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All Forum Posts by: Elton Tate

Elton Tate has started 6 posts and replied 35 times.

Post: Seller Wants an Offer Before Seeing Property

Elton Tate
Posted
  • Investor
  • North Carolina
  • Posts 35
  • Votes 7
Quote from @Marcus Auerbach:

Not the smartest move by the seller, but it cuts down on buyer competition, which is in your favor. 

include something like this: Offer is contingent on buyer walk through of the entire property within 3 days of acceptance to buyers satisfaction, otherwise buyer may declare this offer is null and void via written notice within 5 days after AO. Earnest money within 5 days after AO. Use similar language for document review incl leases and rent roll.


 That's a good point. Most homes that need an offer before seeing it stay on the market longer than the ones that don't. I will include something similar to the verbiage you mentioned in the offer.

Elton

Post: Newbies: investing is not rocket science - don't let the gurus tell you otherwise

Elton Tate
Posted
  • Investor
  • North Carolina
  • Posts 35
  • Votes 7
Quote from @Marcus Auerbach:
Quote from @Elton Tate:
Quote from @Marcus Auerbach:
Quote from @Mark F.:

I usually roll my eyes at preachy posts but this is pretty good. Unfortunately most newbies will still be attracted to low priced neighborhoods like you said. David Greene does seem to be telling people on the BP podcast to not invest in C or D neighborhoods unless you grew up there. Seems like most who are successful with that technique did grow up in the hood.

Ugh, preachy is not what I was going for! It just kills me to see people spend downpayment-sized chunks of money on hands-off gurus. We are in the information age!

Problem is many have rose-colored glasses and will call a neighborhood C, but it is really a D - just because it seems there is even worse...

I think the best definition is the A and B are above the median price and C and D are below. So look up the median price for your city and you know where you are at.  

Congrats on serial house hacking!!

@Marcus Auerbach I don't think I've heard of this approach to defining the A—D neighborhoods. Most people refer to the proximity of certain stores, crime, and high-performing schools. I am definitely going to give it 


Yeah, what most people do leads to that rose-colored self classification. They find lots of reasons why their investment is really not in a D neighborhood, but in a C minus and pretty soon it's just a C. I always have to roll my eayes when I read someone has class B rental properties in Milwaukee and they bought them for 100k. Sorry that's a D neighborhood. 

Median price point is a hard line you can look uo for every municipality and it cuts it right down the middle: above median (A and B) and below median (C and D). If a neighborhood improves, crime goes down, stores open etc then average prices on that street go up, reflecting a change in classicficatio relative to the median.

You often see a reference to property age, but that does not hold water in the Midwest. Some of our highest priced neighborhoods in Milwaukee (single family over a million) are 100 year old homes, clearly class A.

Co-Star has a different rating system using 1 to 5 stars based on building criteria, for example does the building have a gym and a concierge.

 @Marcus Auerbach, this is so helpful. Thank you!

Post: How do you attract travel nurses?

Elton Tate
Posted
  • Investor
  • North Carolina
  • Posts 35
  • Votes 7

@Keith Mintz, Another thing to consider about Furnished Finder is that insurance agencies use the site to find clients' housing during home repairs or other circumstances outside their control. I've noticed that many insurance agencies reach out for possible bookings. Unfortunately, most dates coincide with Airbnb guests' stays at my property, so I don't have much experience in that area yet, but I look forward to finding out.

One con about Furnished Finder so far is the messaging system, but most people prefer to reach out via phone. Make sure you have your phone number listed.

Post: Newbies: investing is not rocket science - don't let the gurus tell you otherwise

Elton Tate
Posted
  • Investor
  • North Carolina
  • Posts 35
  • Votes 7
Quote from @Marcus Auerbach:
Quote from @Mark F.:

I usually roll my eyes at preachy posts but this is pretty good. Unfortunately most newbies will still be attracted to low priced neighborhoods like you said. David Greene does seem to be telling people on the BP podcast to not invest in C or D neighborhoods unless you grew up there. Seems like most who are successful with that technique did grow up in the hood.

Ugh, preachy is not what I was going for! It just kills me to see people spend downpayment-sized chunks of money on hands-off gurus. We are in the information age!

Problem is many have rose-colored glasses and will call a neighborhood C, but it is really a D - just because it seems there is even worse...

I think the best definition is the A and B are above the median price and C and D are below. So look up the median price for your city and you know where you are at.  

Congrats on serial house hacking!!

@Marcus Auerbach I don't think I've heard of this approach to defining the A—D neighborhoods. Most people refer to the proximity of certain stores, crime, and high-performing schools. I am definitely going to give it 

Do you use a specific site for this information? Google is most likely the answer, but I want to ask just in case it's not.

Post: Seller Wants an Offer Before Seeing Property

Elton Tate
Posted
  • Investor
  • North Carolina
  • Posts 35
  • Votes 7

@Michael Smythe, it's great that you provide transparency to your clients.

Post: Seller Wants an Offer Before Seeing Property

Elton Tate
Posted
  • Investor
  • North Carolina
  • Posts 35
  • Votes 7

@Steve K. fair enough. lol

Post: Seller Wants an Offer Before Seeing Property

Elton Tate
Posted
  • Investor
  • North Carolina
  • Posts 35
  • Votes 7

@Michael Smythe, I'm working with someone with experience investing properties in the Metro Detroit area. I'm definitely looking in the City of Detroit because I know the market well. I agree with the rent analysis. The details are mentioned in the MLS. One of the properties is listed as S8 rentals. Thanks. If I need any help, I will definitely reach out.

@Steve K., one property was almost double what it is today, so it's not priced aggressively enough. I did a little research out of curiosity on one of the properties, and it shows an out-of-country seller, so what you're saying makes sense. 

No offense taken, but I don't see anything wrong with asking the question; so far, I have only asked one seller this question, and it was merely out of curiosity, especially what I know about the area of that property, so it just made me wonder. I am glad that I clearly found a lot of people's pet peeves with this question. :D

@Crystal Smith, that's definitely been the case :), but I don't have a solid team like yourself. Not yet, at least.

@Rick Albert, I agree, but I guess that's just for primary residencies... But I have even seen it for those types of properties as well, which is why I was confused. Those properties are marked as investment properties and primary home occupancy. If you lowball them, they're not even going to take it. I actually did make an offer on a property that I should have written a lower offer for; they held on to the offer for a few days and then tried to get me to pay full price after they couldn't get other people to buy the property. For this property, the boiler went out (cost $25,000, is what I told you in the past), and the pipes burst, damaging the ceiling and surrounding area.

Post: Seller Wants an Offer Before Seeing Property

Elton Tate
Posted
  • Investor
  • North Carolina
  • Posts 35
  • Votes 7

@Chris Seveney

The properties are listed on the MLS.

Post: Seller Wants an Offer Before Seeing Property

Elton Tate
Posted
  • Investor
  • North Carolina
  • Posts 35
  • Votes 7

I appreciate the confidence boost @Bruce Woodruff!

Post: Seller Wants an Offer Before Seeing Property

Elton Tate
Posted
  • Investor
  • North Carolina
  • Posts 35
  • Votes 7

Thanks, @Jessie Dillon. I don't mind not seeing the property until after an agreement is in place when a tenant is present, but not being able to see the property when no tenant is present is a bit odd.

I'm still trying to understand how the process should go, so thanks again for mentioning when I should expect the rent roll and lease agreements. I was told to review the two documents before finalizing anything.