All Forum Posts by: Scott Johnson

One thing I enjoy doing is doing actual vacancy and turnover analaysis. So if a tenant's lease is ending in May, I decide if I'm planning to raise rent and if I'm raising it by a lot I assume they'll move out and that it will take two months to get a new person. I also take into consideration the turnover cost in my maintenance costs.

If a lease is coming due and I'm not planning to raise rents, I make an assumption as to whether or not they'll renew at that rate.

I'd be careful with the amount of detail. Analysis paralysis is a real thing. Keep it simple.

@Christopher Johnson, looks like people know your game! Get ready, because we're coming.

@Zachary Vanheyningen, this is the best description one could have hoped for! Absolutely MARVELOUS!

I'm open to hiring a PI to hunt these guys down, if anyone would like to join me. Already filed with the FTC. If enough people come forward they'll do something, but slimey William Silva and @Christopher Johnson seem to be small potatoes. 

They've likely done this before and those are obviously not their real names. 

Counties or other municipalities normally have public real estate data hubs that may include an app for comping. those work for the sale price, and sometimes you can cross reference permits that have been pulled to understand improvements that have been made to the property.

Those work for the sale price, and sometimes you can cross reference permits that have been pulled to understand improvements that have been made to the property.

Getting comparables from a broker is going to get you more information about what updates need to be done to hit the best price point. Developing a relationship with that broker can also help for future flips.

worst case scenario, you can always take the estimate, realtor.com home index price and redfin's estimate and averages them together. That gives you a general idea.

Can you email me that PDF when you get a chance?

That's new to me as I was on the understanding that the seller had to own the property for at least one year in order to do FHA. But, if they are instead of doing a home warranty, then that's not really a bad thing. Home warranties are like 800 to 1000 bucks.

Fraud Claim Filed with First Citizens Bank to dispute the wire sent to Estate Legal Service's PNC Account.

@Christopher Johnson, there is no binding contract. Please refund my $3,400.00 immediately. Thank you. 

Ideally, you'd want to have signed leases from each tenant, but the strategy part of it is that you also wanna make sure that you don't run people away while you are either increasing rent or preparing any units that are currently vacant.

I would probably take a step-by-step approach. As long as you are profitable, as is with the current tenant, maybe once every month or every other month approach a tenant that is on month to month and let them know that you'll need them to sign a lease. Be prepared for some people to let you know they're leaving and just make sure that they or you give the appropriate notice based on state laws.

No idea about Texas, but I normally pay one of the brokers in my firm 50 bucks to do the open house. Are you the only broker in your firm?

I would recommend sitting down with an attorney so they can outline what the process will be like and their rent for closing the selling and what documents they'll need from you (if any because they can draft them).

if you decide to sell to a residential buyer, make sure you're confirming that they are able to finance it or that they have cash to purchase it. You can also look into the builder to make sure that they are reputable.

Also, look up some videos on selling a house for sale by owner in your state. You don't have to use a broker to sell your house, but they do these transactions every day and can make the process a lot less stressful and streamlined.

After you confirm the buyers financing, have the attorney draft the agreement to purchase and get the process rolling. Otherwise, hire a broker 😄