All Forum Posts by: Lee Badragan

My first (and only, so far) flip I did was on a house that sat on the market for months. It was "scary" because of a village violation where the builder in the 50's didn't build the line to the sewer properly and it basically needed a new sewer line.

I simply built the 10k sewer repair cost into the math and it was still a bargain, so I bought it. Made a huge profit. 

Due diligence is key, but don't ignore a property just because it sat on the market long. 

Prello Realty - FlatFeeGroup.com

Hi all, just wanted to update you. I decided to go with a flat-fee broker and it only cost me $199. Of course they offered only limited support, but they did have standard resources available such as the lease contract and disclosures. Posting in on the MLS through the broker also got it automatically posted on Zillow, Trulia, etc... so that was great. And I personally posted it on Craigslist which generated a couple of calls so Craigslist seems to work as well.

Ultimately I'm very happy with how I proceeded because the great couple we found had an agent working through the MLS, so they probably would not have been brought to see the house if we didn't have it posted on the MLS. We had a 2-year lease signed within 2 weeks of posting it, and for full asking price. Background check run, they have good income, and just awesome people so it looks like we got lucky.

@Mark Ainley I'd love to get your application and requested documents! [email protected]

Thank you!!!

@Martin Scherer I called two property mgmt companies I found searching online, and both said that they didn't offer property mgmt services to individual landlords - just to associations and apartment complexes. 

If anyone has any recommended property management companies, I'd love a reference to at least talk to them. Thanks!

Thank you all for the great suggestions! @Brie Schmidt I especially like your idea about doing an open house a few days after posting it.

When it comes to the lease, would I go to a RE attorney for a standard lease template? Is that something that may be available through BiggerPockets? 

I bought a house in the Chicago northwest suburbs and need to rent it out. Market rent is $2,500-$3,000 per month. This is a house that I plan to move into 3-5 years from now, but need to rent it out in the meantime. 

I have never rented out a house before, so am looking for some advice on whether I should post the listing myself on craigslist, zillow, etc... or if it would be wiser to have a RE agent post it for me, along with putting it on the MLS.

Are renters looking for higher-end rentals more likely to be working with an agent and would need to have my rental on the MLS? Or would I be wasting my money having an agent list it instead of taking care of it myself? Thanks!

I am very detail oriented and expect high quality work. Drove both myself and my contractor crazy on my first flip, but once it was done, the house was under contract within 2 weeks of listing it and closing happened in another 3 weeks. I almost had an offer on the first showing! Made a killer profit too, so in the end I think it was worth the pain of insisting on a job well done. The lesson I learned is to try very hard going forward to work with contractors who have a similar focus on quality and detail, so work won't need to be re-done and incur further costs and delays. I know that's easier said than done. 

I'm not an expert but I don't see a bubble in Chicagoland. My house is worth 30% less than it was worth in 2007. The purchase price on the house I'm closing on next week is 40% lower than what the house would've sold for in '07. 

Add in all the cash purchases, all the 15-year refinances at all-time low rates (resulting in much faster build-up of equity), and the tighter lending standards, and I don't see a high danger of a bubble.

Also, the most recent housing crash is still fresh in most people's minds, and it will take a long time for that fear of another crash to give way to more balanced perspective. I think there will be volatility as rates rise, but I also think there will be significantly higher inflation in the next 10 years, so owning property is better than sitting on the sidelines in cash. 

Thank you all!