All Forum Posts by: Bryan Coomer

"Broker Price Opinions" are basically real estate broker appraisals. They save big money for lenders, etc. Imo they are a better opinion seeing as agents know more about true market value than most appraisers do.

Can anyone refer me to some companies who hire for BPO's? I've done these in the past and kind of liked it. Much thanks!

Value is around $65-70K, Indpls, IN, built 1939, 1900 sq/ft, brick, 2 story, wood burning fireplace, 1 car detached garage, block crawl space. Want to insure for market value and not replacement cost. Had a lapse in coverage due to being vacate, but was rented on a 3 year contract as of 9/18/10. Had the AC stolen while vacant so a $5 claim shows up on insurance history for a police report. I supplied them the report myself so I don't know why they even filed that... No funds were given as they said they wouldn't cover stolen property. That should be it. Please reply with your contact information!

It's simply a junk and extremely slow market in my situation. Especially in the area I own three homes. A lot of nicer homes are even going unseen.
Therefore I opted to do rent to own deals instead of outright sales. That produces more money for us investors anyway...and if nothing else brings cash flow until the market recovers. I have my license with a small office and this past week the secretary told me they haven't had a single showing in a month on any listing. Thankfully mine are filled with potential buyers.

I have a question about the contract and option being separate. Should the contract even mention the ability to purchase the contract? Anyone mind copy/pasting their contract?

It's what I've done and imo it's ideal. Especially for homes you'll resale after rehabbing. With rentals it's a different story. Just make damn sure you can get a loan after buying the property! Lenders aren't giving too many loans out, especially on investment homes. It saves the hassle and expense of getting new loans and cuts that by just paying refi fees. It also gives you the option of interest only payments and very low interest rates.

Keep it! It helps save thousands when buying and selling. Over time that can really add up... The MLS is also extremely valuable. You should be able to do your continuing ed online. At least we can here in Indiana.

Ever read a book worth it's paper and your time? Tell us about it!

Personally I'd love to learn good books on rent to buy investments, rehabbing and reselling, property management, working up to commercial RE, possibly moving into development, etc. I'm open to anything that offers the best chances of success and $...

I'm just now digging into my first book and so far it seems very solid. Some people will be turned away by the title, but it actually comes highly recommended. It's "Property Management For Dummies" by Robert Griswold. He seems to be highly experienced and willing to share his secrets for readers success. I can't say one way or the other at this time, but it's looking like a great book.

Once again, I appreciate the advice! I've already filled out the paperwork to file in small claims court in the morning. Hopefully I can recover some damages, but it will be a learning experience either way.