All Forum Posts by: Edward Hooks

You might consider an inconspicuously place mounted lockbox somewhere on the property. (Screwed to the wall, inside fence, under stairs.)

If you need to get a tradesman in quickly, give them the combo.
Having a Go To Handyman (plumber, electrician, HVAC) in the Area is a good idea, but you can't cut keys for everyone...

Kyle we charge the primary applicant $50 and use it all. Fee for additional Occupants 18+ is $25, of that we use little.

LOTS of good people are having BAD credit now, and we want to give every applicant a change to succeed after explaining our expectations when running the credit checks.

We get reports from All (3) Major Credit Reporting Companies and give the Landlord a Blended Average. We also look at the Sources of Debt and Trouble this way, to match up with stories the marketing dept is hearing.

[they are not all the same, but I can't tell you if T U reports higher or lower or median of the three, b/c I have not analyzed a sampling]

It seems easier to sleep to have the detail, rather than a single score and no context. Maybe Josh can jack up mysmartmove.com to accommodate me in the future!

;-p - If $35/mo is so little, they should be embarrassed to ASK...

TheNumbers Have No Feelings, they work or not.

3 Factors on Shorts
The Bank Doesn't OWN it, they Service the Note-must get permission

Seller agrees, Bank Negotiator adjusts, the Investors MUST approve. (Investor is usually WallSt mortgage bundler)

+The Listing Agents BPO matters only for HIGH CLOSE Rate Agents. My Fav Short Agency has north of 90% Close Rate -and his BPO's are within a very tight margin.

Conclusion: Diligence IS required. Last Short Close I did was Owner Occ on $416k Loan, we bought for $270k - SSA came 5months after MEC. Listing Agency has STAFF running 50+ listings at a time mostly distressed.
->This Example SSA for $180k means you should be able to be "Close" in as little as 45 days, instead of 6-months AT THAT PRICE.

Clearly clueless. $2k a few times a year for pushing contract paper and a few searches is better than $5k once a year -mentally & fiscally.

There must be better options than Redfin. If I were out-of-market looking, I might start with the agents that have the REO's on the market today (They generally get them in groups) - They may be SignSquatters, waiting for the Buyers Agents to come sell the places - but they DO KNOW where the distressed assets are.

My reaction to the RedFink...NEXT!

I enjoyed the thorough analysis of this problem, and am happy to see the wider industry giving some rational thought to the Stabilization Problem.

I was so inspired by Steve's presentation I had to dig out this almost 12-month Old Slide Rocket Presentation. (10 slides, 3-4minutes)

http://portal.sliderocket.com/ALQRN/IntroMTS

When I read "BofA Offers Leasing Program to Select Customers Facing Foreclosure" http://bit.ly/HdfarJ
I was thinking this is an Idea...

I would first ask if the UnPaid Water Bill reverts to responsibility of TITLED OWNER. In my area the Electricity and Natural Gas are responsibility of tenant, but WATER tax stays with property owner.

We set new Landlords up with Owner Revert on utilities, to avoid reconnects and we request Landlord Copies of Water Bills. If tenant is not paying we want to know before they move out with a shut-off because municipal water looks to Landlord to pay or the next Tenant can't get service.

Individual Metering if practical (affordable) would be my choice, because all guess work is gone when bills go up. Having Water included to a certain amount could help in marketing without leaving you exposed to unreasonable usage. Estimating Delta's on seasons and tenant moves will no doubt provide a use of your time, but probably not Highest & Best Use of a most valuable asset.

Either-Way, The Tenant Must Pay ;-)

Depends on services, but I would budget 10% for low volume Door count. LEASING will be separate, but quality Marketing and Deadbeat Avoidance can really impact RENT RECEIPTS.

If you have a smaller (local) door count, You might consider LEASE ONLY program and Self-Manage with Back-up. [If in a jam can you call their in house staff at reasonable hourly rate]

Find a Manager with SOLID Leasing performance and Screening Processes. -Trust But Verify...