All Forum Posts by: Jeff Chen

You're welcome!

@Thomas Weiss

Taking a quick look appears Tenant Cloud has a nicer UI, can start with the free version and move to the $9/mo vs RentRedi (pay as you go $19.95, but if you go with a year subscription $9/mo) (UX/Interface looks a bit more dated). Personally I would go with the TenantCloud with the free version and collect payments with check, until you decide to move to online payments for $9/mo, when you are ready to do some accounting upgrade to the $35/month. Great way to try it out, and not loose out on future features for free up to 75 doors. 150 doors for $9/month is a steal, and 500 doors for $35/month with quickbooks integration is well worth it, if you had that many doors to manage.

If you compare to what large property managers use - Appfolio runs a minimum of $250/month or $1.25/door.  I'd say it would be worth the $9/month to when you have 4+ doors pay you via ACH and no extra charge to notify you when rent is fully paid. If you were just starting out with just one duplex, go with the free version and collect rent checks the old fashioned way. If you found this comment useful, please upvote - as I'm just starting out on BP forums. Cheers!

Happy Landlording!
  

@Joshua Schmidt  No problem, glad to help! I've been to one where this one foreclosure had multiple delays. Everyone there would be upset they wasted a drive to court house (usually held outside in the cold - sometimes indoors). Sometimes they are trying to adjust the loan or work it out with the bank.

@Joshua Schmidt

I do not think it is possible to buy it before the auction unless it was a short-sale. The foreclosure process is held at county and can get delayed multiple times. Bring your certified cashiers check with multiple increments so you can be ready to buy it cash. I haven't gone to one in a few years (so not sure how it is handled during COVID-19 - Zoom Auction??). With current forbearance on home loans, possibly something is being worked out.

Let's face it, CRM's are as good as how we put them to use. I've used Zoho One and the CRM actually integrates well from mobile to desktop, with zapier you can connect to Mailchimp, Calendly, Facebook lead ads, ActiveCampaign, Unbounce, etc. One thing it lacked was integrating with my MLS Listings, and providing my active clients a seamless drip of new listings. Options was to use RealScout (so they are not sending me a Redfin or Zillow link).

Since joining Compass, we use Compass's own CRM which is fully connected to our local MLS, drip campaigns (integrated with gmail), google suite, calendly, pipeline management, client tours, comparable market analysis reports, marketing and more. Why pay more if your broker provides it?

@Gillian Gong

Recently we have seen many all cash offers go "dark" never paid EMD, kept delaying, excuses that client was out of the country and now we see them back on the market at no fault to buyer. I guess you can say cash buyers have lost some appeal in that aspect, as now conventional loans with 20% down come up higher with zero contingencies.

In any offer, Cash WITH a 5-day inspection contingency is not favorable compared to Conventional Loan with ALL contingencies removed. In San Francisco Bay Area, most counties have all the disclosure paid up front by the seller, so we can make that decision, however some other places such as San Diego you don't get any disclosures up front and have to make an offer based on a 5-7 day inspection contingency. Gillian what is your market like?

Stainless steel, if already mahogany cabinets. Keep it to match, it will rent faster and for more money. $371 more for the side by side fridge and water/ice dispenser and stainless steel appliances!? GO for it!! It will pay for itself in less than a year.

@Mark Ham

As Texas is a non disclosure state, they are not required to disclose what it sold for, which will make it even more difficult. Some states double-ending is normal (represent buyer and seller). In California, it's looked down on. We either represent buyer or seller.  If you found my comments useful, could you help upvote? I'm just starting out on BiggerPockets. Thanks!

Hi Nazia,

Check to find out how you hold title,  most likely if you have 3 people on title, you most likely are holding title as Tenants in Common with 33% interest in the property. If they are not too keen on selling (i.e. tax consequences as well as purchasing another home with higher taxes), I would recommend getting a 3rd party appraisal for the property. Let's say the appraisal does show that the property is now worth $300k above what you paid for, then you can work with a title company for a quit claim deed transfer and "sell" your portion to your sister and father for the 33% interest (if the home was paid off). For example if the home was purchased for $500k and is appraised at $800k, you could come to terms to pay you $264k to buy you out (but this can be tricky if they don't have the cash, then you would need to sell).  You will want to talk to a tax attorney on the capital gains, since you had just made $100k on an $166k investment (if you paid $500k) and is not your primary residence. Since you sister and dad are living on the property it can be considered their primary residence. 

One other thing to think about is the loan payment, if the home is not fully paid for, you cannot do a quit claim deed and sell your portion to your sister and dad, you would need to talk to your bank about being removed from the title, relinquishing title and selling your portion to your sister and dad. I would say it would be difficult for your sister and your dad to come up with 33% of the current value of the home if they aren't keen on selling.

I was in a similar situation with my brother, we bought an investment property together, but he didn't want to be a landlord and asked that I take over it and he would sell me his share back to me. We ended up selling the property instead, and figured out a number that we both agreed on. Since you did leave and your sister made up for the mortgage payments (and receiving the benefit) you may want to figure out how much equity they continued to contribute when you left the country and what that amounts to. Hope this helps, if it did, please help me to upvote these comments. Greatly appreciated.

Hey Jacob,

We just ratified on an offer represented buyers on an multiple offer situation with 17 offers - here in the San Francisco Bay Area, and we were able to beat an all cash offer with a 20% down conventional loan. We had built a great rapport with the selling agent, and she trusted that we would close compared to an all cash offer that was a little lower. We did offer with zero contingencies to be competitive in this market.

Granted your property is 168 days on the market, seemingly can get a discount, however this depends on the sellers expectations and your market situation. Your agent should have provided you with a comparable market analysis of the homes in that area to determine if the property in its current condition is worth $100k - if the comps in the area are showing around $150k, and it takes about $20k in repairs to get to where it's at, possibly the sellers are looking  It is possible that the sellers have already priced in the repairs into the home which needs work. Best to have a good discussion with your agent, and the reasoning behind it. Are you coming in with an inspection contingency as well? Are there full disclosures of the property to make a non-contingent cash offer? 

I'm always an advocate of helping our clients write an offer no matter how low I feel the offer is, you never know until you do. We do provide the comps for our clients to determine if the offer stands a chance. We wrote three offers this week, and 2 were not accepted. Went way above asking market is crazy over here (15 offers sold 20% above asking) another 26% above asking!! - don't think those offers will appraise, but lost to an offer that had $500k down on a $1.52M purchase. 

What city is this property located in, may I ask?