All Forum Posts by: Joey Ly

@Logan Freeman yes, I am actually working with Colin.

@Logan Freeman Thanks Logan! I think that's probably exactly why. I am indeed looking for more-or-less turnkey properties with little to no work and can be occupied immediately. It was just weird since my friends have invested in the area through an agent but I'm the only one who has been referred to PM companies.

@Nigel Guisinger Thanks Nigel for sharing your experience! Based on that, would the fee structure for the PM be the finders fee + acting as the seller and buyer's agent (~6% commission)? It was strange for me to keep getting punted...from agent to PM companies.

@Frank Geiger Hi Frank, thanks for the feedback! Could you clarify what you mean by "you don't pay the agent to purchase the property; the seller does"? Wouldn't I (as buyer) need to pay a ~3% commission to have the buyer's agent to write the offer? I get that the seller will also be paying the selling agent as well.

Hi BP Community,

Hope all is well with you. I'm new to BP and a first time investor looking to do my first deal in Missouri. I wanted to get your thoughts on something as it is rather unconventional to me (due to my lack of experience) and wanted some feedback. 

I've reached out to agents in that area and spoke with property managers, but have received fairly vague answers. Why are agents referring me to property management company that (owns)/have properties in the area that they want to sell to investors and saying to deal directly with the PM company? I thought the normal conventional route would be to get an agent to write offers on the property, rather than going straight and purchasing from a PM company. Would I also need to pay an agent to write an offer or could I purchase directly from the PM company and they get a buyer's commission? The PM company would also be charging a finders fee (if you will) for each property I close with them (for approximately half/one month's rent) for initial efforts and research.

The pros that I see to this would be the streamlined process and speaking to primarily one entity/person, and if I'm buying from the PM company, it would be an obvious route to also hire them to manage the property as a courtesy. The con I see is that this is an added fee on top of purchase price.

@Charles Mitchell - Hi Charles, did you have any luck finding an agent? If so, could you send any recommendations?

@Matt K. hey Matt, would you be able to put me in touch with your lender in KC, not sure if you're still in touch with them. Looking for any other recommendations anyone else has had experience with as well. 

Thank you in advance.

Joey

Hey @Victor Liang, not sure if you've found a real estate agent in KC. I'd love if you could pass on your contact if you did as I'm looking for one myself. Appreciate any help.

Thanks,

Joey

Hi everyone,

I have a general question and was hoping to get your thoughts/feedback - 
Is it normal (for the lack of better words) to pay a property management company a finders fee (if you will) for helping in the process of finding properties for you which you'd pay when u close on one? I guess this is on top of an buyer's agent fee.

Hi BP Members,

I'm seeking some legal advise in a situation that I (renter) got into with a place that I lived at. Long story short, the "master tenant" or so I was told, withheld the name and contact of the landlord when I moved in (listing found through craigslist), no contract was ever signed but got a receipt for the deposit amount I paid (approx half of first month's rent). I moved in on 12/30/18 and have since moved out (over the 21 days limit in CA in terms of both the 30-day notice 1/30/19 and since when I had physically vacated the place 1/14/19), and the have not received the deposit back nor received an itemized deduction. The excuse that I've been receiving from the master tenant who is a licensed commercial RE agent is that she needs more time and that she's bankrupt and doesn't have the money. My impression is that this master tenant is fraudulent as her listing which I still have a screenshot of lists a different City than where it really was among other things that makes me believe she is a perpetual liar. Wanted to see how I should proceed, any advice would be greatly appreciated.