All Forum Posts by: Julie Underwood

John No worries. I had renovated it (again) and was trying to sell it to an owner/occupant. I'm not trying to sell it anymore. I've had some nightmare tenants in the past, but I currently have very good tenants in all the rentals except one (the condo on Bashan in Alkire Park). Hopefully I'll get lucky with the next tenant, and we'll ride out the market :) 

John

John, three are in Alkire Park near Georgesville Road & 270, one is in Galloway on Star Spangled Place. The other two are in Powell, but we have my two adult step-daughters living in those and "somewhat" covering the mortgages which is ok with me.  All of them are rented with very good long term tenants except one in Alkire Park. It is a two bedroom two bath ranch style end unit with a two car garage. It rents for $950. I was thinking about considering a Rent to Own, which I have no experience with. We tried to sell the house in Galloway 2 years ago. We listed with a realtor at $99,000. Dominion was selling new builds down the street for $129,000. We got one offer of $89,000, but passed, and put another renter in it who has been a very good tenant, thank goodness.

Hi Debra and Joshua! I lived in Columbus in 2004. While I was there we bought 6 rentals with the intention of selling in 2009. Every one of them is mortgaged. Fast forward, we still own the properties because the values have still not recovered. The rent covers the mortgage payments except when tenants move out in the middle of the night leaving thousands in damages :/ Any advice? TIA

I logged onto BP tonight intending to start a discussion asking where to advertise my turn-keys. I was prompted to this discussion, and I have to say, Ouch! My rehabs are top to bottom beautiful homes with excellent rent potential. I would love to keep them as rentals but my 5 year plan only allows me to keep 2 a year (my 5 year plan allows me to buy 10 at the fifth year to reach my goal of 20 rentals free and clear). I understand that buying across the country is a difficult situation having to trust a company's honesty. Maybe hiring a national property management company would be the way to go for you. 

Thanks for all of your replies! I started the price as a wholesale deal, and then have increased the price gradually depending on the work that has been done. I'd like to take the cash and move on to the next project. I do have room in the deal to pay the realtor. It's just frustrating to pay someone who hasn't contributed.  The buyer is a young single mom, and I feel certain she signed an agreement with the realtor. I think I'll go ahead and pay the 3% and count it as a lesson learned. And if she backs out of the contract, I'll pick back up where we left off on the rehab.

Quick correction: There was another attachment of a One Time Showing Agreement. It said I will have to pay the realtor 3% if I sell the property to her client within the next 180 days.

I have a FSBO sign in the window of a house we're rehabbing. A realtor was in the neighborhood showing houses to her client, and the client saw my sign and called me. I meet her and showed her the house. She asked me to stop the rehab and we agreed on a price, and she said she wanted to discuss it with her realtor. She wants to meet me tomorrow with her realtor and sign a contract. The realtor has now sent me a Sales Commission Agreement. The % line is blank. My question is what % do you normally pay in a situation like this?