All Forum Posts by: Eric Thomson

I've been looking for something like that for awhile. There are some out there, but like you said none of them really handle it all. If you would like some free help (somebody to bounce ideas off of) let me know.

Unless your holding costs are upwards of $15k per month, I'd say do some of the work yourself and sit on it for another month. I'm not sure about your market, but I would think it would be easier to resell it as a SFH, so that doesn't sound like a bad idea.

Hey Jeremy,

I would also account for vacancy and repairs in your expense estimates. I think a good rule of thumb is about 20% of gross rent per month (so $280). If you do your own repairs or if the demand in your area is high then you could probably get away with a less conservative number.

Hello Peggy. Welcome to BP!

The listing agent would receive details regarding all the bids placed, even when done online. It is their job to coordinate the sale so they would have to receive that information. It is also not uncommon for you not to get anything in writing from the bank. It is very difficult (if not impossible) to receive any correspondence with the bank other than "accepted/rejected". It is hard not to be skeptical when the listing agent's client wins the bid. Ethically the agent should not disclose the details of other offers to their buyer, but it happens. 

Stephen, if a home has been on the market for awhile with no recent price reductions/other changes I would be wary also. One solution to consider is an escalation clause in your offer. So you offer, say, $100,000 but will beat the highest offer by $1,000 up to your maximum, but they are required to provide proof of said offer. Disclaimer: (A) Typical agents are afraid of out-of-the-box thinking, so this could be a hard sale. (B) I guess theoretically you could get into a bidding war with Mickey Mouse, Donald Duck, or some other fictional buyer that just happen to bid $1,000 below your max...

If you plan on having other agents working under your "brand" then it's a good idea to create a brand independent from your name. I created an LLC, but I suppose a DBA would be ok depending on your goals. However, while a DBA/LLC may prevent your personal name from coming under scrutiny, it will not protect you from losing your license if a "few deals go wrong".

Hey Israel, Welcome to BP! Are you going to be investing in NJ?

Jim, this is exactly where I am trying to get now. I've been snowballing my profits into each deal and after my current project I'm going all cash from here on out. I will flip houses and continue to snowball the profits until I can pick up a few rentals/owner finance properties along the way. 

Hi Josue,

Good luck with your move! I think you and your wife will like this area. Those fees do seem a little excessive (some more experienced landlords might disagree). I can understand the deposits, but the monthly rent is uncommon, in my experience with rentals.

Congrats, landlord! My wife's grandparents live nearby on Cook's Bayou in Callaway. I love that area. Enjoy your retirement! Any future investment plans back home?