All Forum Posts by: Scott Mac

Hi Ravi,

Some things to think about:

• Are the Days on Market for your property much longer than the average for this neighborhood and property type (beds/baths)? If so, it may be priced too high.
• Has your Agent had any feedback from people it was showed to that seemed like a pattern? 
• Do people seem interested in it and visit but make no offers? 

Just my thoughts.

Good Luck!

Hi Peter:

A lawsuit over $400 for a man who goes on Ski Vacations with his daughter?

Well I have known of someone who was litigious like that and sued many people he came in contact with for frivolous things and small amounts--in small claims court.

As for me ("My Word is my My Word") If I said I would do it--I (me) would do it. It's a personal thing with me and the way I do business. But not everyone prescribes to that theory.

Also, I would not have let a "Sad Story" sway me into cutting the agreed upon rent. Especially for someone who would be moving out anyway. But others run their business in a more friendly way with some tenants.

As far as the legal thing--maybe ask your attorney with a quick email?

Good Luck!

1. I like the house as it is pictured. I think the privacy from the road due to the elevation could be a draw for certain tenants. Read that possible longer term tenants than other dwellings.
2. As an owner I would be concerned about ice/snow and tenants cars sliding down being damaged or damaging a passing car. Read that potential Lawsuits.
3. The broken section of concrete nearest the road looks kind of downscale, and it's the first thing a potential renter will see. Read that curb appeal issue.

Just my thoughts.

Good Luck!

Hi Jack,

Why let them rate things, unless it's a state or local requirement, or on advise of an attorney? 

I could see this for some kind of marketing survey, but it seems like just pointing out, and recording, the flaws is enough.

Good Luck!

Hi Greg,

If this were me, providing the money to pay the back taxes was in a bank account or could be borrowed (credit card tax payment, family loan, etc...) I would draw up a (state legal) purchase and sale offer based on "Comps".

Show her the comps you used when you give her the offer, and put a long drop dead date on offer, such as 6 weeks. (she may shop the offer and call a realtor (which means she will lose the commission amount), or she may think on it for a while. 

Either way, like in baseball, that makes you the pitcher vs the catcher, and gives you more control over the situation.

If the county forecloses due to taxes you will probably be out of a home, so "Tick Tock" the clock seems to be already running.

An (OWC) owner will carry seems like a quick inexpensive way to buy, although if she has a mortgage it WILL have a due on sale clause and if it's FHA I have heard from others they tend call the due, so think about that.

Also, if it were my offer I'd put a cash kicker in to get her to say yes. Maybe $5,000, just because it seems like this might be enough to sway her to do deal to solve some of her cash flow problems.

Right now there does not seem to be enough of a Stick to get her to sell, so maybe try the Carrot of $5,000.

Maybe set the interest rate just a notch above the current interest rate for an FHA Loan.

Also she may have  borrowed heavily against any equity in the home encumbering it with more debt than its currently worth, so look at that too.

Good Luck!

Hi Canesha,

Check your inbox for this site.

Hopefully this helps.

Good Luck!

I wonder what other surprises that house holds?

Hi Chris,

Regarding tenant not cooperating, it could be just a messy dirty house and the person wants to clean it up so they don't look like a slob.

Hardworking people's apartments don't always look like the maid just left (because they are tired from working when they get home), but a lot of them like to keep up appearances for others.

Things like do the laundry, clean the kitchen up, make the beds, pick up after the kids, etc...

Good Luck!

Hi Canesha,

These are questions you should ask an SEC Attorney who does Syndication Deals.

Going forward without legal counsel to rely on is dangerous, penalties for violations of SEC Regulations include incarceration. 

Anything involving the SEC it's best to have an attorney guide you through it. 

Good Luck!

Hi Janet,

My thoughts are you should ask yourself things like:

• Have you ever been to Marlin?
• Have you seen the house
• Have you seen the neighborhood
• Have you seen the inside of the house. 
• Is it section-8?
• How plentiful are new tenants in Marlin if this one leaves? (Vacancy rates).
• Why is he selling it?
• Does it need any work; new roof, new heating/ac, new windows, etc..

Also, Texas has some houses that are setting on ("piers" that just set on the soil) vs slab construction. How is the Foundation, is it "Level"? Because in some parts of Texas (due to soil conditions) piers go out of level on some houses every so many years, and Section-8 won't certify poorly leveled houses, and there are various levels of expenses to fix the problem.

I've never been to Marlin, but before you think about buying there, it's probably a good idea to go there in person and see if this is for you.

Good Luck!