All Forum Posts by: Matt Dickey

I have noticed the poor editing of my post, but cannot edit it on the mobile app. Sorry!  

I found two small Triplex townhomes and want to make an offer on them. I contacted the listing agent and he showed me one of the townhomes.

Over the weekend I looked at a property that had two triplexs.  The listing agent showed me the property, he is also the OWNER of the property.

How do I place an offer with out an agent?  I read that I need a real estate attorney to draft an offer letter for me.  Is this true?  Any tutorials on here for making offers without an agent?

Thank you!

Just moved back to the Detroit area and I have been interviewing agents that can help me reach my goals.  After using word of mouth for my last two agents, I've decided I need to interview my next RE "partner" to find someone that knows the multi-family market in the Detroit area.  Better yet would be to meet someone that owns multi-family properties, that also sells.

Hoping to attend a metro Detroit REIA group soon, face to face interaction is prefered, but I figured I need to put thoughts into actions.

Thanks!

I was thinking that I would like to protect my investor from renters, in the event someone sued me.  Not sure if they would be able to come after me or my investor too.  If someone cosigns a loan is their name on the title too?

My thought process is to buy the best property I can with the low down payment and low interest rate with the FHA loan, then go after less expensive properties with my own capital. After that, look for investor help again, and have a portfolio built to show what I have established. Not sure if this is a great plan or not, but it is what I'm considering now.

In the process of applying for a FHA loan with the intention of buying a fourplex (live in one, rent the rest) and begin my journey in RE investing. I have a few questions:

• Do I need to start a LLC to protect myself and my co-signer for the loan? I have an investor onboard to help, I'd like to protect him. Will the co-signer need to be part of the LLC?
• If I start an LLC, would I need a commercial loan to buy a property?
• If I start an LLC to buy the property, can I still use a FHA loan? I was talking to Quicken Loans about this, they said they would not be able to, but a local bank might finance me.
• Can I use a FHA loan to buy a 4 plex, or it limited to single family units?

Any insight or answers would be greatly appreciated.  If there are any podcasts, articles, books have helped you folks along the way, let me know what has been useful.

Thank you!

Matt

Take a look at the house on Chenango that sold for $367k.  I think it was was on the market for over two months.  4168 W Chenango Ave,Littleton, CO 80123.  I definitely don't want to wait that long.

Another thing my agent said to me on Monday when I called him was "you have two offers on the house, right?"  My response was, "You're the RE agent, you tell me."  Turns out there has only been one offer

Talked to my agent today and I told him I didn't want to ask the buyer for more money in fear the they'd back out.  He bluffed with the buyers agent and told him we needed their highest and best.  Their response was to extend the time to sign the contract.  He isn't impressing anyone.

What surprises me is the lack of showings.  I believe there have been 7 or 8.  I'm on vacation now, so I'm not positive.  I would have expected there to be 7 or eight on one day over the weekend. 

Another lesson seems to be that timing is everything.  I had an offer through a friend of a friend for $335k (before I had renovated the kitchen).  I had already started demo and told him he'd have to wait untill the house was renovated.  Considering I put $10k into the kitchen, the extra $5 hasn't been worth the stress.  In my opinion, had I had the house ready before Labor day, it would have had more showing and offers.  Many lessons learned on this one.

I appreciate everyone's input.  I'm thinking of letting my house be on the market for one full week from when it was listed, that or two full weekends.  I know if I wait to long it may deter the buyer, they said they want to move in by the end of July.

The agent works for a "flat rate" company.  I pay $2,500 for them to sell the house, if the house sells above asking price he recieves 20% of the profit above list.  I've now determined he just wanted to sell the house ASAP.

My real estate agent told me that the Denver market slowed down after the Memorial Day weekend and encouraged us to price our house lower than what we expected to get ($350k list price). His logic was that we would get multiple offers the first weekend it went on the market.  The house went on the market on Wednesday evening. We now have a full price offer and feel like we under priced the house.  A house downt the street just closed for $367k.  Our house has an updated kitchen with granite and updated appliances, I'm thinking is worth $360 to $370+.

My RE agent said we could give a counter offer, is this normal in any scenario?  Should we take the house off the market and re-list?  Could I tell the person that placed an offer that we want one more weekend to show the house?

Feeling inexperienced, and I don't want to leave money on the table.

Wondering if anyone had any experience with FSBO or selling their house without a real estate agent? Selling my house in Littleton, CO and I know if I can get the word out that my house will sell. I heard from a friend that realtors black list people that use FSBO.

Trying to maximize my profit from my house to move back to MI and invest in the Detroit area and metro Detroit area.

Any advice would be appreciated.

Thank you!