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All Forum Posts by: Matt Shields

Matt Shields has started 26 posts and replied 334 times.

Post: Pet Fee/Emotional Support Animals- Illinois

Matt ShieldsPosted
  • Broker
  • Phoenix, AZ
  • Posts 351
  • Votes 273

First I'm not an attorney, fair housing violation lawsuits are expensive, and I could just be a guy on the internet spouting nonsense, so please seek professional advice. 

Emotional support animals are the biggest scam going right now and tenants have figured out that they can get around pet policies by claiming any pet is a support animal. The tenant must provide a letter/certificate from a doctor and you then must accept the animal as a support animal. There are websites selling support animal "certificates" and vests that are not prescribed by a doctor and legally not acceptable, BUT there are now websites with doctors selling service animal "certificates" and they are probably legally legitimate. The government created this mess of the abuse of emotional support animals and needs to do something to correct it. Good luck.

Emotional Support Camel

BTW ADA and Fair Housing laws are different. Fair housing allows for emotional support animals of any type. Have you met my emotional support gorilla? 

Post: Zillow Premier Agent Advertising Results? Agents only please.

Matt ShieldsPosted
  • Broker
  • Phoenix, AZ
  • Posts 351
  • Votes 273

Are there any agents who have used Zillow's Premier Agent advertising? What were your results?

Post: Is house flipping dead?

Matt ShieldsPosted
  • Broker
  • Phoenix, AZ
  • Posts 351
  • Votes 273
Originally posted by @Jay Hinrichs:
Originally posted by @Matt Shields:
I'm sure they have some broker fees not shown, but still probably less margin than I can opperate at. 

Originally posted by @Nancy Zhao:
Originally posted by @Matt Shields:

I just received my first "Owned by Zillow" advertisement. Interesting that it is listed more than the Zestimate.

 So, Zillow bought the property for 246k and now listed it for 254k? Is this some kind of new 11th dimensional flipping strategy?

 Matt what is Zillow doing.. ??? are they as a corporation buying homes like open door and other institutional investors.. ???  are they showing up at auction like Blackstone did back in 2012.. ???   Or do you think they are just buying listings. ?? to make realtor fee's which seems like not a great use of capital. ??

 Yes very similar to Open Door and Offer Pad except they control real estate information, Zillow now has three times the traffic of Realtor.com. They are the Google of real estate, and information gives you power. I don't see them at the auctions, but I think they will suck up most of everything else eventually. 

Post: Is house flipping dead?

Matt ShieldsPosted
  • Broker
  • Phoenix, AZ
  • Posts 351
  • Votes 273
I'm sure they have some broker fees not shown, but still probably less margin than I can opperate at. 

Originally posted by @Nancy Zhao:
Originally posted by @Matt Shields:

I just received my first "Owned by Zillow" advertisement. Interesting that it is listed more than the Zestimate.

 So, Zillow bought the property for 246k and now listed it for 254k? Is this some kind of new 11th dimensional flipping strategy?

Post: Is house flipping dead?

Matt ShieldsPosted
  • Broker
  • Phoenix, AZ
  • Posts 351
  • Votes 273

I just received my first "Owned by Zillow" advertisement. Interesting that it is listed more than the Zestimate.

Post: Is house flipping dead?

Matt ShieldsPosted
  • Broker
  • Phoenix, AZ
  • Posts 351
  • Votes 273
With prices so high most of ours are going to 3rd parties. Trustee auctions are at or near retail prices so there is no reason for the lenders to want them. 

Originally posted by @William Huston:

Ive been watching the local auctions here, i rarely see people buying them anymore 99% of them are bought by the banks, heck there was a house out in the county that was up for auction based on back taxes due of over 15 years.. The same bank that held the loan PRIOR to it being payed off purchased the property for near market value.

Post: Is house flipping dead?

Matt ShieldsPosted
  • Broker
  • Phoenix, AZ
  • Posts 351
  • Votes 273

I agree with those who point out that flipping is cyclical and you can find deals in any market, but is it worth the risk to work your tail off to find a couple of flips a year that only net $30,000? I think the paradigm shift that is going to occur in the flipping market will be the corporate flippers, especially Zillow. While Zillow may have larger overhead than small flippers, they don't need to be profitable for every deal, they had revenues of 1.1 billion dollars last year. From a distressed sellers perspective, why would they sell to a small unknown flipper when they can click on a Zillow "Instant Offer" and receive more money? I love flipping and hope I'm wrong, but as that annoying saying goes, it is what it is.

Post: Is house flipping dead?

Matt ShieldsPosted
  • Broker
  • Phoenix, AZ
  • Posts 351
  • Votes 273

I agree that Zillow could really change not just flipping but the entire real estate market. They have begun partnering with some Arizona brokers, and I wouldnt be surprised if they eventually begin their own brokerage. I also think they want to take over the listing service from local MLS's, Zillow now has three times the traffic of Realtor.com.


Originally posted by @Brian M.:

@Darren Lenick, I disagree that that the corporate entitles won't be much of a factor.  Zillow has already stated that its target is to net just $3-$5k per deal, and by volume, create an additional $1B in revenue. They can pay what smaller investors can't until the scorched earth only leaves those who innovate.  I was in Raleigh on business a few weeks ago and met one of Zillow's execs at the airport.  he confirmed, they're just doing volume... For now.  But with a goal of $1B it's clear they don't intend to make that in just Vegas and Phoenix.  And they'll get more efficient as they bring on local talent.  

To the point of the post, flipping isn't dead. EASY flipping is dead. We flip in AZ & NC. I just picked up a property in for $65k that needs $45k in rehab, with an ARV of $205k in Phoenix. But we don't but from wholesalers any longer. And it took me months of wrangling to close it. We started as flippers and about a year ago began building out a sourcing arm to back into the wholesaling space because there was just no real margin in the deals I was seeing from wholesalers. They were laughable. The guys that'll survive are the ones who can source for themselves or build on vacant lots cheaply in my opinion. I believe new guys hyped up by the TV shows will continue to overpay and may things crazy until they go out of business.

Post: Is house flipping dead?

Matt ShieldsPosted
  • Broker
  • Phoenix, AZ
  • Posts 351
  • Votes 273

@Kellen King I spoke with some of the proxy bidders and they told me that many of the current auction buyers are end users. I still don't understand why someone would pay retail for a trustee auction property with no title insurance or inspection. When purchasing at a substantial discount the risk is worth the reward, but now there is no reward, only risk.

Post: What's an appropriate gift for your agent?

Matt ShieldsPosted
  • Broker
  • Phoenix, AZ
  • Posts 351
  • Votes 273

A gift is nice, but the best gift is referring your agent to other people. You could also send him a letter of recommendation, and leave positive reviews on internet sites. If you really want to win an agent's loyalty compensate him something for his time, you can't put a gift in your gas tank!