All Forum Posts by: Jon Kelly

The listing price should take into account the quality of the home, so it should already be a reduced price based on all the potentials repairs needed. This just seems like a deal that could yield an average return IF everything went well. BUT you already have $10k in repairs over the next few years (appliances, roof, heating/cooling), plus whatever basement seepage could lead to. As Matthew said, there's nothing too exciting about this deal, and you should likely look for another one. 

I plan on working exclusively with an agent, and my goal is to have it turn into a long-term relationship. I am able to analyze deals, but I would like an agent's opinion on certain characteristics within a market that I may not know. Maybe to be more clear, my question is: when I advertise for an agent should I interview and pick just one agent to then get deals and ultimately make offers on a property, OR should I ask several agents to send me deals and then work exclusively with the agent that sends the best deals? 

@Ali Worthen Your comments help, and I plan on being very clear in terms of my market and strategy, which will hopefully lead to finding an agent with a similar strategy as mine. 

@Curt Smith Is there any benefit to not be working with 1 agent? From my experience and what I've learned thus far, it seems that working with an agent can only help because the seller will be paying the commission regardless. 

Hello BP, 

Can you help me decide how to choose an agent? 

I plan on making another forum post asking for agent's to essentially reach out me based upon my market and strategy. Do I have to interview and choose 1 agent to work with exclusively, or can I ask several agents to send me deals and choose which ones I would like to pursue?

In the market I have seen a solid mix of both options up-front (first months rent + sec deposit OR first & last + sec deposit). 

Is it legal and has anyone done something where you're charging first months + security deposit up-front and then 1.5X rent in months 2 and 3? Therefore, by the end of month 3 you have security deposit and last months rent. 

@Nicole A. thank you for that tip. I heard a horror story recently about someone handing keys and a signed lease and just accepting a check, which then bounced! 

Hello, I'm very close to securing my first tenant and he happens to be a grad school student. I am asking him to pay first & last month's rent and a security deposit up-front. I understand that this may be a lot of money for a college student to come up with. I'm wondering if other landlords have been in this situation and did you allow any flexibility with the up-front payments? 

Thanks, 

Jon 

@Dawn 

@Dawn Brenengen I haven't tried to use a PM yet, but I may in the near future. The answer may be obvious, but you don't owe a PM fee if there is no tenant, correct? Do you typically pay the PM for posting an ad and interviewing/screening potential tenants? 

@Dawn Brenengen that's great information. I'm glad I asked or else I would've tried to go down the wrong path, and I'm thankful for everyone's replies

I want to thank you all for your insight and sharing your knowledge with me! It is extremely useful information. This was my first ever post, and it makes me an even stronger believer in BP. 

@David Stone thanks for the tips and the resource options. I've been on BP for 2-3 weeks and still uncovering all that they offer, so thanks for pointing me in the right direction. 

@Jake Thomas thanks for the insight from your perspective. That's very helpful, and I will certainly consider this going forward