All Forum Posts by: Drey S.

I purchased a 4plex in January and recently received a letter from Mercury Insurance with a list of "recommendations" that they have for my property. Some were reasonable - as I actually have done most of them because the property had deferred maintenance for sure.  Others - like cracks in the driveway are coming up with estimates in the 5-6k range.  Other driveways in the area are similar - why is mine being singled out?

They have asked for pictures and receipts to prove I've completed the work they've asked for.

If I were in the insurance business, I'd ask landlords to spend thousands of dollars to completely redo aging buildings as well. It would make my profit margin much higher... but is this legal? How do I reply?  Just find another insurer?  Or How do I comply without spending THOUSANDS?

Photo below is the picture they took and want me to repave the asphalt.

Any help/advice appreciated.

Thank you, guys. Fixed. I am so surprised by the crickets I heard after at least 3 attempts to reach SOMEONE in Customer Service.  Hoping the indexing stops and I'll only post in pro forums from here on out

Anyone able to get me in touch with someone re: silly me putting my real name and trying to have some sort of  anonymity from tenants.  The fact these forums are wide open is a major oops for me.  Help.

Hey All - 

I'm looking for some advice regarding property management. In a recent search for a property manager, she added a line that she gets 15% of the repairs she handles. There is an inherited tenant who is particularly "asky" - so there are weekly requests right now (thus the search for a pro property mgr). 

 I feel as though this 15% add on incentivizes a higher repair cost.  Any thoughts on this? Is this standard in markets like L.A.?

Any ideas about how to ensure that the manager is paid fairly but not incentivized to get higher bids?  Should I request 3 bids on each job?

@Benjamin Ervin

Great job! What did the house end up being? 3 bedroom, 3 bath? Or?

I’m eager to hear how your wife used her magic powers to re-guide the flow.

@Robert Schumacher

I hate having long term tenants who try and bully me. It always comes back- a leopard doesn’t change its spots.

@MarkPedroza - Precisely. I guess my question is - I'm going to hang my license somewhere at some point this year. We have many brokerages close by that I have been invited to join.  Should this be my first deal? Or should I just sit back and not learn anything and let this realtor do all the work and get all the money?

@PatL - Do you offer a total of 3% for seller and buyer agents to split? I guess I could just hardline that I can only give 4% and let them work out what that split will be.

@Suzy Capezzuto- I probably would try and sell it myself as FSBO - but as a licensed agent with a broker helping me through my first sale (it just happens to be my own property.) I LOVE the idea of % stacking. THANK YOU. Or maybe I could come up with a hardline number I'm not willing to pay more than? I clearly need to learn more about negotiation.

@Dennis M.

The tomcat poison traps do the job. Unfortunately, the mice walk out and die and the dead rodents are eaten by other animals - who then die of the poison as well.

I’m a big fan of the electric traps that finish the problem quickly without poisoning any wildlife or neighborhood animals.

I do think it’s wise to have an exterminator come and seal any entry holes and place environmentally friendly traps to handle the problem quickly.

I need some advice.

I have a luxury unit I inherited about 14 years ago in Southern California.

We have a family realtor who’s been doing work with us for years. She has skin in the game with this property as she helped sell the units when it was first built.

I recently acquired my California real estate license But have not hung out with a broker yet as I’m trying to figure out what the best path going to be. I think I’d like to get into selling commercial real estate to learn more about putting those types of deals together.

But I digress. The realtor knows I am looking to sell this property this summer and Because our relationship from the past, she is rightly assuming she should be the sole listing agent.

The retail value of the property is probably somewhere around $1.3 million. I owe three 50,000 and because of the step up, won’t have much of a tax hit.

I have an infant and a four-year-old daughter and I’m starting to get a sick stomach thinking I would give 6% commission away on this property. ( 78k if it sells at 1.3!?!?)

How should I approach her? I know everyone says commission is negotiable, but it’s a family friend. How do I frame my dilemma to her? Could we sell it together?

I’m eager to hear what the bigger pockets hive mind has to say.

@Wesley W..

I have found that arguing with someone with deep held, passionate  beliefs is fruitless. If there were pit bull friendly landlords that Love to take the risk to give the breed a chance, it’s no skin off your or my back, right?