All Forum Posts by: NA NA

Depends on how the property is zoned. The paperwork, process, and regulations are totally different between residential and commercial. A commercial agent would be totally lost in a residential deal and vice versa. Get an agent who specializes in whatever type of listing this is. Also double check the sale is for property and not business opportunity.

Just watch any little kid talk with an adult who says "no". Learn from the masters! Mostly this means wearing the other person down while keeping in their good graces.

Shop around and talk to different lenders. While banking laws are consistent, each lender (and even underwriter) has their own standards and way of doing things. Worst case scenario you get the 2nd loan as an investor. Ask lenders when and how you can modify or switch out the loan as owner-occupied/better rate.

Check out Craigslist and other rental sites aimed at renters and get a feel for your local rental market, where the roommate hotspots are and how the rents break down by room which is how housemates choose a place. In some neighborhoods studios are a hot commodity and go fast compared to a larger unit which will linger on the market longer so those are factors to consider.

You're far braver than I! How far away are.your properties? I wouldn't try to do this for a place more than half a day's drive away. I have a PM but Ive had friends check in on my property and retrieve items for me, I would not recommend it unless you want to strain your personal relationships and/or have amazing insurance. Have you thought about negotiating a lower fee with your PM or paying a la carte for services instead?

1. Tat doesn't sound particularly relaxing for a massage. Maybe your masseuse needs one? 2. Working in real estate I saw both sides of the public image issue. Outsiders think real estate is "easy money", that RE agents "don't do any work", landlords are evil tycoons, and investors are either cheats and/or evil tycoons too. I think RE agents rate right around used car salesmen when it comes to public image. 3. There are people, industries, and events that add to public mistrust. The mistrust is warranted. I'm skeptical myself and trust that knowledge is power. 4. There will also always be an element of envy and jealousy when it comes to success. In any field and form, not just monetary. You will hear a lot of excuses from people. 5. Sometimes excuses are very valid and it's good to understand the resources that help you be successful (TIME, education, starting capital, mindset, etc.) 6. This is why I never discuss money or deals with anyone outside of family. 7. It's great to have a like-minded community to vent to, ain't it??

What is the average DOM for homes in the area? How much competition do you currently have? Is your flip over-done for the neighborhood? 

Also, if you've had a broker's open you can call the agents who've left cards and ask them for honest feedback on why their clients aren't writing offers or why they think the home hasn't sold. Sometimes the answers you get will surprise you. And yes, if you're offering less than the standard commission that will be a factor.

The most common comments I've gotten from investors and homebuyers looking at obvious flips who loved the house but did not put in an offer (aside from price) is that the home is way too nice for the neighborhood or that the flip is otherwise uneven. I once toured a home with investors that had lovely interior pics and had been expanded but at the expense of no back yard. It was more like a long dog run. I think it barely made the cut for minimum setback. The home was squashed up against its neighbors and the neighbors had trashy homes in comparison. That home stayed on market for a while.

Hi all, thanks for the honest and direct feedback. I've spoken to the property management company and plan to visit early next year to clean house.

In case any are curious, I'm an unintentional investor renting out my former home. I'm also an absentee landlord who's had terrible luck with PMs, I fired my last one for being shady. This PM is mostly just incompetent. I've looked for a new PM but my property is an executive furnished rental so not all PMs will touch it and the ones that do have gotten poor marks from other landlords I've spoken to. My overall impression is that the PM landscape is grim in general and specifically in my rental market.

Financially, it's stable so my attitude till now has been "better the devil you know".  Recently I've gotten a financial advisor and am looking to be an active investor. Which is why I'm now on this site.

Look forward to sharing and learning more from folks like y'all!

Hi Judy, I'm a former full-time Realtor. 

First, do deals under 20K each exist in your market? What is the average market price?

I will tell you when agents got leads for homes WAY under the market average at my brokerage they would usually refer it out to someone else. Like others have said, it was the hungry agents who would bite. One agent who got such a referral said bluntly she doubted a deal would come out of it since there is no inventory.

Having said that, I do not think your expectations are too high or unreasonable depending on your market and what the average home price is. You will need to do a lot more research though than just asking on Zillow. Those sites are basically playing roulette for both clients and Realtors. Think of it like online dating, you'll need to cast a much wider net. Also, word of mouth is the best way to find your agent. 

Do you attend any investor meet-ups? Do you have an insurance agent or another self-employed business owner who could refer you to such an agent? If you are part of an investment/real estate/wealth building community that's where you'll get your leads and referrals.

I know agents who specifically work with investors, low-balling offers (which is a HUGE no-no in this market.) To the point listing agents have complained to them about unrealistic offers and "wasting their time". They still did it though because it was part of their own business strategy (VOLUME) and it paid off. 

So those kind of agents are out there but you'll have to look.

Also, personally I would not ask the listing agent to double-end the deal and represent you. It's always in your best interest to have your own dedicated and separate agent. This is what I tell all buyers. The reason why you are getting advice to have the listing agent make the offer for you is in the scenario you literally have no other options because no legitimate buyer's agent will represent you. 

I think you do, but again, you'll have to dig. If you don't or can't dig, then go with the listing agent. You can also do online only deals through Open Listings which specializes in distressed properties. 

Good luck and let us know if you ever find someone!

Hi all, this is my first post. My question, what is the procedure to collect a new increased rent amount from tenants? And what would you do in this situation? I have a rental property whose lease expired in August. That lease stipulated a higher month-to-month rate if no new lease were signed. On the advice of my property manager I increased the month-to-month rate and the leased rental rate for the new lease. It's been THREE months since the old lease expired. The tenants have neither signed the new lease nor increased their rental checks. The property manager has been operating under the assumption the tenants WILL sign the new lease. I have been asking my property manager repeatedly why he is not collecting an increased/correct higher rent amount. Finally he told me this week he would "send them a notice" that they were now on month-to-month terms and need to pay the higher amount. I am very confused. I thought rentals automatically turned into month-to-month after the lease expires. Also, aren't I owed back rent at this point? Details: Rental is in DC