All Forum Posts by: Dale Kelley

A bit confused here. No offense but you should know the answer to that question before purchasing - which is why I'm confused!

Can it legally be converted would be my first question, second would be what's the zoning and permitted use? Is it currently a multi-unit? Condos are regulated by NY Department of State and you have to file all sorts of fun stuff with the AG.

Peek at these then I'd suggest consulting a RE attorney or maybe a commercial RE agent who's got experience with conversion.

COOP Condo Conversion Process

http://www.ncsl.org/documents/environ/NYcondo.pdf

1. Ask an attorney

2. If perk test fails, I'd check zoning and perhaps HOA? and find out what it can be used for.  Then see answer 1.

Also, seriously, see #1.  I've seen writing contests for properties but never a raffle which would (in NYS) be considered gambling (games of chance) and also involving US Postal service which gosh they have rules about all sorts of stuff you can/can't do via mail.  I know there are specifics about games of chance in NY in general but I suspect if it involves RE you're getting into all sorts of additional legal issues. So, see 1 so that you don't end up in jail! ;)  I assume every state is going to be different in terms of what you can/can't do in terms of a raffle.

What are you basing the price on and what makes you think it's not overpriced?

Check that the MLS data is accurate. There's a listing in my MLS by one of those flat fee brokers listed as having 0 bedrooms. I'm betting they aren't getting many showings either because 99.99% of buyers use #beds as a search criteria.

Spend a couple hundred bucks and get pro photos. I do it for all my listings no matter what price.  Bad pictures, bad price, or bad location are the primary reasons why houses don't get showings here.

What can an agent bring? Besides qualified buyers, (probably) better marketing & networking if you find the right agent.  Most agents have a database of potential buyers who might not be actively looking at the moment.  Experienced agents have in depth knowledge of the local market and the local buyers.  Talk to a few and get some feedback - at least in terms of current market trends. What's the average DOM for comps? At that price point I can't imagine someone wouldn't be interested in demonstrating their value. 

I don't know your market but 4 showings in a month at that price point 'round these parts this time of year probably isn't all that terrible actually.

http://genurealty.com/listings/68-glendale-ave-alb...

$159,900

4 bedroom 1.5 bath 1556 sqft., 2 car detached garage with additional off street parking.

Walking distance to Albany Medical College, Albany Law School & Albany College of Pharmacy.  Partially finished attic has enough room for a 5th bedroom.

Newer roof, boiler, windows & siding. 

Home was originally purchased for daughter/student to live in while she attended medical school. Has been rented for past 3 years for $1500.

Most recent MLS listed 3 bedroom rented on same street for $1650 Nov 2014.

Student single room rentals in area currently advertised for $450-600 on Craigslist.

Quiet residential neighborhood, dead end street in the Helderberg neighborhood of Albany, NY. Ideal for families, young professionals or grad/medical students.

6 month comps - 4bed 1.5+ bath 1300-1800sqft

Dumb question of the day: Did your agent know you were getting estimates and wanted to submit an offer? What did your agent say regarding how to tie it up? 

Can you submit a backup on Hubzu? I've never used it but from reading the FAQ it seems like the only way to submit offers (agent or not) is through Hubzu. You may not need her. Great. Now I'm going to go to Realtor jail.

Its not at all strange for an agent not to return phone calls in my neck of the woods - to investors or otherwise.  Don't take it personally! Oh, and since you'll be licensed? Get used to it! ;)

I haven't been an agent long so far the investors who've contacted me are new to investing, and real estate in general.  This has presented a bit of an ethical dilemma for me personally. There have been a few who are unknowingly making uninformed (bad) decisions but because they read an e-book or paid for a seminar believe otherwise.  If I'm not doing what they want - they move on to someone who will, or realize they need to take a step back. So why bother when my car payment is due? And, because I'm new too, I sometimes don't even know how to advise them properly.  

Thusfar working with these types of investors has been time consuming for no pay.  I don't mind the no pay thing because I'm here to learn and it can always lead to future business.  For me it's worth it when I'm not busy.  It won't be for every agent. 

However, last minute cancels, last minute pretty much everything by these sorts of investors has prevented me from working with regular buyers/sellers - not that they guarantee a paycheck either but the odds are better anyway!  Keep in mind too that its a busy time of year for agents - there are lots of people out there who want to buy a home for full market value today! They may simply not have time to take on new clients. But yeah they should return phone calls, I agree.

Have you checked with REI groups in your area?

A few years ago I was shopping commercial space. Of the several agents/brokers I called either from signs or ads, only two called me back.

I eventually found a place after I posted a "Looking for Space" ad on CL.  The landlord contacted me.  As it turns out, his space was listed with one of the agents I'd called on another space.

I am still baffled by this. There are properties here that have been vacant for nearly 10 years now - yet they can't even return a call? Some of the places I called on are still vacant!

That video isn't at all surprising to me. People, not just REA, aren't exactly excellent communicators.  Internet/email/text has actually made things worse. There's too much room for misinterpretation and plain 'ole delivery failure.

While working with clients as a personal trainer, I had more than a few instances where I wasted time/money waiting around for clients who chose to alter schedules via Facebook. I paid for on online scheduling app which they were supposed to use so that if a time was free another client could book it. My brain is too old to be remembering everyone's schedule changes - which happened daily. Yet because Facebook was easier for them, that's what they used despite being told repeatedly not to. "Oh I forgot, sorry."

I honestly am wondering what portion of this "They don't listen" thing has more to do with the way genY prefers to "communicate". 

Thank you all @Charmaine M. @James Wise @Adam Clark @Elizabeth Colegrove @Paul Timmins @Eddie Marcano.

@Benjamin Brizzell I'll probably be sitting down with (I believe) your broker at some point. I also believe I saw you in the AIN Meetup Group? Or is that REI? I'm soo confused! Do you have any thoughts on the group you'd like to share? I had planned on going to the meeting this week but ran late - getting up the Northway at 5:30 was a no go.

Wow. So, I don't even know how I found this site because as of 4 days ago REI wasn't a consideration for me - probably due to too good to be true infomercials.

I was briefly a real estate agent about 20 years ago. Aside from the cold calling part, I enjoyed it. I just couldn't make it work due to childcare issues and incredible lack of confidence.  

Fast forward to this year when I closed my personal training studio. I spent more time marketing than anything else. The ironic part of that is that I got into the business to help people overcome the issues marketing creates for people trying to lose weight. Please don't ask me to explain that - it would take a book.

I was just reading over in the guru thread about someone I was watching on YouTube. It's sort of funny to me to see how pros here say the same thing about REI gurus that I say about the weight loss/fitness gurus. It's like I can't escape the BS. It's everywhere!

Anyhoo, since I've had to become skilled in marketing (and need a job!) the idea of going back to selling real estate has crossed my mind a few times.  After spending some time here and seeing what actually IS possible, that's probably what I'm going to end up doing. I feel like it would be a good way to get to know my market (among other things).