All Forum Posts by: Joe Cassandra

@Steve Dullinger

Honestly, every RE agent in the world is going to tell you that you are too "inexperienced" to negotiate real estate. Of course they will say that :).

I haven't dealt with any agents that are "great negotiators" or anything.

I may just not have worked with top agents to be fair.

Based on my purchases, buying agents are mostly good for knowing an area and doing paperwork. Knowing an area can be big if you aren't from around there.

I know top agents can do more, but again, just my experience.

Unfortunately, from working with multiple agents, my experience is they have one goal.

It's not you or your money.

It's closing a deal.

Most recently, I was locked in a tough, back and forth negotiation for a high priced property.

I was ready to keep the negotiation going, but my buyers agent was just checked out at that point. They were tired of the back and forth, and they were pressuring me to take the counter offer even though it didnt fit my numbers.

We are talking about a 400k property here...a lot of money but the agent just wanted the deal done.

If I was able to negotiate directly with the listing agent or buyer even, I felt it would've gone a much different way.

Again, this is just from my short years of experience, Im sure many agents on BP are different.

@Matthew Nicklin Hey Matthew, sounds awesome! Would love to meet up and chat real estate. I'll DM. We can talk wholesaler lists for sure.

I'm on a couple but I hear you should be on dozens.

My wife and I have done a flip and have a rental. 

Atlanta is a bit too competitive (and too far to drive) for us. We want to stay within 30 min of where we are in downtown Woodstock. 

What wholesaler buyer's list do you recommend joining for Cherokee and North Cobb? 

NYT takes swipe at real estate investing 
https://www.nytimes.com/interactive/2019/06/20/business/economy/starter-homes-investors.html?

It touches on how folks aren't able to afford starter homes anymore because investors are swooping in with cash. It goes through a few stories of people having to pay over the list price for a home they want. 

What they seem to gloss over is that these 'normal buyers' are trying to purchase homes needing rehabs. As we know, over 90% of homes on the MLS will likely be bought by a normal owner-occupant.

The post seems to be more a dog whistle as you'll see in the comments on FB (where I found the ad as they're running ads to it)

https://www.facebook.com/nytimes/posts/10151937031769999

Most of the commenters are 'anti investors' who are complaining that it's hard to find affordable homes anymore. One commenter recommended abolishing all real estate investing and requiring people to live in a house 5 years before selling...

I'm in Woodstock GA (40 min NW of ATL) and prices are indeed appreciating. But there does seem to be a slowdown at the $400k+ range. 

What do you think? Are first time home buyers being "forced" into expensive homes if they don't want to rent anymore. 

I believe the problem is the entitlement. Yes, everyone should have a place to live. Are you entitled to a large house just because you see other people have one? No. There are plenty of lower priced homes that are non-distressed that can be purchased. But, no one wants that. 

My wife and I are starting our real estate flipping company next month. 

We'll have our first rental (already have the tenant). Plus, have a couple hot leads thanks to the tactics here. 

Take a look at every single lead gen idea we have. There are 54 of them.:

(I have a feeling we're missing one obvious one, what is it?):

QUESTIONS FOR YOU: 

1. What strategies ARE MISSING?

2. Which of the strategies have you personally tried and it DID NOT WORK?

3. Which do you specialize in?

Thanks Ashish! Will drop you a DM.

Good to know. No matter how many different ways I googled, I couldn't get a straight answer, so appreciate it.

I think for those who don't have a ton of capital, a live-in flip is the easiest way to start real estate investing...and it's the least stressful as you can start with an FHA loan.

Then, fix it up good over 2 years, then move out.

Our first house for 40k profit, we created new comps for the area as most of the houses around us had stuck with the 1980s styles.

Now, we check every so often how the neighborhood is doing,  and everyone is updating now :)

My wife and I did a live-in flip for 2 years and sold for a $40k profit. 

We bought our next house less than a year later. 

We may rent this house out, but curious if we sold it again (it's 2 years later now), if we'd pay tax on the profit. Profit would be about $25k. 

Is there a limit how many times you use the homestead exemption? (Publication 503)?

If yes, we probably would need to rent it out :)

@Charlie Shew

Like Charlie said, (and I have friends who have used them), they "get you" by offering a fair price for your home...then they start dinging you for everything.

I believe my friend ended up paying 10% in fees. Offer on their house wasn't terrible, but not great either.

They felt they got a good deal. For a family buying a new home and cant afford juggling two mortgages and keeping the house in top shape, it probably is.

Another friend just got a quote. Was 80k less than they thought their house was worth.

If you have the cash, I don't see why you wouldn't put $5k into an assortment of coins.

I did that last summer when bitcoin and others dropped then steadied.

Now, have just held. For how long? Who knows.

But if you go in with the mindset that it's okay to lose it all and it won't affect your life...you won't ever panic sell.

When we sold a property in Texas, the sellers asked for a roof replacement. 

Insurance picked up the tab, but the insurance company (even 3 years later) will not allow us back on a policy...

Unfortunate, because they were a great insurance company...one of those smaller affiliates owned by the big dogs, but the rates were cheaper. (called Encompass).

So be ready to use another insurance company for your next purchases :)