All Forum Posts by: Steve Heffner

This has all been very helpful, everyone. Thanks much. I made an offer and I'll see how it goes. If anything goes awry, I'll pull back the offer. 

Thanks, again...BP community is clearly a great asset to this experience.

Steve

Tom, Michael, and Frank: Thanks so much for the great info. This will all be brought up tomorrow and will play into my decision-making process.

One last thing: is it out of line for me to ask to speak to the head of the HOA, if need be? And I demand the 12 months of minutes, HOA bylaws, etc. after making an offer, correct? Then if things are going as planned, I revoke the offer?

Thanks, again!

Steve

Frank,

Thanks for the advice. The realtor mentioned there can only be a certain amount of rentals in a complex but is sure this is good as a rental. To be on the safe side, I'm checking this all out on Monday morning before proceeding.

Thanks, again...

Steve

Hi, 

To get my feet wet, my first buy might be a condo I found. I live in NY so yes, taxes are high in my area . When I use the BP calc it all makes sense on paper.  Any advice would be much appreciated. Especially after reading 

Condo in very good shape in desirable community with a good reputation.  1/1, 970 sq ft. Can purchase for 58K as is. Would put in 10-12K for reno (kitchen and bath). Units with updates have sold for 78-83K in the past 18 months.  Updated units are currently renting for 1175-1200. Even if I rented for 1100 it's positive CF.

Attached is screenshot of BP calc. Like I said taxes are high in my area. HOA is 268. Development has great pool and it's a very clean property, well maintained, with many units (in the event of special assessments).

After reading Ben Leybovich's article, I'm being cautious. 

Thanks, all!

Steve

Thanks, Jeff B. Question(s) answered. This is all preliminary.  No contracts have been signed and I would absolutely not violate any written agreement. But now I know what to be aware of and what questions to ask. 

What happened was:  about a week ago, I got an email alert that a property I looked at last month was removed from a Zillow listing. I blew it off. When I drove to the grocery store this morning, the signs were still up , so I wrote to see if it was still available in order to look at it later this week WITH the realtor I'm using. Thanks, Chris P. for letting me know that was "wrong way", but since there's nothing "happening" yet, it seemed harmless. In the future, however, I will do it the "right way" and send the MLS number to the agent and have her get the info, agreement or not, since we have an existing relationship.

Clarence, THANK YOU for saying "don't be tricked into thinking that working with the listing agent is to your full advantage". That's exactly what felt like was happening when I got the call back and I thought.

The whole thing brought to mind one of the interviews I listened to on BP the other day where a guest said she's using nine agents. I figured I'd better ask what the deal was with that. So, thanks to you all for responding. It helps clarify and, Chris, thanks for the off-market mention. 

I'll take it form here. Thanks much, guys!

Steve

Hi, all!

Great to be here. Newbie, going for pre-approval this week and starting the first duplex house hunt. I have a realtor I've known for a few years that I trust. She is going to help in the hunt. Jump down to QUESTIONS if you don't need there reason I'm posting. (ha)

Today, on Zillow, I sent an inquiry about a foreclosure that said "listing removed". I merely asked, "is this still on the market?"

I quickly got a call back, not from the agent who originally listed the property on Zillow, but from a foreclosure agent. First question was, "do you have a signed agreement with this realtor you're working with?" I said, "No, I just started looking and I only want to know if this property is still available because I know it and I'm interested".  

The guy hemmed and hawed and sorta-kinda didn't want to answer my question. So, I said, "Would you mind just finding out if this is still listed, please? That shouldn't be a difficult question to get an answer to, correct?"  So, he put me on hold for a while and then said, "Sir, I'll get the agent who's dealing with that foreclosure to call you and maybe she can answer your question". So, I responded, "Thank you. Much appreciated. Not sure why there's a 'maybe' in there but if she can't answer the question I'll move on." Then, I was put on hold again. He comes back with, "Uh, sir, I have contacted the foreclosure agent for you and she said she will most certainly give you a call today." I thanked him and I'll speak to her later. But this made me feel like I'm cheating on my realtor and these guys just want the commission all to themselves. 

QUESTIONS: I know realtors need to make their commission but it's going to be impossible to work with one agent while trying to buy multiple properties in different areas, correct? Of course, I want to use the agent I know as a primary, "go to"... someone I trust. But is it ethical to call on different properties myself and deal with the listing agents, too? And do I bring my primary agent in on the deal? Is it unethical if I find a property she didn't and want to cut through the red tape and contact the listing agent? Hope this makes sense. In a nutshell, I don't want to start off on the wrong foot and step on anyone's toes by doing something that's "not cool". I just heard on BP podcast, an investor saying she has nine different agents she works with so I'm assuming you have to do what you have to do to find and purchase a property. 

Sorry for the longwinded post but this is my first . . . ! Thanks, all!