All Forum Posts by: David D Painter

I would have thrown it in the trash after reading the first line.  As a property owner I get solicitations in the mail. This one is really bad. 

I usually get access to my houses early simply by asking.  I have never had a seller refuse but on HUDs I don't even ask.  Normally I use that access to measure and order supplies but don't have anything done or delivered until after closing.  In 2012 I did actually do an entire interior repaint prior to closing because of a time crunch as I was leaving in a matter of days for 5 months.  I am a painter so I could have been out $200 in supplies and 3 days labor. No big deal. My market is smaller and people often leave keys in their cars and doors unlocked even when they are gone. Good luck!

I believe arms length precautions only come in to play when a financial institution is involved.

@Mike Cumbie  Thanks. Just trying to figure this out. I am in a small market with wholesalers suddenly popping up.  I have no intention of doing this, I am a landlord not a salesman.  I have been getting calls and mailings about buying my properties. None of these properties have been vacant in years and no late taxes so I am not sure why they target my properties.  I did return one call and frankly nothing about it made sense.  Not even sure why they are contacting me as I have never expressed an interest in selling.  I am usually more interested in buying. Yalls answers have cleared up a lot for me.

I still go to open houses regularly just to see what's on the market and to know prices. I have never bought a house due to an open house. Keeping up with what's out there and current prices sometimes will help you to realize a bargain when you see it.

Justin, I have been at this for years and still do not like being a landlord.  Of everything I do, it's the job I like the least.  I love repairing the houses! And I have ridiculously good tenants.  All send rent checks directly to my bank in a timely fashion each month. I have minimal contact with tenants often going a year or more with no contact from some. And still I'd rather be doing anything else.  Maybe some us never grow to actually like it. But for the time I put into it, the profits are worth it. Good luck!

@Mike Cumbie Thanks! That's a pretty clear explanation. It makes sense and gives me 900 more questions!

I have had RE investments for longer than I care to admit but don't really understand what a "wholesaler" is or does.  Could someone please explain this to me? I understand the term wholesaler but not how it can apply to RE. No one I have asked seems to be able to answer. Thanks! 

I am an investor who often makes offers considered to be lowball but I never waste my RE agents time and he doesn't waste mine. He doesn't care what I offer as long as I make an offer. We are both sometimes surprised at which offers are accepted. I only ask him to view properties I have driven by and or looked into windows (unoccupied) and I am pretty sure I will offer on before going in. Within 10 minutes I either tell him what to offer or say no. He spends very little time on my deals and is kind enough to give me a heads up on things he believes I would be interested in before they hit MLS. You will find an eager, competent agent if you keep looking. Good luck!

@Chad Nagel

Well thanks but I have lots of confidence in Condon. They provide great service quickly for all of my tenants, doing fast repairs and replacements.  I never have look over their work as always go the extra mile and do things right.  I have no reason to change that.