All Forum Posts by: John Drinkwater

Hi David - 

Thanks for the reply. 

I will check your site out, and hit you back off site, via email.

Best - 

MD

Hi guys

I am looking for a property manager for my mother's condo located in Duxbury Ma.

2 bed room, 2 bath, top floor. 

I don't want to start a search through google, and was hoping that reaching out through here would lead to better search results. Let me know if you have any good recommends. 

The search function on forum is not the greatest.. so, I apologize if there has been a thread already posted about this. It's just not coming up. 

Thanks!

Mike Drinkwater

Morning Shawn - 

Have you heard of Slack? 

https://slack.com/

It does everything you are looking for, but I think the hurdle is getting everyone not directly on your team on it. We are now using it at FX, but, getting people to implement it is a bit of struggle. 

In terms of project management it has everything you are looking for.. you just need your sub's willing to work a new way.

Good Luck!

Hi Alex - thanks for the reply!

It's an illegal 2 unit. 

My understanding is that the area has to be zoned RSO or not. 

If it is, even if its SFR, its RSO. In this case, its not zoned, however, they've been there forever, and I kinda don't want to have deal with it based on stories that I have heard. It would be cleaner if the current landlord removed them prior to close of escrow.

Hi Lee  - Thanks for the response! Thats basically my thoughts on the situation. The only good thing was that the place was not RSO Zoned. So, the costs are technically negotiable. If it was RSO zoned, you're talking like 10 - 20K just off the bat. And if they are elderly, then it could be more. Just was hoping someone might have had some personal experience specifically in LA. 

Hi Guys - 

I am lead offer on a house in Los Angeles CA. 

The renters are paying 2001 rental rate for the place, and current owners just inherited the property. 

They want to sell, and their original counter was with the tenants included. I said no, and thanked them for their time, and they came back with a second counter to remove the tenants. From what I understand, the first offer failed with the tenants. (We are trying to get them out in 30 days ((Basically an escrow period))).

My instincts to this point have been, pay a little more, and have them deal with the removal. 

However, now I am wondering if I should purchase for lesser price (30K savings) and go through the removal process myself. 

FACTS: 

Renters are on a month to month at this point. Last least signed was June 2015.

Rent is like 1450 a month, and there is one lease for three renters

Property is non RSO zoned.

I would ideally move in once escrow closes. (I would live in the flip as it is a long term investment for me.)

Let me know!

Thanks for all the feed back on past statements, its all appreciated :)

md

PS - does anyone have the PDF of the Los angeles HCIDLA Renter/Owner Guide V2015? It has expired on their site, since they are updating it... 

Really good points Mitch - 

And I get it, its just frustrating. I'm putting the normal 3% down and then an additional 3% a week in. Then the remainder after that. 

On paper I am supply the full 20% down. I could go higher, but then I loose my avail cash for actual reno work. 

I just don't want to put all in up front, then have to deal with a higher percentage loss down the road. 

I'm thinking it was more Joshua's thought on the matter. He did mention that he had been talking with the other guy "since saturday night". So maybe there was some loyalty there.. which honestly is a little refreshing. I kinda hate it when an agent states it is between three people, then at the end of the day decide to except more offers and make a decision tomorrow.. thats truly infuriating! 

So Cal is definitely not a boring Real Estate Market. 

Today's story starts with me coming across a reasonably priced flip being sold off because the investor took on one too many projects, or possibly had another deal with better returns.  

My conversation with listing agent (also co owner) began via email, asking the basics and trying to set up a time to go see the property. After two missed calls from an unknown number, I decided to call it back (1st time was during GOT.. so priorities). Agent answers, and states that he felt talking on the phone was the faster way to get through the discussion. 

We talked about why they were getting out, the condition of the property, and when were they looking to make a decision.

I was informed they wanted to decide that day. 

So, being that I already lost a day, I submitted my offer with all the necessary backup and received a confirmation email from the agent stating that they had gotten the RPA, and will let me know. 

Fast forward to 5pm without a word, I decide to shoot the agent a text. 

My offer was not accepted, and they went with the other offer on the table. I asked if he a minute to chat, to see what I could have done differently in order to have won the Escrow position. He said sure and I gave him a call. 

The other offer was 5K less then my offer, but closed two days sooner. It was also all cash. 

I questioned why they decided to go with the lower offer, knowing that I could close in less time if need be, had waived the finance contingency as well as the appraisal contingency, and offered more money. His reply was they did not like the fact I had a hard money loan. 

I find this a bit crazy, especially since I was 20% down, and I had waived every contingency, except for the inspection. (they were not selling at land value.. so it would have been crazy to go down that path with out any protection). 

The agent also mentioned he didn't like the fact that I hadn't been to site yet. Which is unfortunate because in my email I had requested for a time to go view the property, and would've gone to see it if I knew that would have impacted my offer in a negative way. Since on the phone earlier, he made it sound like he wanted to make a decision that afternoon, it left little to no time to go over and see the property..

I don't know. It's just interesting to me that you can be over the other guy, have a same as money agreement on the table, and still lose out. 

Any thoughts?  

Onward to other prospects! 

md

Exactly. Ha. Its frustrating. 

Some of the pricing is crazy though. 

One house the sellers wanted 500K, but all the comps on the same street, with the same property statistics, went for 400's like 2 months ago. I just have to keep moving forward..