All Forum Posts by: Sherry McQuage

Try contacting your local planning and zoning board and ask them..  If you ever need to sell the property, having permitted renovations makes all the difference in the price you can sell for.  Un-permitted work is often of no value, or of lesser value because there is no official inspection saying the work was done up to code.  In my mind, it's better to go ahead and get permits (if they are required) then you never have to worry if what you have sunk money into will be recouped when you sell.

Do not start working on the conversion until you have heard if a permit is required.  Some municipalities will charge you double the permit price if you have already started the work.  Follow the rules and you won't get burned.  The new time you do a conversion, you will know and the process will be faster.

Best to you,

Sherry

Following.

I print, address, and mail my own.  I print lists of property owners off the GIS for my county, and select the ones I want to mail to.  Interested in seeing how your journey progresses.

Best to you,

Sherry

In NC, you have to have an attorney.  They do the title search (yes, they use a title company), create the deed, handle the invoices (paid repairs to property get credited to either seller or buyer), and conduct the closing and deed recording.

I've heard it works differently in other states.  In NC, attorneys are just a required part of closing on a property.

Hello,

The two responses you have already received are spot on.  Your profile doesn't say where you are located, and I don't know what areas/states/towns you are looking in....

Since you are a self-proclaimed newbie, working with a buyer agent might actually be helpful to you.  The seller pays their commission, and if you can find an experienced investor-friendly agent, you can learn while you look.  The best deals are off-market, or properties that have been on the market for a while that have a "problem" that no one else wants to tackle....figure out how to solve the property's problem and you could turn it into a deal.  You may not find or need a home run the first time out...just getting a fair deal and making it work could also teach you sooooo much.

If you want to look for property in Moore County, NC, I would be happy to assist you.  Keep listening to BP podcasts, read investing books, post on the BP forums, and keep asking questions.  There is no short cut to figuring out where/how to find good deals.  Right now, there are so many investors out there (with lots of experience and lots of $$$), so unless you stumble upon a property near where you live, you are probably not going to find "a hot deal".  You don't have to have a hot deal; a fair deal is good, too.

Best to you,

Sherry

Hello Javonn,

Congratulations on being pro-active!  Have you searched the BP site for podcasts on this topic?  I'm sure there's at least one that will tell you what to do.  

You have ambition, and I know you will find what you seek.  Best to you!

Hello,

I live and work about an hour away from Raleigh (Research Triangle Park--RTP).  Look online for the Keller Williams office in that area, call them, and ask to speak with a commercial real estate agent.  They should be more than willing to find out/answer all your questions.

Best to you!

Hello,

I have not yet tried pre-printed door hangers.  They may work great, or you may be better off just pre-printing a simple letter and taping it (with blue painter's tape) to the front door knob.  Would be interested in hearing how it goes if you do try them.

Best to you!

Hello Braxton,

I have mixed experience with home warranties.  Back when my husband and I bought our home as newlyweds (20 years ago), we bought a home warranty.  When something broke that was supposedly covered, we called the warranty company...they were in the process of changing the business name.  We quickly figured out why: their sorry reputation was catching up to them, so they were changing their name.  They never did fulfill (in our opinion) the warranty...they charged a service fee and didn't replace/repair the appliance like we expected.

On the other hand, now that I am a real estate agent, I offer home warranties through a preferred vendor to my sellers and buyers.  This home warranty company is waaaayy better than the one I deal with 20 years ago.  Read the home warranty brochure to make sure you understand what it does and does not cover.  Sometimes, a home warranty offers valuable coverage that you can use with no hassle; other times, it just provides a "sense of security" when a first time home buyer finally buys a house.  Nowadays, you can search online for the home warranty provider and read reviews to see what others' experience with them was like.  This is definitely something I would search and read about.

Best to you!

Hello Rashmi,

I am a licensed real estate agent in NC.  I have not yet bought a multifamily unit, but a family member owns 4 quadplexes in NC, and I have helped manage them.  This is the disclaimer so you don't give my opinion too much weight.

In my opinion, you DO need a buyers agent.  Unless things are vastly different in Philadelphia, when a buyer lets the listing agent "help" them buy, you don't really get someone looking out for your interests.  For example, the listing agent owes loyalty to the seller....if you pop up and want to buy the multi-family unit, who do you think the listing agent will "protect the interests of" most?  The listing agent may be honorable and fair; they may not be, too.  You may never know the difference until years later.

When buying residential real estate (not what you are proposing, but what I have experience with), the seller pays the buyer's agent. (The seller pays the listing agent a %, and the listing agent pays the buyers agent from that % they get. It is spelled out in the MLS--cooperation and compensation.). If the listing agent also represents you, the buyer, they "earn" the full % fee, and may or may not advise you to protect YOUR best interests.

Please call a few realties in the area of the multifamily property and ask to speak to a buyer's agent with experience in helping investors buy a multifamily.   It should not cost you anything, and it could save you much $$ and stress in the long run.

Best to you!

If you can live in a house for a year (and fix it up some), then move out and buy/live in another while renting out the first, you can "safely" start investing in real estate.  Read and listen to podcasts on BP and other sites, too.  You never know what speaker will "click" and you will learn nuggets of wisdom to apply to your specific situation.

Calling lenders and setting up a meet and greet is a great idea!  If any of them act like jerks, mark that lender off your list....there are plenty of other lenders that want to earn the future business of a real estate investor.

Best to you!