All Forum Posts by: Dave Melton

Not sure why the city didn’t just sell it off and let the free market work. Instead they gave it away and are even giving tax incentives to the developer. 

Friendly Findley and son

Eric Findley

@Shaye Mora I have a google voice which rings to my cell phone. I’s got its quirks but it’s free.

I had a business land line and decided to cut that cord and in order to keep the number I got a grasshopper subscription and moved the number. It is a pay service and has its own set of issues but it gets the job done.

In my area the utilities are attached to the customer not the property. But convincing our water company of this is tiresome. Ultimately if they aren’t paying utilities it’s only a matter of time before they aren’t paying you. I have zero tolerance for this. Get rid of that tenant asap, there are too many good tenants looking to put up with a bad one.

When?

I've been renting houses for over 20 years and I've only had one that vandalized the property on their way out. Knocked a couple of holes in the walls spray painted graffiti on pretty much every wall in the house. Looked far worse than it was. Took some extra primer and a couple of patches. Not much worse than getting rid of a dirty tenant.

There might be big commercial buyers who will pay face value but we've bought and sold paper always at a discount to face value. The buyer is taking a risk that the note will perform and generally wants a discount for that risk.there is also the risk that the borrower will pay off the note the next day and with no discount there would be no profit. Start calling note buyers and you'll find most offering 50-80% of face value. This is also what makes for monster yield in note buying. But it comes with risks.

Most mortgage companies never see their investments in the flesh. If the note is performing I would t hesitate to collect from a distance. Otherwise there are national and local note buyers of course they will want a considerable discount.

You can advertise that agents fee would be added to sell price but I think your are making a mistake. Buyers agent is generally only 3% and it gives you a lot more potential buyers and someone to walk buyers through the process which will shield you from liability should the buyer get remorse or some due diligence gets overlooked. If you list with an agent you get added networking and marketing assuming you have a good agent and the fee should only be around 6% total. My personal feeling is a good agent more than pays for their commission with not only the peace of mind, time and hassle they save you but but can yield a higher selling price and in fact paying their own commission. A lot of investors get their license just to beat that extra 3%. In my mind if the deal doesn't work with agents fee, the deal doesn't work.

I generally look at houses advertised on Craigslist or other sites for rent near mine in similar condition and configuration. You can also network at your local RIA (KREIA) and meet other land lords and ask what they are charging.