All Forum Posts by: Heather Greene

Are you sure it would still be 5.5% on the LTR? I got quotes on DSCR's in that range a few months ago, by the time I finally went through with financing the rates had jumped into upper 6's so the terms might have changed in the mean time.

You can get FHA for 3.5% and some states have special programs that allow 3% or 5% down for first time owners, sometimes even without PMI. That's how I purchased my first duplex. A Fannie Mae conventional will require at lease 15% down, Freddie I think is still at 20% down. Some local portfolio lenders may have programs for a lower down payment. VA also offers 100% financing on duplexes if you're eligible.

Mileage is a big one for agents.  You can add back half I believe or that's what I've been told. Business use of a home would be another one for many agents these days.

If it's allowed in your state and brokerage considering piggy backing off of another agent in your brokerage's listing by mailing "Just Listed", "Just Sold" postcards, Facebook posts, etc.  Offer to sit their open houses if those are currently allowed in your state.  Work your sphere of influence.  Make videos about your knowledge (if your licensed you know more than average Joe) so your sphere knows you're an agent.  Even if none of them need an agent they may know someone who does.  

I think one of the best ways to learn pre-licensure is to work as an office assistant. You'll get familiar with the listings that way and can even have MLS access under a personal assistant account on some MLSs, will see contracts, hear office talk about what top producers are doing, etc. Good luck!

Cash app or venmo.  I still allow mailed checks/money orders but all my tenants have switched to electronic payment within the last year or two.  Cash app is by Square, Venmo is by Paypal

It isn't a pay per lead system on Zillow.  You pay for a percentage of representation on a particular zip code (or multiple zip codes but each needs to be bid on individually).  Zillow has a calculator to figure out how many leads you might get for $X amount of money but in my experience it isn't that accurate (most of the time I got more leads than it indicated I would, but in some zips I got less).  Also if some agent comes in mid-month and bids way more than anyone else that would effect how many leads you get, especially if you were getting 100%+ exposure which means you're always into that 3 pack, and someone bids enough to knock you below 100%.

I've used Cash app for awhile now to take rents and it works great, much better than taking a check.

Is there a reason you want to remove it?  Is there damaged shingles?  As long as it is in good condition, it should be fine to keep it.  

Have there been updated at all in the past 30 years?  All the rentals I've owned have been from the early 1900s (most duplexes in my area are from that era or earlier) and they've worked out great for me.  I actually find the building quality to often times be higher than mid-century houses.  

Some of the things you'll want to watch out for are knob and tube or aluminum wiring, lead paint, pipes that are extremely old (cast iron drain pipes can last 100 years but many types have a shorter lifespan), when was the roof last repaired, how old is the hvac, asbestos, old chimneys or stone foundations sometimes need to be re-pointed.  Insulation standards were nil back then so you may need that.  Another thing to be aware of is that often older walls and ceilings are plaster based and if there are cracks or holes, they may need to be replaced with drywall unless you can find someone to re-plaster which probably isnt worth it.  

Make sure your inspector is familiar with the typical problems these older homes can present.