All Forum Posts by: Patrick Hill

Wow!!!! There are some real haters for agents in this thread!!! 

But I get it everyone wants the best deal possible for the smallest amount of money so that you, in turn, can make the most profit. 

But its really not about just throwing paperwork at a property and seeing if the seller accepts. In most cases the agent has spent time researching the property history, calculating the numbers, checking back taxes and covering your *** to make sure its a good deal. To simply just throw a lowball number at a property needs to make sense, and in most cases it does. You just need to have a trust factor and a relationship with your agent to make sure you both are on the same page. I look at my relationship with my investors as a partnership and will do whatever it takes, minus a few things :), to get the deal done. If you're just picking an agent up for the first deal and haven't developed a relationship with them to where they understand your goals you will constantly get resistance. Find a realtor that is like-minded and gets the REI business and you'll have a great partner that will throw whatever offer at the seller you desire, because they are "YOUR" agent and have your "BEST" interest at heart!!!!

BTW, IMO, if you're going direct to the listing agent you are leaving a lot of money on the table and will never get the full story about the property (in most cases) unless the owner gives the agent permission. 

Very cool @Carl Ohai, congrats on getting into the industry and good luck on the development!

@LaQuan Bates it doesn't cost anything to get alerts setup. Before reaching out to a realtor though I would advise a game plan ahead of time so that you can discuss that with a few agents to make sure they are a good fit for you. You want to work with an investor-friendly realtor who understands how REI works and what you're trying to achieve. As @Christian Rojmar suggested getting pre-approved is a great starting point along with what type of REI are you getting into, do you want turn-key, lower end with some rehab, how much cash flow you need from the property, etc. Not to say all that needs to be in place before a conversation with a realtor but a sensible idea of a starting point anyways :)

@Ondrej Brown as @JC McClain stated get to know a few investor-friendly realtors in your market and start building a relationship with them. Don't start having them sending you properties until you're closer to a starting goal and they understand those goals, e.g. area, price range, are you buying and holding, flipping, rehabbing, etc.. You can start researching the area as well via Zillow, realtor.com, homes.com, etc to help you understand the market you're interested in. 

Very rarely will you get both sides of the deal no matter how you market your listing. But to answer your question I think your idea is a little late to the game unless you have some heavy-hitting angel investors who can push you past Zillow and the other top dogs and wait about 10 years for their return :)

@Tyler McGill

Hey Tyler, yes there are a ton of exceptionally priced homes in St Louis that would require some rework or a total gut, but dependent upon its location (neighborHOOD) and how the market is doing around that area it might not be the best play. The biggest issue you run into up in the city is the work you did that day may not be there the next :) Just make sure you research the area you're interested in and see how the home values are holding before you purchase. Its definitely a hot market for us at the moment.

Go Navy!!

Ex Scientia Tridens

@Marcus Graves

Hey Marcus welcome. There are several really good neighborhoods and some really rough ones as well. It varies from neighborhood to neighborhood. But it’s a great time to be getting into the market. Let me know if you want to chat and I can point you in the right direction. Look forward to speaking with you.

Yeah, the electrical can be tricky trying to discern what others were thinking when they did it especially on these older homes were 30 people over the years have probably thought they were qualified to run wiring. If you feel its a concern I would definitely have some qualified verify it all looks good. 

I'm in Jeffco but I work primarily in the city and south county.

@Account Closed

In Missouri, we are allowed to run Romex exposed in a residential basement setting without needing conduit. I will agree though that these panels need a bit of cleaning up.

Hey Michael,

Regarding the wiring, it's hard to tell sometimes if its copper or aluminum without opening the panel to get a look at the bare wiring. Aluminum was used heavily in the 60's and 70's and although this home is from the 50's it doesnt mean they never replaced or added wiring in the home. I would have an electrician or inspector verify.

Are you buying the home as-is or are you allowed to include contingencies dependant upon inspection findings? I would recommend getting the home inspected for foundation issues and depending on where its located possibly a sewer lateral inspection. These older homes can have a treasure trove of hidden issues, e.g. roof, water leaks, and electrical.

Regarding the LBP if you're purchasing through proper channels the current owner has to provide the LBP disclosure and you can issue that out to the tenants. This house definitely falls in the time period when LBP was used.

Regarding not disturbing the tenants, its a pretty common ask from most sellers that they not be bothered.

Lastly regarding the taxes you can pull that info up online or check with the tax accessor to get a current status for that property. If you're not working with a realtor in the area I'd be more than happy to help.