All Forum Posts by: Mike Jakobczak

Yes there is many things behind the scenes in the talks/works. You don't hear much of this in the main stream media. If these pilots ever take off and are successful, we may see some major changes in the heavy REO markets.

Yea I wouldn't go crazy on a budget. I have a guy who does them for 100 or so depending on what you want. I can send you his contacts if you like.

Good points all round.

Depending if you are installing new cabinets or granite. I always touch base with my contractor to get these measure and find out what the time frame for ordering and installing. Sometimes may take a few weeks so you want to stay on top of this to minimize your delays on your property.

Yea anything with concrete repair, is going to cost major bucks. Hopefully they don't need to rip up any of the driveway.

I'd refinish the floors. Should bring in more income per month. Plus rent faster, since this is a great feature to have.

If you ever sell, you'd probably rip out the carpet and re-finish the floors anyways.

Yes don't drag it out, because like J is saying, other buyers may come into the mix. This will create a highest/best and possibility of paying more then you had too or even losing it to another buyer.

You can also get a universal tool at home depot and Lowes. Always good to have one handy.

Had a similar problem with an exterior line. Repair cost ran about 800.00

Although I use a lot of the same contractors over and over again. I always like to look for new contractors in the mix. This allows me to handle multiple jobs at the same time. I don't like delays that do not need to happen. This is an example of one. If tenants are giving you a heads up even if it's only a few days this is enough time to organize and get the units back to rent ready. This is one of the reason's I also like being in the flipping business. Contractors appreciate the steady work, so when it comes to last minute issues, they don't mind helping me out.

It's all in how they are set up to operate:

To keep it simple, Banks lend money. They loan out money with interest and make money off a margin. How they get a hold of loans to hand out to clients are by the same way their clients get loans. They leverage the cash/bonds/assets in their portfolios and acquire the loans in which people borrow. Now when an loan goes under, it is now non-performing, regardless of rental income. It is now considered red in the books and they need to get it off the books because it effects their borrowing power. They're systems are not set up to operate as landlords. It goes against how they acquire loans and use leverage.

Good points all round.

My opinion on it would be, if the property is listed with an agent, what do you gain by not working with the listed agent? You can get a lot of info from a listed agent sometimes, motivation of the seller etc. I usually let the agent sell me on the idea of the property and say nothing. Awkward silence is golden and they tend to ramble on and get into some juicy details. Double commission in real estate is like getting a bonus and agents love when this happens. Who wouldn't.

At the end of the day, commissions are paid when the property sells and is paid by the seller. If working with the listing agent and negotiations comes down to 3% to get the deal done, I can't see a listed agent losing a deal over 3 points. As they say a bird in hand is better then2 in the bush.