All Forum Posts by: Paul B.

I know first-hand this is exactly how it is for our HOA in Georgia.

The bank would be responsible for dues going forward from the date of its possession of the property, but all the previous stuff is wiped out.

Again, that is just how it is here in Georgia.

I think this is going to be tough to do on Adwords because rentals are really micro-targeted neighborhood-wise.

Plus, I think people are generally aware of where on the Web they can easily find houses for rent (for example, Craigslist).

I wouldn't use Google to find a place to rent any more than I would use Google to find a place to buy.

Just my $0.02.

I know the flat-fee agency you're talking about, and I have had Realtors tell me point-blank that they will not show a house listed for sale by that company. Naturally, if a buyer asks to see it, they will show it, but they will not "find" such a house.

My experience was with the flat-rate service provided by a company that also offers full-service. (You could say they are in the "21st Century." :mrgreen: )

One such listing worked great because it was a duplex, and the investor-buyers were driving their own decisions. That property sold very quickly. On another house, however, I finally switched to a full-service agent because she begged me for the listing, and within 24 hours I had an offer that I eventually closed on. Coincidence? Seems unlikely...

I've sold only five houses, but I have never gone the non-MLS route. I just can't see finding retail buyers any other way. MLS gives you massive exposure to people who are genuinely looking.

I would be cautious about using flat-fee listing services, however. Without writing a 1,000-word post, my feeling is that you may have a harder time going this route as opposed to using a full-service listing agent.

First, I think you're prone to get more low-ball offers, because buying agents will think you're not very sophisticated.

Second, I think some agents will not work hard to show a flat-fee listing because (1) they think this kind of seller is unreasonable and tough to work with (it's a sign you're trying to milk every dollar from the house), and (2) I think some full-service agents are a little concerned that their high-priced business model is in jeopardy, and they're not going to help anyone who uses a flat-fee service.

If you insist on going the flat-fee route, you might consider offering a 4% fee to the buyer's agent (or some other bonus). This will give them real incentive to show your property.

As for me, I think going forward I am going to use only full-service agents to list my properties.

I'm not a lawyer, but it seems to me that if you accept her payment, she has then made good on her lease, and the reason that you had at the time for evicting her is now gone. By taking her money, you're saying, "We're good."

A new event of non-payment would then restart the whole process -- again, just the way I see it, and not a legal opinion.

I don't know your specifics, but I know that it's cheaper to keep 'em than find 'em. If you evict, you'll probably need to do things to make the place rentable, you'll need to show the property, you'll need to qualify a new tenant, and you have no idea that you'll be better off with Tenant B over Tenant A.

She could have just taken her tax refund and gotten down the road, but she didn't. She offered it to you.

Just a feeling, but you might want to think twice before you send her packing.

Apologies for not having time to go through all of your prior numbers with a fine-tooth comb, but it seems to me that your HML is antsy because you're paying $65K for a property that is appraised for $70K. HMLs are usually into deals where the buyer is getting a great deal on the property, not paying 93% of the appraised value.

How much of the $65K price are you borrowing?

I would not buy any property unless you know going into it how long you plan to hold it and how you plan to get out of it.

Seems like the first one has more resale opportunity down the road. More bedrooms, more baths, has A/C, etc. Also appears to rent for more money relative to its cost.

The second one seems have to been done for a retail flip, but I don't know that I would ever buy a 3/1 for that purpose. No garage, no A/C, no dishwasher...no thank you!

I'm confused. Who sets the price if you take the listing? Your client, or you?

If it's you, why aren't you listing it for what you think it will sell for? For what it's worth?

Seems to me that you really can't represent the best interest of your potential client in this case, can you?

I'll tell her I'll get around to it later.

Bill, let's you and me hit the road! Whaddya say?

No worries, I'm not a buyer here...I'm the renter!