All Forum Posts by: Lisa Wright

When you advertise put the application up so people can complete as well as your requirements. (Gross income and credit).  

Then do open houses and tell people to bring the completed app and verifications.  

Smart practise is to write the date and time on the top of the app when the completed app was turned in.  (an app with no ID is not complete). 

Also take loads of photos/video so when they give you notice to move out you can market the home before they move out. 

Good Luck!  

If they are feral contact a shelter for the TNR (Trap, neuter, release).  After you sort out that end (because 6 cats can be 600 next year), then throw a rag with ammonia on it under your home and everyone should leave pretty fast and it will evaporate. When it's empty seal it up. 

If you are north, then it will be a gruesome winter so you might want to look into some cat houses and outdoor heaters.  Or wait until spring so they can find new shelter.  

It's a sad situation.  Cats under the house are better than rats at least.   

I ran the numbers and have a good idea of what I want to offer for a small house that is in very rough shape.

I'm a realtor and since I'm going through their realtor, would I use the same strategies for my offer?  

So far I'm torn btwn two:

Offer less with a conversation about the repairs that are obviously needed before it's habitable.

vs

Offer near asking and then after my inspection "crunched the numbers and the repairs needed and need to amend my offer".

My problem is im emotional about it because I want to live in it after some hardcore fixin'.  It has been on the market for a month.  Winter is coming and right now it's priced $10,000 over what they (over) paid (an investor, cash for house purchase this summer when the market was hot hot hot).  

I would appreciate any thoughts or insights if you were ever on the other side.  

Thank you

I'm assuming you are talking about a condominium.  

If you talk to a lender they will walk you through it.  Basically you will make an offer contingent on the sale of your current home.  I wouldn't rent it out because if someone is looking to buy they won't want to deal with renters.  Also, in Michigan, most condos you are not allowed to rent it unless a few rules are followed.  

Your best bet is to make your home beautiful.  Is the paint looking good?  Anything you can update?  (Lights, faucets...)  Clear out as much as possible so they can picture their stuff in there. 

Find a lender and get pre approved.  Then find a great realtor to help you list.  Im in the Detroit area if you are close.  Or happy to find you some good help.  

:)

It depends on square footage here (metro detroit).  I have a guy who I love his work.  And a second guy who does the sewer scope.  For both, so far, it's been less than $500.  And my guy stopped an inspection mid way through because the house was trash and offered half off the next inspection because I was buying.

When I bought my current house my usual guy was busy so I used one my realtor recommended.  He missed so much.  I wish he would have just put in for an extension for the inspection to wait.  If I knew then what I know now. 

Also, I'm working on buying a rehab and it is a mess.  From the tour I noted a lot of what needs to be done.  So during my inspection period I'll be having my fav contractor come in as well as my hvac guy.  

Your inspection period is your due diligence period.  So in that time you need to look at everything.  Calculate what the taxes will be when it uncaps.  See if there is a pervert in the area.  Check out schools and crime rates.  Bring in people to give you an estimate on issues you think will be $$$.   

I used the bigger pocket reno calculator here and I think it is tagging the work low.  But hoping its spot on.  

Thank you!  I'm joined up.  I do like hands on but maybe I can find someone local happy to teach in exchange for some lifting.  

Quote from @Kerry Baird:

@Lisa Wright why Discover?  Are you getting a secured line of credit?  And how are you going to use that to build your real estate business?

Because I'm strictly 1099 since Feb and most loans require you to have 2 years of tax returns or a guarantor.  But the guarantor needs to live in the home.   So that is the path I found where all the rules worked.  It was annoying because before real estate was I doing property management for a company but they will not count that. 
I'm pulling an home equity loan to purchase a second with cash.  I will sell this one and then own outright with cash left over to invest in a new spot.  Rehab, sell, repeat. 

Quote from @Drew Sygit:

@Lisa Wright we're actually trying to be helpful as in our 22 years, we've found many agents that didn't know the state laws:)

So you corrected me by commenting with misinformation?  Just very odd.  I've found a lot of agents as well as property management companies that do not know the laws.  Actually 2/3rds of the management companies I worked for had no clue.  I also notice a load of owners who are going to rent it out for top dollar who don't understand the rules or even how to keep the house not vacant and in good working order.  Education with correct information is so important. 

@Drew Sygit  I need a real estate license to be working under a broker.  And actually so long as you are working directly for the owner, you don't need a license at all.  

"When do you need a real estate license to manage a property?

Every situation is unique, so it's always advised to consult with your state's department of licensing. Under the Michigan Public Act, anyone who engages in property management* MUST obtain a Michigan real estate license under the definition of either salesman or broker.

Exceptions:

• No license is required for direct employees acting on behalf of the property owner.
• If activities are limited to areas such as property upkeep or bookkeeping functions, and do not include leasing or renting of the property, a license is not required.

*By definition, property management is the leasing or renting (or offering to lease or rent) a property for another (individual or business) for a fee, commission, or other valuable compensation pursuant to a property management employment contract."

http://www.gkar.com/news/prope...

It depends on your agreement.  The larger communities or property management companies usually have inhouse with contractors for the bigger specialized stuff.    For an individual property I think you would want a versatile contractor you trust to be your go to.  And just because the larger companies have a guy, it doesn't mean he is good or is not maxed out.  In my experience they run these guys into the ground.