All Forum Posts by: James Mabe

Talk to the best property manager in town. Mine gave me a list of 1000+ properties they manage, what it rents for and true market rents. You will find that some owners are under market value due to rising rents and laziness. I myself took the my eye off the ball till last year.

5x8 utility trailer from Lowe's, best decision I ever made. I wanted a 4 door p/u forever, but small to midsize suvs are more practical. The bed in those 4 door p/u's is tiny. I didn't want to have 2 cars for myself. Try to pay cash for the vehicle as no one gives a turd about what you drive. I knew my 05 Murano had bit the dust so I just paid cash for a '17 Hyundai Santa Fe Sport. Serves me just fine. With a trailer, you can add what you need, ie toolbox, tarp, racks, etc. 

Tithe

@Jay Hinrichs past performance does not guarantee future performance. I hate that disclaimer with passion! Heck, even the Bible teaches us there is nothing new under the sun. @Omar Khan I do think macro, but micro in my own market. Fundamentals in real estate never change. Everything boils down to supply and demand “period!” In  Cali you have the Pacific on one side and mountains on the other, high paying jobs and good schools. So is the demand going to go down? If supply is surpassing demand, guess what, prices go down. Nothing new to see here. We are a debt based economy with inflation built in. Is it a house of cards? Heck yeah! But if the world hasn’t ended by 2048, the DJIA will be up a bit and home prices will have increased. 

@Emmit Giddings. Another thought. Open house. Couldn’t hurt. DIY if you get desperate. Cheers. 

@Georgui Kasaev not a bad idea. I would do something immediately before school starts back. Drop the price to $309,900 and see if you get multiple offers and put somewhere in listin that “x” room could be used as a 4th BR. 

You take away a big pool of buyers when you list it as a 3BR. Think about how many buyers go to Zillow and put a 4BR in the filter. They never even see that beautiful house. It’s a lovely neighborhood and in a location that’s convenient to everything. That should be in the listing. I know Homer has made a lot of money doing this, but I never like to see “ motivated seller.” First thought is what’s wrong with it? Then I look to see how many days it’s been on the market. Homer is a great salesman face to face, he sold me when I put my personal residence on the market in ‘08. Took him 366 days to sell it. Not bashing him, he’s an ok guy, just comes off a little slick. Hey, it’s your arse on the line, just let him know you aren’t happy. The sold comps in the neighborhood let’s you know there’s a big differenice between 4&3. Good luck. Let me know what you find out.

I'm not a detail guy like @Nathan Gesner!  That why I let PM handle this stuff.  I would test drive them like @Stacey Paulin said.  One thing to add is if they are month to month, they should be paying a bit more, that how my PM handles it.  

18 huh, I'm jealous.  You're at an age where you can learn from your own mistakes.  Just like the stock market, you can afford more risk the younger you are.  Get out there, get your license and rub elbows with like minded people.  Learn how money works.  Don't have debt on anything that doesn't pay you. Reread that last statement. Good luck!

I know the area.  It's an odd neighborhood.  It appeals to seniors with small lots and upscale homes, however, the homes are large (built during the McMansion era) and require upkeep.  The homes themselves appeal to large families with kids, but with no yard and a bad school district.  What's done is done.  Call Homer and ask him for suggestions and to "Get It Sold" like he advertises.  He'll probably just suggest you keep lowering the price.  One thing I noticed is that the 4 BR's were selling at a premium over the 3 BR's.  Is there anyway you can eek out a 4th BR?  Heck, with that much sq ftg you should be able to throw a closet somewhere and call it a 4 BR.  You put it on the market at the right time, however things do begin to slow during the back to school season as @J Scott and others have stated.