All Forum Posts by: Bryan L.

I don't know what you mean by "hands on"?

It's pretty easy to get comps with CRS (at least, it is with the version that I have). In the screen shot below, notice that I am on the "property report" page for the address of 78 Juanita St. But notice the "comparables" button that can be clicked. Clicking on this will take you to another screen with comparable sales to 78 Juanita. Now, you need to know what you are doing to really get the best comparables, but it's pretty easy. And yes, you can pay a Realtor to pull comps and calculate an ARV for you. Realtors can get paid by the hours, by the job, or by commission. Although most states mandate that you pay them through their brokerage. This is really no problem either.

@Kim Handelman - Some HUD houses can be bought at significant discounts to their list price. I bought one last year at around 60% of list. Also, they can be wholesaled. You know, there's no rule that says that you can't actually close on the deal and then resell it.

Don't know if I really understand your question.  But, if the seller had been making monthly mortgage payments that included money that was escrowed by the mortgage company to be used to pay the property taxes - if this is what you are asking about, then this money is generally returned to the seller.

The MLS is owned, managed, and run by Realtors. We pay for it with our dues and expenses. Zillow, Trulia, et. al. are not "MLSes". There is only one true "MLS" and that is the one owned and operated by Realtors. Now, with that being said, there are actually many, many, many Realtor MLSes, since the MLS is typically local/regional in nature. For example, in your state of NC, there is the Charlotte MLS, the NWCarlolina MLS (including Asheville), and many others.

Many (if not most) local MLSes "syndicate" their listing data out to Zillow and others. The MLSes don't have to do that, buy many of them do (but some don't). So, the "for sale" info that you see on Zillow and others is sent there by the MLSes (except for the FSBO stuff). Usually, the MLSes only send part of the information. For example, the MLSes won't send out the info stating whether or not the property is vacant or occupied. Even with the MLSes sending the data to Zillow (and others), these "others" often do a poor job of keeping their websites updated with good, current, fresh data. As a result, some MLSes and brokerages are deciding to no longer send their info to these other sites.

CRS does not have "listings" of "for sale" properties. But, in my opinion, they do a much better job of getting data from the courthouses than Zillow and others do. I don't know why that is.

So, can you access the MLS through other sources? Not really. There are other websites that get a limited set of date from the MLS with the MLSes permission, but your are not really "accessing the MLS". Can you become a Realtor assistant and get access? Often, yes, but this will depend on the local rules for each local MLS.

The best way is to just become a Realtor.

You know, I hear so many people say that there are no deals on the MLS. And I know that it's not true, because I mostly buy MLS deals. But part of the reason that I can find deals on the MLS when others can't is because I have spent a lot of time (and money) really thoroughly learning the ins and outs of the MLS.

I think that it's accurate with the data that it presents, but it may sometimes be incomplete. I think it's FAR better than Zillow (spit). Usually, when there is no price listed, it is often a Quit Claim Deed transfer.

Another advantage of being a Realtor - I get CRS included in with my MLS access (at less $ per month that what you are paying).

By the way, I think that CRS also has a prospecting module that will allow you to search for absentee owners and create a mailing list from the search.

I think that it's accurate with the data that it presents, but it may sometimes be incomplete.  I think it's FAR better than Zillow (spit).  Usually, when there is no price listed, it is often a Quit Claim Deed transfer.

Another advantage of being a Realtor - I get CRS included in with my MLS access (at less $ per month that what you are paying).

@David Cook I thought Lambuth closed down?

Hmmm.  Looks like most everyone still comes up to about 50% total.  In my market, the taxes and insurance are fairly low, so they are maybe only 10% or so combined.  I pay a bit more than 10% on management since my PM offers rent collection by credit/debit card, and passes on the extra expense to me (but, we get better results on actual collection rates).

Vacancy - 10%

Management - 12%

Taxes and Insurance - 10%

CapEx - 5%

Maintenance/Repairs - 10%

47% total (just call it 50%)

@bob 

@Bob Green I am very interested in this loan program.  However, I just recently went through a $400,000+ refi on my whole portfolio (well, almost all of it).  And I really don't want to go through the closing costs again this soon.  BUT, I want to expand and buy more properties.  But, it looks like your program is only for refis.  Is that correct?  What if I bought some more properties with owner-financing (either sub-2 or the seller is carrying a note) - could I then do the refi with your program with these properties?