All Forum Posts by: Natalie Schanne

@Johnny Lopes - Ask the listing agent of the property if you can rent it. He or she should have access to the HOA docs because she'd need them for your lender if you had to buy it.

An agent can also check on the MLS history tab if any of the units have ever been rented by a realtor.

Jared Miller - I've never heard of a landlord requesting a budget. It seems too personal and you might be questioned if you asked one prospective tenant and not another. Usually the income > 3x rent requirement makes sure they have enough to pay you. I require first month's rent and the maximum legal security deposit. This usually that weeds out people who can't come up with $2000-5000 and are most likely to be bad budgeters. Most landlords use a credit score threshold of 600+ or 650+ as a proxy for someone's ability to budget and manage finances. As a loan officer in a student run credit union, I asked about a person's budget & other monthly expenses to make sure they could theoretically repay the loan.

@Alina Trigub - Thank you for your thoughts!

I also received this advice from wise female Bigger Pockets members. 

"I actually think woman are better on cold calls and in letters. I have newbies make cold calls for us and they have all been men. They have a far lower response rate than if I make cold calls. I think people aren't threatened by women as much."

"If anything being a woman is an advantage with probates. There is no reason that should hold you back in any niche." 

Adriel Irons - Any accumulated depreciation goes away when the property goes into an estate. So a cost basis of $0 moves to fair market value for the heirs (read no capital gains tax, unlike what she'd pay if she sold). If there's no profit to be gained by selling and it's cash flowing, why not help her manage it better (increase income, reduce costs) and keep it for the estate?

Rainelle Martin - Welcome to BiggerPockets! If you're interested in real estate, connect with a local real estate agent and start a conversation. Get on a no commitment list to see property prices and details. Figure out what you want (assuming you're currently not a homeowner) and buy something when you're ready. Also consider attending SJREIA meetings in Cherry Hill. Lots of nice people.

I'm an experienced engineer, RE agent and investor. I've been sending direct mail - postcards, yellow letters - and have yet to get a property under an off-market contract after 10+ owner / seller meetings. (Sure, I'm the common factor and may need to revise my letters or discussions. I'm a white female in her 30's in Central New Jersey.)

80%+ of the lenders, wholesalers, investors and flippers I meet are men. 70%+ of the RE agents I meet are women. I'm trying to determine if I need to partner with a man to advance my investing business.

What has your experience been with perceived age or gender bias when negotiating with an owner / seller? 

- When negotiating to see the property (on the phone)? 

- When negotiating to get a signed contract, including the property's price / cash offer?

• Do you think a female voice responding to direct mail letters gets more or less offers to come visit the property / continue the conversation?
• In person, Do you think an older man (50's-60's, properly groomed) generally commands more respect and trust than a young 'hustler' man (20's-30's)? 
• At the same cash offer price, do you think the older or younger man gets the deal?
• In person, do you think a 30's woman or a 30's man is more likely to be taken seriously and ultimately trusted to close the deal by the seller? Why?
• What have your actual experiences been as wholesalers and investors? What age/gender bias exists with some sellers, influencing your negotiations?

Robert Motch - Do you need a PM or a realtor or both?

@Danielle C. - Good advice above.

Your best bet is to partner with someone else on your first deal where they provide a lot of the capital and you provide a lot of sweat equity / rehab services. 

Join your local REIA and meet people there. Hand out your business card to everyone. Staples will make you 500 business cards for $10 in 1 hour.

How's your own budgeting? Given all your assets, income and spending, is there anything you can reduce to save up cash so you can save yourself 10-14% in interest? I rent out spare bedrooms in my house at $500+/each to nice professionals. 

You said you don't have a lot of capital, and you're investing $$ into forming an LLC, your real estate license, and other educational classes. I spent $500 to make an LLC, about $1500 first year on my RE license, and $1000 in recent education. That's all money I can't do a deal with.

Quite a few foreclosure / REO listings say that they won't pay me a commission as a buyer-agent. So, for a buy and hold strategy, it doesn't benefit me to be an agent (except for on-demand touring) for all those properties.

@Justin Hansen - Welcome to Bigger Pockets. SJREIA meets in Princeton once a month and there are subgroup meetings throughout the month throughout New Jersey. It is a great place to meet BiggerPockets members and other real estate investors. 

If you'd like to get set-up with auto-emails for foreclosure properties in your area to get a better sense of home value, PM me your contact info.

Cheers. Good luck!

Douglas Krofcheck - I had one of these in the mansion house I grew up in. Essentially there are various ports in the wall throughout the house and you can plug a vacuum hose into it and it turns on. I think it's a bad idea that will cause you maintenance headaches. 1. Whose unit does the central collection part reside in? Ours needed to be cleaned out from the basement. Anyone from the other units has to go there to clean it out of pet hair, glass, etc. and this may be disruptive to 1 tenant or nobody may clean it up at all. 2. Tenants may destroy their vacuums every 2-3 years. Why at your expense? 3. Suction not that good in comparison with dyson, etc.. Tenants may not even use.