All Forum Posts by: Sharon Powell

You're right in thinking that many vets use their VA benefit to buy property. It's a great way to get into a property with little out of pocket expense, don't let anyone convince you otherwise. Aside from making your offers as clean as possible, from the seller gaze, sometimes it helps to mention the Tidewater Initiative. It's something the VA loan offers that no other loan does. If the property doesn't appraise at contracted price, both agents have the opportunity to provide comps to support the price before that appraisal is finalized. Whether the buyer would actually want their agent to try to prove value or let it stay low is a different story. But the point is that no other loan offers the opportunity to protest value before appraised value is finalized, and that might sound good to a seller. But this digresses from your original question- is it too much to ask for an agent to be your advocate? Absolutely not. I have a pretty wide network and could possibly connect you with the type of agent you need. Another way to to go about it is to reverse engineer this thing- make absolutely sure you're working with a super-strong VA lender (hint- not the big names) and let them connect you with an agent they work with. I do thank you for your service and am happy to do anything in my power to help get those doors opened back up for you.

Welcome to your new adventure! I wish you all the best in your investing journey. In San Antonio right now, you can cut your teeth on a new construction SF. You won't get rich (ie buy at 175K, rent at 1700), but it's a low risk intro to investing, no deferred maintenance for up to 10 years, and the builders are offering some great end of year concessions right now. Let me know if you'd like a list!

If the property is in Texas, based on the information you've shared, you would sign the extension and close, since the delay was due to your lien needing to be released. At that point of delay, clear title had not yet been provided, so the buyer would have had the right to terminate, but not you. If you know for sure that the title company dropped the ball, you could take it up with them or the buyer and try to recover those fees before they do the final HUD. Congrats on your sale :)

Sherylyn, I don't have an STR in Converse, but am close to the area. The potential clientele could be incoming PCSers to Randolph or Ft Sam, if they can't get into TLF for some reason. Or possibly football families coming in for Judson games. In the STR space, I see Converse as an area that would provide lower-cost options for people who would rather save a little money and don't mind staying outside the loop.

Jeremy, there is no con to disputing your tax assessment; it's your right as a property owner to argue your assessed value, which could save you money on taxes owed. When you sell the property down the road, the appraisal for that transaction will be ordered by the buyer's lender, to establish value for loan approval. That appraiser will have access to MLS and will be able to use comparable sold properties in order to establish value. The county tax appraiser is not supposed to use MLS and relies on satellite maps, drive-bys, and whatever public information they can find in order to guess a value. Because there is no exact formula, it's good to make protesting an annual tradition. If you do choose to protest, you can either do it yourself or hire someone to complete the process on your behalf. Happy to provide information on the company I use, or tips for how to protest successfully on your own.

 No worries, lol … that’s still good advice!

And I’m happy to report that I dodged a bullet with that lady.. her true colors started coming out during the screening process. The tenant I ended up going with is still there 8 years later and has been a nearly perfect tenant. :)

You're right that smartmove is just screening. Most of my landlords self-manage, and my role is to find the right tenant, so it works well for that. The convenience factor of a one-stop management shop is great, and you may decide that it's worth charging the higher app fee.  Good luck!

I've been happy with transunion my smart move for screening.  Our process is 1. We prescreen before showing property. 2. They view property and apply. 3. We review and reject or continue. 3. We send invite from mysmartmove for them to initiate their own background check. It covers income, credit, criminal, and eviction for $40, and is required for every applicant 18 and older.  We try to make sure they're a good fit before they invest in the screening.  This level of hands-on might not be practical for everyone, but it has worked well for my own rentals and for my single-family landlords.  Don't be afraid to require reasonable application fees; it's expected by applicants, and provides the first opportunity for your potential tenants to act in good faith.

@Alex Kamunyo

Well done you for hitting it out of the park! Here’s to many more!!

And that book is one of the best tools EVER... those concepts have helped make my clients tens of thousands of dollars! Great post!!

In my area, you have to be a Realtor to access MLS, but this isn't the case everywhere.

Aside from that, to me the answer is that although both are licensed to do transactions, working with a Realtor offers a layer of protection for the investor beyond that of an agent.   

First, you can infer that someone who goes the extra mile and expense to become a Realtor is serious about his or her business.  

Second, in principle there’s a level of trust associated with the name. Realtors are vetted for certain types of convictions and bankruptcies before they can join. We have to commit to a higher code of ethics than an agent, to treat all parties fairly and honestly, and to place our clients interests higher than our own. This may seem like a no brainer, but nonetheless, it’s part of the requirement, and if a Realtor acts against the client’s best interests, the client can take action against them, beginning with the local or state Realtor association. 

If you’re asking from the perspective of becoming one, then the biggest advantage of being one is that it can give you some credibility right out of the starting gate.