All Forum Posts by: Sarah Beilke

With nothing in writing and no prior discussion of it, I would not pay it.  It's all about the expectation.  If she had set the expectation up front that she wanted a finders fee I am sure it would not have been an issue but to come back after the fact and request it doesn't seem like good business practice to me.  

Just keep in mind most of the time you are on the banks timeline, so I hope you have a place to stay while you are going through the process.  Another big difference between this and the traditional route is you typically need more $$ out of pocket for closing costs.  In the traditional route there are certain expenses that the sellers typically covers and in my experience with foreclosure a lot of times the buyer is responsible for many costs the seller would traditionally cover.   

Best of luck!

Hello @Kermaury!  My recommendation for anyone who is looking to get started is to start educating yourself and bigger pockets is a great place to start!

I think to get a full understanding of what is takes I always like to see people start picking properties and running some calculators so you get comfortable with that.  You can't analyze enough properties when you are first starting out.  Second I would think about what types of investments you are looking at and start evaluating what would or would not work for you and analyzing those deals helps with that a ton!

Hello!

I am looking for any insurance agents out there that have experience with quoting older historic homes. I have a buyer under contract and when we went to bind the insurance the quote went from $2,100 to $3,500. These are first time home buyers who are trying to make an investment in their future and the difference in the quote throws off the DTI ratio significantly and could put this purchase in jeopardy for them. I have copies of the 4-point, Wind-Mit and have the buyers DOB and get you in touch with the buyers for any other information you may need. Hoping to get this resolved ASAP so if you are a rockstar insurance agent, hit me up!

Hello @Josh Bastian.  Bigger Pockets Pro really has all the resources you need when starting out and a good old fashioned spreadsheet goes a long way.  I am a Real Estate Broker and have shopped many of the CRM systems out there and they can get pricey.  My advice just starting out is to keep it simple.  You absolutely need systems but sometimes those systems are the BP calculators, Excel spreadsheet and a good calendar.  Figure out how you like to run numbers and keep track of things and then when you are ready you can shop a CRM that works for you.  

In this industry I see too many people paying for expensive systems they don't use.  Can they be worth it if you work them correctly, sure, but the best system is the one you will use and works they way you like to work.  

Hi @Vashist D.!  My first recommendation would to check your state licensing requirements.  If you are a commissioned based property manager (most of the companies here are with the exception of a few big ones) you would need to get your real estate license.  Networking is key in being a property manager and having good connections for cleaning, turnover and maintenance.  In my area most property management companies take around 10% as a monthly management fee.  Your broker will take a % of the monthly management fee as well, which can vary greatly by brokerage.  Most property managers I see in my area are only getting about 50% - 60% of that monthly management fee.  What you make just depends on how many properties you manage. 

Hope this helps!

Hello!  I am of a differing opinion here and it's because I know you plan to refinance the property in 6-12 months.  When you refi with a bank they are most likely going to require an appraisal so why not find out now an estimate of what they think the house is worth.  There is nothing saying you have to back out of the deal because of what the appraisal comes back at but I would personally rather be armed with that information now rather than later.  

Hi @Hemal Adani.  New construction can be stressful but also rewarding.  When you are speaking with a builder ask them about an "escalation clause" in their contract and if they have used in the past.  In many contracts this is what allows them to increase the price on you mid-project.  A good builder will not hesitate to explain that to you what it is and if they have had to use that clause in past contracts.  If you are building custom definitely get past customer references and drive by the homes and see if you can connect with the homeowners.  If you are looking at national tract builders like Dr. Horton and Lennar, drive the neighborhoods.  Especially with the tract builders where a lot of their labor is "in-house" the construction quality can really vary from neighborhood to neighborhood.  

If you are going custom my other recommendation would be to make sure you ask as many questions up front as possible to try and avoid any changes along the way.  I have found what many times sours the customer relationship and ends up costing both you and the builder time and money is when you try and make major changes mid-project.  

Hope this helps!  

In this situation I have typically seen a 50/50 split.  This may seem high at first glance but if they are providing you leads that actually close it is 100% worth it.  What people don't realize when they become a realtor is that 80% of the job is lead generation.  Yes it's important to have someone show you the ropes but if you don't have leads coming in especially when you are new it's very difficult to survive.  

This news does not surprise me.  I had some great experiences with them 2-3 years ago in finding short term rentals through them but have found recently they are higher priced than just going to AirBNB or VRBO directly.  There are a lot of short term property management rental companies out there, I would recommended finding a local boots on the ground company where your rental is at.  They will advertise through AirBNB and VRBO as well as on their direct booking site and are typically not any more expensive than Vacasa.  V-Trips might be another one to checkout, they have quite a few rentals in my area and seem to be growing nationwide.