All Forum Posts by: Robert Whitelaw

First, you would want to make sure you are in compliance with any laws that may be specific to your state.

Second, I tend to take a more face to face approach with these things. I would meet the tenant in person and let them know the amount is outstanding and ask them how they would like to handle it. I find that direct engagement with tenants tends to work better.

Hope that helps.

Hello Folks,

I am a real estate broker in San Jose, CA. I am looking into investing and possibly relocating. Prescott, AZ is on my short list and I am looking for an agent in that market. The client would be me!

We can chat about details, but I am looking for a 20% referral fee. If that all sounds reasonable to you, let's talk details!

To offer a little more detail, here is a bit more on what I am looking for:

- 1-4 Unit multi with at least 1 3/2 unit. I tend to like more mixed unit compositions. Unless there is compelling local market data to indicate otherwise, I am not a huge fan of studios and 1/1 units.
- SFRs with at least 2/2.
- The more land associated with the SFR the better - particularly if adding ADUs is permitted.

Thanks,
Robert

Hello Folks,

I am a real estate broker in San Jose, CA. I am looking into investing and possibly relocating. Reno is on my short list and I am looking for an agent in that market. The client would be me! We can chat about details, but I am looking for a 20% referral fee. If that all sounds reasonable to you, let's talk details!

To offer a little more detail, here is a bit more on what I am looking for:

- 1-4 Unit multi with at least 1 3/2 unit. I tend to like more mixed unit compositions. Unless there is compelling local market data to indicate otherwise, I am not a huge fan of studios and 1/1 units.
- SFRs with at least 2/2.
- The more land associated with the SFR the better - particularly if adding ADUs is permitted.

Thanks,
Robert

Howdy Folks,

I want to create options for my sellers moving forward to help ease them into the possibility of providing private seller financing for buyers.

I have come up with a list of 3rd party loan servicing businesses, but I also want to provide a software option where the seller can more directly manage the loan.

First, let me share the list of 3rd party servicers (please let me know if an awesome player in this space is omitted):

Evergreen Note Servicing | Note Servicing Made Simple

FCI Loan Servicing - Loan Servicing Programs for Lenders of any size.

Loan Servicing - Weststar Mortgage

NoteSmith Home

Mortgage & Note Servicing - Note Servicing Center

Welcome to Statebridge - Statebridge Company

Login - AlliedServicing Corporation

I really have not found any good software solutions that would fit well with a seller who may have just one private loan to manage. They all seem geared toward the professional that needs the entire process from creation to closing managed by the software. Does anyone have a suggestion for a more seller friendly tool?

For those that love their spreadsheets, I do not want to lean into that. I want to suggest options that give my clients at least a minimum of 'error checking' and that will automate the regulatory requirements for their state. My plan A for my folks will always be to hire a 3rd party, but having done this for a very long time, I know I will come across those that want to be at least a little more hands on and I want them to have an option.

Thanks in advance for any suggestions.

Cheers,

Robert

San Jose, Morgan Hill and Gilroy all showed homes selling above asking price in April. This is the second month this was true for the county overall and San Jose - but I do not believe this will continue beyond the hot period of the market. Some typically "outside" the commute bubble communities for Silicon Valley like Hollister, Salinas, Los Banos and Tracy do look like interesting markets. But as with anything else, when investing, it is all about the math. If it does not flow, it does not go!

Hello Fellow Real Estate Professionals,

I am a real estate broker in Southern Silicon Valley and I have been hearing some crazy stories from a few agents and buyers about searching for homes to buy in San Francisco. Those buyers were people that were so shocked by what they saw in San Francisco, they "Noped" right out of there and moved their search down to my area of the bay.

I want to get the scoop on this and I am hoping that active real estate agents in that area are willing to share!

Looking forward to hearing your stories! If you want to preserve your anonymity, feel free to message me directly.

Cheers,

Robert

Quote from @Kevin W.:

Good morning @Robert Whitelaw

Thank you for your response. Nothing beats free haha. I agree with your approach of looking at various homes to determine market appreciation (testing it out right now!). Although the future is uncertain, the past does leave clues. I personally approach sales prices from June 2021 to July 2022 with caution due to the pandemics' effet on the market. Thank you again for your comment!

You bet. For more insights into likely volatility in tough times, I also like to look at what a market did from 2006 to 2010. If the market moved very little, that can be an indicator that the market there is less likely to experience a huge change in any future downturns... assuming no fundamental change in the community (IE: big business moving out, discovering nuclear waste buried under the city, etc.)

The methods you are using a pretty good and free. There are tools you can use that you have to pay for, but frankly, I have used both and find the free way to be pretty reliable. For appreciation, I look at various properties in a market and look up when they sold in the past for and what their current value is or what they recently sold for, then calculate a rate of increase from that. This tool makes it easy and is - again - free - https://www.calculatorsoup.com...

Do that for a few similar properties in a market and you usually start to circle a decent number.

Quote from @Stephanie P.:

Quote from @Robert Whitelaw:

Howdy Folks,

I wanted to reach out to see how many folks that have purchased multi-family properties required in the offer that the units be vacant at close of escrow.

I realize that it all depends on the context. However, I have found that in recent transactions, this request is needed so that work can be done and rents can be brought up to the market level so that the property will even cash flow.

 You can ask as part of the negotiation if it means that much to the transaction

Yes, and that is what we have been doing. I was hoping to see if this was something that was happening more commonly in other markets. But thanks for the reply.

R

Quote from @Bob Stevens:

Quote from @Robert Whitelaw:

Howdy Folks,

I wanted to reach out to see how many folks that have purchased multi-family properties required in the offer that the units be vacant at close of escrow.

I realize that it all depends on the context. However, I have found that in recent transactions, this request is needed so that work can be done and rents can be brought up to the market level so that the property will even cash flow.

 if there are good tenants paying market rent why would you want them out? Even if there 100 or so less, so what, It will cost you 3, 4 5 6 7k to make them " nicer " its not worth the lost rent, leave them alone

Good Luck 

That would fall under the "I realize that it all depends on the context" part.

In the scenario you describe, I would agree with you and leave things as they are - assuming that the property cash flows at those rents. However, that is not the scenario I was describing originally.

If I can acquire a property and do paint and floors and then more than double my gross rents - which would allow the property to then cash flow, then I find my investor clients - and I - want to do that. Surprisingly, in my market, this scenario is not as uncommon as you might think.