All Forum Posts by: Kim Tonetti

@Kevin Sobilo ,  Good advice and I agree with you. Disabled owners would not keep assets, or hide financials, just seek a legal living plan for managing nominal surplus funds within boundaries. Out of my wheelhouse, so told them I would ask around for an estate attorney to refer to them. Very appreciative of your post, Kevin.

I have been contacted by at least 1/2 dozen previous or existing ABC capital clients with similar Modus Operandi. 

These Investors paid cash, never visiting assets before buying. If you buy a home, best to take a tax deductible trip to analyze the home, and the area around it. 

Out of the country investors got pitched to buy the cheapest, distressed row homes in inner city areas of the US like Philadelphia and Baltimore. Investors are also charged for rehabbing fees, far in advance of when ABC can update a property. Many said over 3 yrs with nothing rehabbed or rented, while ABC collected interest on the funds. 2 investors had squatters, because the homes were not managed proactively while sitting vacant.  This situation keeps a property appraisal low, which then limits the ability to hire an agent like me to resell on the open market for anywhere close to what an investor has paid. 

Investors are limited in repercussion options, as there are few attorneys willing to specialize in the nuances of international contracts. Hire a realtor if you wish to vet these properties objectively, BEFORE YOU BUY.  

This way, if you just need objective comparable sales, you'll get ALL sales nearby instead of ABCs subjective ones.

Buyer beware when trusting the Investment company themselves to provide their own comps or appraisals. An appraisal is subjective when using ABC's "CASH" guidelines rather than those when hired by your bank or mortgage company. If you find yourself in this situation, one option is to hire your own contractor to update a home, then rent it via a realtor, rather than selling back to ABC at a loss so they can repeat the process

Good Luck out there Investors! 

Kim Tonetti
Opening Doors to Life's Most Meaningful Dreams!

Berkshire Hathaway Home Services
Haverford Home Marketing Center
338 W. Lancaster Avenue
Haverford, PA 19041

610.721.6006 Cell Direct
610.658.5438 Office

Hello, 

Please recommend PA attorneys who know how to structure overages return directions for an owner with SSI disability income. Client wishes to purchase another home with proceeds or assign interest, so SSI income is not at risk.

Thanks,

Kim

If a property mgr places a tenant, they usually represent that tenant only for a lease term and parties (you and tenant) would be free to choose representation after lease is up.

If you extend an agency relationship with the property manager to represent you as the seller of your property (if they are an agent) they'll expect compensation. If you decide to sell to the tenant directly, then the PM may act as a transactional agent, where fees are far less than 3% (and sometimes flat) because they don't do the heavy lifting with advertisement online, photography, qualifying candidates, meeting buyers, open houses, like they would to represent both sides if not already in place. They are a neutral party in this instance. see that works in your state.

What state is this in, and I would ask if your property manager is also a real estate agent or realtor? (Licensed Realtors have to abide by higher ethics standards to be certified than agents)

Anything is negotiable, and you can always ask other property managers in your area. 

If a property under $1M is advertised on the Multiple listing service (MLS) by a licensed agent, the fee to seller is usually about 5-6%, as 1/2 goes to each agent's broker to serve you and buyer fairly. If your property manager is also an agent, and advertises on the MLS, then a split is 2% for your prop mgr/realtors broker and 2% for the realtor who brings a potential buyer.

If a sale happens as a result of the property manager advertising outside of the MLS such as (zillow/craigslist), and a buyer comes directly to your property manager, that agent may try to represent the buyer, then your property manager may be keeping 4% it to manage both sides of the transaction. Realtors usually try to steer away from this situation as a conflict of interest.

Property managers are not held to the same standards for their license, though, unless they are also a licensed agent/realtor.

There is oversight to inquire with the realtors association and the property management association in your state. Good luck!

If the wholesaler is paying a listing agent to advertise the property that you want to assign, then that agent already has an agreement with their MLS to split the commissions with another selling agents broker that you would assign to.

If the tenant supplied you with proof of her renters insurance you have a source to contact about making a claim on damages (which can also include fees for a place for her to stay) while property is being repaired (with your insurance fire claim).

I can help you with homes in Philadelphia metro from investors before they come to the market. sorry,  I am not licensed inNJ.

Start at the beginning to compare what other sold homes have in them. 

This one is not engaging, and needs to be inviting so people want to stay in it, imagining themselves in the spaces. Staging proves to sell homes at a higher price, adds warmth and purpose to nooks and underutilized rooms, and camouflages a less than stellar rehab material list. virtual staging can be a let down for buyer expectations

Take it off market, repair the sidewalk crack, plant colorful flowers where the small circular stepping stones are, Place potted mixed colorful plants at driveway corners and to the right of sidewalk at pillar, paint garage white and front door Red, it never disappoints! Paint the wood trim over fireplace the closest beige to blend with the brick color, remove dated fireplace screen and stage inside the fireplace with staggered candles, or photograph while fire is roaring inside. Add a nice art piece on the wooden section to enhance staged decor. A coffee/tea tray in the kitchen nook with cups and pretty napkins will warm the space, as well as setting a dining table. Place new white towels in bath, add small succulent vase on the bathroom vanity and next to kitchen sink.  Clean everything again so it smells great then take new PROFESSIONAL photos WITHOUT the fisheye lens. You may be able to ask more :-) for it then - GOOD luck !

Did he have an LLC in the US, and Proof of Funds that he could send you?