All Forum Posts by: Irina Belkofer

 Don't bother - there won't be any brokers to work with a condo at $59K price. You'll need some credit union, portfolio lender and such.

Most condo won't qualify for FHA loans, which means it's hard to get a conventional as well.

If it would be $500K condo, you wouldn't have a problems.

Mortgages start from $50K to make sense to originate them. If you put 20% down, it's already below the min.

That's why condos are so cheap and hard to sell - cash is most likealy the answer.

I have 8 paid off townhouses and can't finance any - just private loans, HELOC (my primary home) and credit cards.

Maybe when prices rise above $100K

First of all, do not put yourself in such situation: why would he go alone to evict the tenants?

Also, this tenant has few criminal records since 2008 - why take chances?

CCW license is a must, you do need a gun in this business, however, you can't shoot people in their home, even if it's your property. Everything should be handled legally.

Now, a widow and 4 children left behind, the kids will never see their daddy again. Did it worth it?

That's why there is legal process of eviction. Better be safe than sorry

 Could you elaborate on that, please?

Does it mean that 4% of gross Rent would be their target aka highest and best pay?

Let's say 20 apartments@$500 would be grossed $10K/mo and they would get paid $400? But you paid $80 as 20% because they were not fully occupied?

If that's the correct version, it would make sense for them to rent couple units for cash and you wouldn't know that - $1K.....unless you check on every tenant by yourself and show the units, too.

I know that in MF RE it's different rates but PM there is not worth $20/mo per unit.

Maybe I misread what you're saying but so far, I don't see why they even wanted your business.

I wouldn't go to 4% unless it's A class building where the Tenants direct deposit their rents and never call about repairs. 

Would be interesting to hear their side of the story

The major issue with choosing real estate agent I see here: calling to an agent who pays Zillow.

She's paying to get your contact info, as well as others. Off course she's going to be flooded with the clients.

RE investors are not the best clients by any means: they are buying cheaper properties, on big discount, low ball all the time (it means most offers are just a waste of time). 

So, if she's got residential clients - these will have her prime attention.

You need to find an agent who is working with investors first and foremost, who knows disstressed market and can come up with the right and reasonable price. Besides, these agents might market such properties and can offer you a deal before it goes on MLS (short sale, as is listing etc)

Some listings on Auction.com, Hubzu etc have lock box code in the broker remarks, however, if the agent doesn't have time to see the listing, it means you're blindly making an offer which might be prevented if your agent has already seen it and told you that it's not good. I'm not sure how you can see a house if you're OOS, but if you're currently in the town, it's better to find real agents. Zillow is the worst way to do it, maybe just to see who's the listing agents are.

Before you do any business, you have to establish relationships. It's a relationship business - nothing will work until people make it work.

Why not?

Think about credit card vs HML (which people do all the time).

C/C spending 13-18%, c/c convenience checks 0-3% for a year. You can flip a house for that time.

HML rates: 2-4% funding fees, 9-14% APR. You get the same effective rate but don't have to get anyone's approval on your investment.

I bought 3 townhouses on credit cards only: $13K, $14K and $8K. Now they're worth about $120K and you don't have these prices any more.

If you buy at the right time - you should consider any financing. Timing is everything. 

Washer/dryer combo is ventless and works on 110V

https://www.homedepot.com/p/Samsung-4-2-cu-ft-High-Efficiency-Front-Load-Washer-in-White-ENERGY-STAR-WF42H5000AW/204993473?cm_mmc=Shopping%7CG%7CBase%7CD29A%7CMULTI%7CMULTI%7CNA&gclid=EAIaIQobChMIhYf324G14QIVSbbACh3b_wyREAQYASABEgLjmPD_BwE&gclsrc=aw.ds

It is 24" standard and basicly like a dishwasher, slightly higher.

You can set up an office space and this machine under a counter - people put it under a counter, too

This way, your Tenants will have both - office space and washer&dryer.

Cons: dryer doesn't dry like regular one - the clothes are slightly dump. However, it's a computer which can work full cycle without reloading - when people at work or sleeping.

Also, it's going to get maintenance or some repairs and more expensive that separate washer and dryer.

However, in small townhouses with no basement it's a selling point for sure.

All that fuss is not about the repairs - it's about that early payment discount.

I don't think it's a good idea. When I charge late fees starting on 4th and next month on the 1st is balance remain - the Tenants start asking "why". I refer them to the lease, explain the details and they stop asking. 

Even if once I wave late fees, they start wining about it every month. After that I explain that I wave late fees only once per lease, so come back in two years, IF your lease renewed.

People are so sensitive about losing that discount - I'd regret I'd started it in the first place.

I had before the Tenant's water like that: landlords pay first $25/mo, everything else on the Tenants. They had huge investigation with HOA why they are billed more that usually because they had to pay extra $10/mo. After they moved out (I didn't renew the lease only because of that - otherwise they paid on time), I never did it again: Tenants pay water/sewer as billed

She's working for him full time, he's a CPA. But you can find a part time bookkeeper on Craigslist or by asking your friends - everybody knows somebody. I was paying $20/h cash when learning QB - now I do it myself. 

I think if you talk to a bookkeeper, they will tell you how much it would cost....also, depends if you need to bill your Tenants back for water or not, call utilities companies etc, set up appointments for inspections....there are plenty of things the bookkeeper can do to free your time. 

@Victoria S. I think you're being mislead.

1. Seller brings you a deal - how do sellers know you? When I'm negotiating with a seller my own deal - there is no comissions involved, even if I have to tell by law that I'm a real estate broker. If I'm soliciting a deal on behalf of my client- there is some comission, even if a buyer pays it. Nobody works for free

2. Listing agent calls you about the deal - the comissions already included into the contract - it's negotiated between the seller and the listing agent. If you think you're getting part of comission - think again. You're getting discount from the property price, not comission, and that discount was negotiated by the listing agent because you're not represented, you don't know better and most likely cash buyer (no bank inspections).

Disclaimer: I'm not soliciting any clients, just describing how the system works. I'm not trying to persuade you to use your own agent - most often listing agent is better than a new agent, who is not much help.

However, listing agent ALWAYS owes fiduciary duty to his/her client and working in the sellers best interests....while to a buyer he owes only to be honest and disclose only safety issues, nothing else. 

If you'd found a good agent, working with you - that would be an extra benefit free for you.

Good agent is worth all the money - they can negotiate much better deal because they know their local market. Don't kid yourself that you're getting better without any representation......unless you're an agent in another state and do it for living.

 She was an owner occupant and even got the help with closing fees. She moved here from Michigan.