All Forum Posts by: Mike Cumbie

@John Lindemann Glad it worked out for you. Thanks for sharing the experience it will help me in the future!

Much appreciated

Sorry to hear @Mike H.

The good news is that in another month or two you won't even remember most of this as it will all be done.

It is about what the seller is interested in. Sometimes it is not money. Sometimes it is convenience. For instance an aging mother passes away and the kids are 4 states away. They do not want to travel back there and deal with the house (Funeral is all over and has been by the time house is ready). They don't want to head back and take care of the little things that mom neglected due to her age. You offering them a 10 day close and be done may be a better option for them.

I would recommend to them to get a realtor and go through the sales process if money was their primary concern. If they are willing to wait 60-90 days and that is OK with them, then they should get an agent and get some local cleanup guys and handymen to get it sparkling and pretty. Most times you are not their best option and that's OK. Be honest and let them know what their options are, if they know you are buying low but quick (Divorce looming anyone?!?!) it is not taking advantage. But in that case husband and wife want out and away and time is a bigger factor than money.

As a side note you are buying contingency free in most cases, that is worth money to people. Just be honest and you will be fine.

Get a lawyer as step one and let them override any of my thoughts :)

1) Do Not send a letter to the tenant under any circumstances concerning Mold, because then you are admitting she is living in a "deadly place"

2) Start eviction for failure to pay rent

3) Wait for her lawyer to contact yours (odds are she will not bother but letting her stay is not going to change anything except how long it takes to start the process)

Good luck @Derek Caffe

Personally if at the end of the month the numbers are green after taking in every expense you can think of realistically, then the total sale price is not that important (In my opinion of course).

I would take and figure in how long before you "could" sell at break even and think about that number for a minute.

@Adam Bartomeo Best of luck to you and your company in your future dealings.

For the record and Full disclosure: I am not a realtor or know any on a friend/family basis. I agree with @Mark Ferguson. What are the details that a realtor cost you $10,000. If they mentioned something about the property for sale that you were trying to hide, then "unethical" wouldn't be the term I would use for that person in the conversation. If a customer was walking and they said "He might take less" I wouldn't call it "unethical" either because it got them back to the table. In the end I find it difficult to see how a realtor cost you the $10,000 when you have to sign off on the deal. At this point the entire thread is you slamming an entire group of people because of a slight against you. Without allowing the reader to know the story of what happened in your case you are not open to a fair and honest conversation.

I figure if you are selling a property you need an agent. Someone has to get out there and show it, setup Open Houses etc. With a realtor you are just paying someone to do that for you so you can do something else to make money. It is just like paying someone else to put carpet in. Sure I could save money by doing it myself, however if I pay someone else to handle it, there is a better job, faster job and I am free to go work on other things at that time.

I love the idea on paper:

Visions of neighbors getting along over a hot dog, sitting on a warm night chatting and realizing how much they all love living there and never want to leave. Considering this their own home.

Sadly I follow Kevin on this one though. I just imagine the phone calls "Stupid Fred is out there with his buddies and I can never use the grill".. "The smell of the cooked animal is coming into my unit and I want to gag". "Lisa never cleans the grill and it is out of propane every time I try and grill I want a rent credit".

Perhaps 4 nice low maintenance sitting areas out back 1 per tenant (but they can socialize if they want because they are close)

Good Luck!

Those are some pretty studs