All Forum Posts by: Michael Woodward

I think painting exterior brick could actually take value away from the house because it changes the existing maintenance-free surface to something that will need maintenance (re-painting) in the future.  Brick aesthetics are great but equally appealing is the fact that it will never need any maintenance. 

You will need to contact the company that issued your title policy to find out.  I think they're the only ones that can answer that.

@Debra Woods,  I think it's smart for you to reach out to investors to learn their business because it can be a valuable relationship for you.  I started investing back in 2001 and got my real estate license almost two years ago.  The reason I got my license was because I wasn't able to find an agent that could do all the things I needed them to do.  They were all good people but I needed more focus, expertise, and/or availability than they were able to give. 

Not all investors operate the same way so their specific needs and wants will vary.  Here's a short list of the most important things I would need an agent to do for me if I weren't currently doing it myself.

1) Find deals that fit my criteria.  This has always been by far the most important thing! It sounds simple but it's really not.  Anyone can set up alerts with Zillow to send them properties but a serious investor needs their agent to be able to tell the difference between a property with potential and one that's not worth looking at. It would be a good idea to ask for a very detailed checklist of the investor's criteria.  If they can't give you that then they might not know a good one from a bad one themselves. If that's the case you might never be able to satisfy them (wasting your time). 

2) Off-market deals. This is really the same as item 1 but I wanted to separate it because of its importance. A really good agent needs to have an inside track with deals that are not in the MLS. The way to get that access is to actively communicate what you're looking for to other agents in the area. Having this kind of service is incredibly valuable to an investor and will keep them coming back.

3) Aggressively market (sell) the property.  Everyone wants their house to sell for the most money in the shortest time but most investor's expectations will be higher than a typical homeowner.  This is their livelihood so they'll want to know that their agent keeps them at the top of their priorities.  Agents rely on repeat business so what better way to get that than an investor that keeps coming back over and over.

I'm sure there are many more things that can be listed but those are the one's that came to mind. If you want more details about the investing business itself the most condensed and thorough book I've ever read is "The Millionaire Real Estate Investor", by Gary Keller. 

Good luck!

@Carmelo Alba,   I agree with @Edward B..  The reason I asked what happened was to get some understanding for why they are "bad people".  You're losing your own credibility by only saying to stay away from them without an explanation.  Understand that you can be legally liable if you smear someone without just cause.  I want to expose fraud as much as anyone.   That's why I replied to your post but you have to do more to explain what happened if you want us to take you seriously.

@Drew Cameron,  Almost every time there's a huge upfront fee for things like this it's a scam.  I think it's plausible for a special, close-knit group to put something like this together but I would never participate in it unless I knew someone inside the group that had been doing it a LONG time and I trusted them completely.  Keep in mind that even pyramid scams look great for a long time and don't reveal the crime until it's too late (e.g. Bernie Madoff).  Personally, I would stay away from it.

@Paul Miller,  Sometimes banks are aware of specific problems like this and will negotiate accordingly and sometimes they are not aware.  You will probably need to call the person that has it listed and ask them if you can submit your evaluation of the property to the bank (or asset manager).  It's worth a try but sometimes they will only make price adjustments after a certain amount of time passes.  If it doesn't sell for a long time, they'll know they have a real problem on their hands and will start dropping the price.

I've run into the pee problem many times (I'm working on one now) and have done a lot of remediation research.  Tearing out the soaked wood is always the best option for a very badly soiled house.  If it's not that bad you can try a combination of several things.  

-Enzyme solutions are available at pet stores and do a great job of eliminating odors because it's basically good bacteria eating bad bacteria.  Pour it on and let it work.  

- Bleach will kill bad bacteria but it also kills good bacteria so you can't use it at the same time as an enzyme treatment.  It's also horrible on your lungs so be very careful.  A full-face, chemical respirator in mandatory!

- You can rent an ozone generator from your local equipment rental store.  Ozone will kill anything living inside the structure so be careful with it (remove plants, people, pets, etc). This will help with the general odor but it won't penetrate the wood to kill buried bacteria. This is usually not very effective with pet urine.

- If you choose to cover it with something there are only a few things available that will stop odor molecules from re-entering the room.  Paint, Kilz, stain, etc are too porous so odor molecules can find their way through.  The preferred coating is shellac. It's molecular structure is very dense so it works really well.  It's available online or Lowe's and Home Depot.

Good luck!

@Carl Snyder,  That's not a bad idea.  You'll need to meet/call a few to see how they respond.  It's possible to find local or regional "portfolio" banks (lending their own money instead of Uncle Sam's) that are willing to lend on many deals at once.  There really isn't any external limit or law for the number of properties that banks can lend on for an individual but regulators keep pressure on them to minimize their risks so the banks end up setting internal limits.  Keep in mind that your ability to borrow from these banks will depend on your experience level.  They're going to expect you to be able to convince them that you know what you're doing and their money is safe.  

Ironically, the big banks (Bank of America, Chase, etc) limit you based on your available income, cash, and credit but they don't really care if you know what you're doing.  They'll base their decision on your history rather than your future plans. If you crash and burn with a new idea, they'll pick up what's left of the wreckage and move on but the smaller banks won't take that risk. You might have to start with the institutional banks to get a few properties (experience) under your belt, then approach your local banks and credit unions.  

My two cents.....

@Carmelo Alba,  That's good to know.  Can you give us more detail about what happened and how you discovered the scam?  If they aren't a reputable lender, what are they after?

@Aelicia Thomas,  If you haven't already done this I would highly recommend that you read some books on evaluating rental properties.  Here's a link to an article that should get you on the right path. Ultimate Guide to Analyzing Rental Properties

Lance,  You'll need to decide which real estate firms you would want to work for and set up appointments with their managing brokers.  They're the ones that will tell you how much flexibility they are willing to allow.  I've had my license for almost two years now but I only use it to support my buy/renovate/resell business.  I don't go to office meetings or do floor duty like the other agents are required to do but that's by special permission from the broker.  You'll just have to talk to a few to see what they will agree to.