All Forum Posts by: Josue Vargas

Offer what you can afford, I assume there will be a grace period where you can back-off the deal, except loosing some or all earnest money, etc.  

If your numbers works, then you should ideally have other alternatives to back-off the deal or do something else, hopefully without getting into the negative numbers.  

If you are reconsidering a deal of $150K for +/- $2K reinvesting strategy or whatever, I would say you are better off waiting and keep looking.  On the other hand, sometimes these deals are just gut feeling, market in the area, appreciation, hot spots, upcoming construction, facilities, schools, etc.  How knows your area better than you?  Maybe that's not the case though. 

Looks like bad luck since neighbor also got hit with solen stuff.  

As a note, and it seems you were proactive, you or your Agent did a final walkthrough prior to go to closing.  If something is missing before the closing signatures, or for example water runs off the property, then you can reevaluate the situation.  Be sure to know the state laws, sometimes even if you close on a certain day and time, you can't occupy the property until 12:01 am next day after "closing" etc.  Insurance companies know this very well, and should your Agent/broker.  Also I would recommend your insurance company is aware of the day and time of the transaction, they can help in these situations. 

Sometimes a loud enough appliance/equipment (TV, radio) will do the trick in between occupying the property after closing.   Smart lights etc also can help but unlikely since you may not have wi-fi/internet service yet right after closing. 

A heavy duty hammer, pencil/pen, notepad, a good CPA, and a smart phone!  

Few tips and apps I use:

Milage IQ: for tracking obviously milage

Good scanner app: Recommend Genius Scan

Of course Quickbooks, Excel spreadsheets, etc. 

I appreciate you long post and your point of view. 

Just wanted to clarify an Agent can help you in many ways, and I just recommended one for the specific topic in this platform (the properties with MLS expired status). That said not all investors are fit to use a Real Estate professional, it really depends on what you want to do and the property investing spectrum (commercial, turned-key, flips, 1-4 properties, over 4-units, etc etc). There are other options, I'm just stating a very good and reliable source. By the way the "whooping 5-6% commission" is not only paid by one party, it is negotiable and shared by the seller and buyer broker, if you are buying is most likely all paid by the seller, not the buyer in most cases. If you can find properties who were in the market previously and they were not sold, by all means use that source.

Respectfully, I recommend you read more of what an Agent in your country or state can do for you.  Good luck.  

Team-up with a Real Estate Agent/broker or someone who has access to MLS, search for expired listing, start contacting them and make an offer.

INTERMEDIARY... Have you talk to him about this?  Most Brokers require intermediary representation, meaning he can represent either the seller or buyer (not both), and the Broker will appoint/assign another agent to represent the other party.  With this I don't see any conflict of interest.  If all parties agree, he can be the sole agent, meaning he most likely will not give advice and opinion on either party (not a good deal for any parties involve). 

@Will LHeureux

In short, Yes.  Do your math and present them with your increase expenses in a way they understand (not actual expenses, you get the idea).  Be prepared and back-up your strategy.  

However, an increase in rents of 20% average in my area does not necessarily means I should do that.  Weight the pros and cons, know the market and comparable.  Constant short rent increases may get you there.  Turnover costs sound familiar?  

If I decide to do so, I better have a plan B, most likely I will be looking for new tenants soon.  

@Jeyo Punnakottil

I think all previous post are on the spot.  From screening and rental price.  If you are so new and have no idea of the price or how to screen applicant's min. requirements, I would recommend to talk to someone who have experience and ask if you can "shadow them" in exchange of something you can be of value for them.  

It just blow my mind how many people are afraid to make a call today.  You will be surprised how many people are eager to have a conversation with you, then you can pick-up their thoughts and learn form them!

Raise the bar, depends on your property and market (good market now) ask for minimum requirements beyond what has been the norm in the past.  Accept the first qualified tenant and move on. 

If you don't accept a qualified tenant per your min requirements, then you will be looking for the prefect tenant forever.  

As an alternative, hire a PM for limited services, they advertise, evaluate applications, and do all the leg work, then its all up to you, of course for a fee. That way you sill managing your property and don't have to deal with "mean aggressive tenants". 

It should not be a matter of just trust. They should clearly explain how the brokerage/agency business is done.  

If you don't have an Agent already, visit other brokerage offices and compare what they have to offer. Not all brokerages/offices are the same, not all agents are the same.  Chances are if you list with a large brokerage team/group, you should not have any issues.

At some point after signing a Seller Representation Agreement the agent should give you a detailed Comparative Market Analysis (CMA) of properties sold ideally within 1-3 months, some cases back to 6 months. You set the price, not the Agent. The agent job is to inform you. The agent should show you ALL offers, good or bad. Also, if in doubt, pay an appraisal (avoid his recommendations again if you are in doubt).

Also, if in doubt, pay an appraisal (avoid his recommendations if you are in doubt).

However, unless the properties going on closing are over several hundred thousand $ beyond asking price in your area, you may be listing a property worth couple millions $. 

Good luck.