a listed house and all those listing were greater than 30 days. If I was an owner selling with one of these agents I would be extremely upset. How many of these guys tell the owner when they sign the listing agreement. Say "Oh by the way I don't return calls of prospective buyers until they prove themselves to me."

Trust me I do get the problem of the tire kickers but after all that's partly why a seller pays am agent anyhow.