All Forum Posts by: Sam Smith

@Ronald Rohde

I get that the legal profession can be cut-throat, but that's no reason to mislead investors. It doesn't matter how much time you "volunteer" here to market yourself. Investors should know that you can find a good property attorney outside of the major cities and save money for the same product.

Do you all pass the same bar exam? Yes. Should you get references for any specialist you use (contractor, attorney, realtor, lender)? Also yes.

@Tralecia K Young

What ended up happening? How long did it take to get your earnest money back?

Thanks!

@Nick Louie

It's awesome that you are digging deep on the details. But, I wouldn't push on this unless you're willing to lose the deal. What happens if they agree to the "deep clean" but the people they hire miss some spots? Are you willing to pass up the deal because of this?

On this I'd just stick to the broom clean and hire a firm yourself to do the work. That way, if they don't do a good job you can make them come back and do it right.

Good luck!

@Cole Durbano

Congrats on your job offer! I'm in DFW and would be happy to answer any specific questions you might have about the market. Feel free to shoot me a private message.

@JD Mims,

I haven't experienced this situation personally, but I did tour a property which had a shared coin-operated laundry room. They even left the laundry room open to the public for some extra cash. The owner said that he never had problems with it.

Is it a finished basement? As in, does it serve as a bonus living room? If so, you could give a schedule for the tenants to make use of it every other week so there is no overlap.

To Scott's point, I would ask your property manager to add to the lease that if there becomes issues with the shared basement space between tenants, you have the right to revoke access to the basement, or give sole access to the basement to only one tenant. This could protect you if there is damage done to the basement and neither tenant will take responsibility. However, if there is a laundry in the basement you'll need to make sure your lease doesn't say that laundry facilities are provided by the landlord.

@Rasean Lowe

At the risk of going against the grain, I would reach out to some buyers first and ask what kind of deals they invest in. Ask their parameters and price and all that. This way, you'll know whether or not you have a good deal when you get one. Plus, people are more likely to work with you if you've at least messaged a bit before you have a deal in had. At least, I would be.

Good luck and please let me know how it turns out for you!

@Chris M.

Hey Chris. I thought about doing something similar, but ended up working with an older agents who "wasn't afraid to lowball". He was about 75 years old, was an investor himself, and was very easy going about things.

I would find somebody like that if I were you. Interview a bunch of realtors and let them know that you are looking for the best possible deal for you and your family. 

Otherwise, I think the best way to do it would be to try off market. Get somebody before they sign with a listing agent. 

Lastly, you can reach out to the seller's agent directly (it's listed on zillow) on each property and say you don't have an agent, so you'd like to work directly with them (the subtext here is that they will be doubling their commission). But say you're looking to pay X (X being your price. Ideally much lower than the listing price). If the seller's agent is doubling their commission, then they are more likely to present and advocate for your offer.

At the end of the day, your goal is to get a house at a good price. It really doesn't matter what agents get paid if you get a great deal.

Good luck and please let me know how it turns out!

@Anjali L.

In one of the towns I invest in, the property manager I use charges a $100 fee to go through the eviction process on your behalf. Now, this service is included if you already use her as your property manager. She calls this her "use me and lose me" service for people who self-manage but don't want to hassle with an eviction.

Not sure if there are any property managers who do similar work in your area. But, you also just might consider using a property manager for this property anyway. You'll probably get better tenants, might be able to charge higher rents, and will have WAY less stress. 

Good luck! And I hope you let us know how it goes as things progress.

@Arthur Toma

Interesting and thanks for sharing your experience so far! 

One thought I have is that if your leads decide to sell on zillow in the future, you might let a local real estate agent who is also an investor in your area know, just in case they want to take a crack at convincing them to sell the traditional route. This might incentivize the realtor to give you a break on listing fees for one of your properties in the future or bring you in on a deal or two.

Might not work, but just trying to think of ways to make lemonade out of some lemons.

Good luck with it!

Hi @Eugene Thurston,

I would actually not mention her father passing away. It's been two years, and it also might come off as strange that you would know that if you hadn't spoken to her about it.

But I would definitely make the note personal. Let her know what you like about the house.

I wouldn't mention that you were going to rent it out. Just let her know that you'd like to purchase the house from her for a fair price. Mention that you're handy and can a lot of repairs yourself, and that by working together directly she'll get more for the property than she would if she paid the 6% to real estate agents.

Also, definitely go hand-written if you have good handwriting.

Good luck and I hope you let us know her response!