All Forum Posts by: Joe Ellis

I am probably the least qualified person on this forum so take what I say with a grain of salt. Two things stick out to me most about this; one being that everyone starts somewhere, even @Elizabeth Colegrove, she had to have her first rental and she probably didn't really know all that much about it when she started but she picked things up as she went and probably read a lot of information here on BP. The other thing to me is that unless you're going to be moving far out of the area from your condo for a job or something (think more than an hour) I think you should do what @Andy Luick said about "househacking". That way you're in a better position to "train" your tenants and you're getting them to help you with your bills at the same time. 

Just my two cents. 

@Ross Greene, As I was reading through I was ready to argue against you again, but the lawyer comparison really put it into perspective for me! Like you said, that wouldn't make much sense. And also the being sued doesn't sound like much fun either, haha. Thank you very much for the change in point of view. 

@Mike Cumbie, brings up a great point that I think a lot of us (myself included) seem to gloss over. 

@John Horner, yes I could definitely see someone trying to get the most out of their house, that's understandable. I think our job is to help them understand that we're there to prevent them from going all the way to foreclosure and ruining their credit completely. And I think that you're probably correct in saying I'd have to knock a lot of doors. That's fine with me, my time isn't really as valuable as some of you other guys which is why I thank you all for spending that time teaching others here on BP. 

@David Dachtera, oh wow I hadn't thought of that, that would make sense! 

@Christopher Brainard, awesome thanks for the reply! 

@David Faulkner, this is one of the things that worries me about becoming an agent. People have so much access to the websites that, like you said, don't have much of a delay between being posted on the MLS and those websites. So it seems to me that buyers agents are, for lack of a better word, obsolete.

@Ross Greene, why would he not go directly to a listing agent? That's what I did when I first bought my home and see a definite savings there (if you know how to ask for it/know about it) Would you mind elaborating on what problems could arise from him doing so? 

I was under the impression that realtors/agents have a duty to submit ALL offers regardless of whether they're under contract or not? Obviously this is different in different markets but in Nevada that's what I thought. Can someone clarify? 

Oh wow. I didn't realize they waited so long before the home started the foreclosure process. I was under the impression that it was kinda the same as an eviction, but 3 months of missed payments instead of 5 days late was the trigger. And I didn't even think of penalties and foreclosure costs needing to be paid. Thank you for enlightening me! I appreciate it. 

Okay sorry if this is a newbie question then but please bear with me. 

Let's say his mortgage is $800/mo. Every mortgage payment that I've seen, the monthly mortgage payment includes PITI. So even if he's 6 months behind that's only $4800. That's my thinking, but if any of you could shed some light on why you're saying that it's going to cost more than $5k please elaborate? @Jay Hinrichs, @Raun Stout, @William Hochstedler

Thanks. 

That tells me that I only have 10% competition, haha. 

@Jay Hinrichs, that's a good point. Although, if me knocking on 50 or even 100 doors resulted in me stumbling across a home that was in good enough condition for myself and my wife to live in and have good equity, enough so that the seller would be willing to sell $10k+ below market value I think that's well used time! I am still a novice so my time isn't worth nearly as much as what you or other experts time is money wise. Thank you for sticking around on BP and teaching and spreading your knowledge. That goes for you and everyone who does so.