All Forum Posts by: Jonathan Buerkert

If the property is turn key, then I would definitely say an agent is the way to go. I worked with a great agent in Eagan, MN on a condo. He had a website that updated me before every showing and had a follow up email with the prospective buyer's comments and feedback from the buyer's agent.

However, in my experience, agents are not the best when it comes to fixer-uppers. If the house has multiple issues to be deal with and you're trying to sell as is, I would definitely sell by owner. I've dealt with too many agents who over emphasize the problems in the beginning of a phone conversation or showing, and they will always promote the more quality listings first.

JonB

I began rehabbing a duplex last year in McKees Rocks, PA. I finally finished the job this year and completed all the inspections with the borough. I've been marketing the rental with an agent at ERA Showcase Realty since May but I still don't have any renters lined up. Is there anything more I can do to find renters even though I'm out of the area?

Also, I began this project to ultimately sell the property. Once the rental is occupied and has cash flow, what's the best way to find a buyer?

Please advise.
JonB

Kari,

I have been successfully buying and holding since 2004. Your biggest challenge will be finding the right inventory and not overpaying. I recommend buying REO property at auction or finding an REO source/agent. If you're buying a property in your area and can do some rehab/repair yourself, you can pay a little more, but I would never buy a property I can't automatically sell for 150% to 200% of my purchase price with little to no work. Minimize your risk, especially at the beginning.

As far as closing the deal is concerned, you come from a position of strength if you have cash. If you can show proof of funds from your private lender in the form of a cash account, you will get the seller to listen to offers well under the asking price.

JonB

Kirk, what's your email address? I'll shoot you the inspection report I use. My company just secured and inspected 20 properties from a bulk purchase last week.

JonB

Taylor, you should take a serious look in the southeast. With some research, you should be able to find a good deal on a troubled property for less than $10k. You might be able to find a tax sale or a foreclosure, and in the southern states like Alabama, Louisana, Georgia, North or South Carolina, the tax liability is not as great as California, Texas, or New York. My advice is look for rural areas in the southeast. And since you'd be an out of town owner, you should definitely look into land contracts where the occupant handles all the maintenance and repair and has an option to buy at the end of the agreement.

JonB

Hello from the Southeast. I'm new to this site but I'm hoping that I picked the right one to start networking. I'm the sales manager for a real estate company that manages real estate portfolios for investment companies, and brokers REO property to cash investors at wholesale prices. In the 5, almost 6 years that I have been working in real estate, I've come to know one thing, it's mostly about who you know. If you're a cash investor, you're always looking for the best inventory. And if you have the inventory, you're looking for the cash investors. I feel lucky enough to have contacts on both sides.

One of the questions I have about this site is how to I get my phone number and email address at the bottom of my forum posts or replies? I've also added my company, Vision Property Management, LLC, to the list of companies registered with BP and I see that some other members have their company logo attached as well. How do I do that?

Any advice you can give me would be greatly appreciated, and if you are interested in talking business, let me know.

jmatthew1, looks like everyone has some very good advice for you. I manage several properties in the Philadelphia area for an investor I know and the market there is very active. I don't think you need to worry about a shortage of good deals in the future. There are many opportunties out there, you just might have to start in an area that's not as appealing and work your way up to rentals in better areas.

Kate, I'm from Columbia, SC and I work for Vision Property Management. We buy and sell REO property. I'd love to talk to you about commercial real estate in the Carolinas.