All Forum Posts by: Effram Barrett

@Pete Storseth

He’s not a fiduciary because the seller won’t list the property with him. He could buy it as an agent but he can’t represent the seller at the same time. Just giving you some clarification

What cash did you use to get started and if you invested 16 years ago, that was right before the crash. Did you buy at the peak of the market?

I haven't heard of 1st and last months rent up front, but I just did a lease with high risk tenants where the landlord made them put down 2 months deposit plus 1st months rent. They had to come up with over $4K to get the place, but I have a feeling they will be great tenants. As @Jonathan Greene mentioned, if you're nervous about asking for that much up front then they may not be able to pay on time or just might be bad tenants.

It sounds like your ex agent is representing the buyer they brought to you which leaves you without representation. If you are comfortable with this then go for it. 4% isn't too shabby, especially if you have a qualified buyer lined up.

In TX we have what is called an option period on a listing agreement where the agent can recoup a commission up to X numbers of days after the representation expires if they bring a buyer to you.  This could be what the agent is getting at but it sounds more like the 1st choice above.

Not sure how savvy you are with excel but there's a mortgage equation that is spot on. What do you mean the calculators vary? You should get the same answer on every calculator if the variables are the same across the board

I think home sales as well as inventory play a big part. As @Enrique Huerta suggested inventory is a great indication. Generally less than 6 months of inventory is a sellers market. Greater than 6 months is a buyers market. You can also break down the region into small chunks. I would think there has to be some pockets of N Colorado that are hot. 

Avg days on market as well is a good indicator.

Check city planning and see if any companies are moving their headquarters to your area or see signs of job growth.

There is no way to predict what will happen next but RE is about trends, and you just have to get good at reading the trends.

Are you guys in the Kerville market? My family recently stayed in an airbnb there and loved it.

This is an impressive list. I would have never thought of the retirement home as a source of off market deals. Thank you for this!

I had a similar situation where the mom was the tenant but her son, who wasn't on the lease, stayed there. He is schizophrenic and would disturb the downstairs tenant and condo association as a whole. The lesson I learned, and hopefully you as well, is as soon as you notice someone not on the lease staying there you should start the eviction process. Personally I wouldn't go there until it's time to evict. You can always look at your lease and see if there's any line to speed up the process. Good luck!

I had a coming to Jesus about image as well. Being an investor/landlord i think you are able to be comfortable and can afford a casual look. Being an agent though means looking the part. I wouldn't buy a $75 shirt per se but I'm not mad at the person who does. 

I found out I was having a kid 4 years ago and started growing my hair until my locs reached my neck. As I became a realtor though, I realized I needed a cleaner cut to be more successful. I'll grow them back out once I retire and sit around on the beach smoking cigars!