All Forum Posts by: Shannon M.

Oh I have no doubt that I worded it wrong. :)

J Scott read what I was trying to say correctly. The property is already under contract as a short sale.

Thanks for the advice.

Short sale experts I need some advice. Property is under contract on the MLS as a short sale. We are willing to make an offer that will be high enough to not be a short sale. Our offer would pay off the lender and the closing cost/ commissions. Will the lender consider our offer if they are already working through a short sale?

I don't think I am wording my question very well. If you need clarification just ask.

Thanks in advance for your advice.

Respectfully,

Anna,

I think you may be reading Bigger Pockets wrong.

As I read over the post I see an endless supply of new investors that have ideas and deals that they think will work. In that respect BP is like any other online investment board. However, there are also a lot of very experienced investors here that are generous enough to take the time to poke holes in the "new" ideas.

Some of the ideas that I thought were the next great thing just did not stand up to critical thought.

That's not to say you should take every criticism to heart but it is a valuable thing to have a group of expert investors point out where the pitfalls in a plan are.

It is indeed a valuable tool to have this level of expertise available to us.

Respectfully,

@David Rupp

My advice? Do it! I bought my first rental property when I was 17. My mistake was in not staying with it and adding more each year. I am from the Columbus area also. Let me know if I can do anything for you.

Good luck

@Nicholas Renshaw

Yes that is pretty much the case. If the deal is on the MLS you are really not adding any value for your buyer. The two times I bought properties from a wholesaler it was because he found sellers that were not listed on the MLS.

@Brian R.

I also am from Columbus area. Just a heads up about bedbug contractors. Get references. My sister in law had bedbugs in a house out by Plain City and the first contractor they hired did his whole process but there were still bedbugs. They ended up getting a 2nd company in to take care of the problem.

Sorry, I don't know who they ended up with.

Good luck.

one of the issues with using the search function is you come across 11 month old post to comment on.

Reminded me of an old investor I used to know. He owned a golf course that he bought when the original partners ran out of money. He would always say "it's best to be he 2nd wife and the 3rd owner of a golf course" The idea was that by the time it had bounced twice the golf course had shed enough equity through bankruptcy or other losses to be a viable business.

I would be wary of a traditional model course. I think many areas of the country are overbuilt with golf courses for the aging demographic they serve.

The only deal I have been involved in (I was the listing agent for some of the golf course lots) had a goal of recovering the majority of the acquisition price with the sale of the lots along the course.

On the flip side it would be easy to get partners because of the prestige many associate with owning a course.

Disclaimer: I am an agent that works with several active investors besides my own investments.

Like most things in life "it depends" If you have an average residential agent that is not used to working with investors then I am not sure how much better than the discount or flat rate route they are.

However, if you can find a great agent he or she will become a member of your team and will be worth every penny to your business. A great agent for an investor is not necessarily the team with the biggest advertising budget. For an investor the best agent will be the one that totally understands your criteria and style, that instinctively knows if a deal is worth bringing to you and understands how important a short time on market is to your profit margin.

This agent is not always easy to find. You are looking not only for a certain skill set but also, to some degree, a personality match.

Sometimes trial and error is the only way to find this component of your business.

Best of luck.

I do leave feedback when I show a property because I know how it is to be on the other side. However, don't put too much stock in a few comments. If you picture an agent that just spent 5 hours showing 7 houses to a family with two kids. Now the agent is ready to leave the office and get home to his or her family but decides to quick give the feedback for the showings. How high quality is that feedback? She cant even remember half the properties.

Unless you see a pattern of comments about the same thing or you know and trust the agent I would take the feedback with a grain of salt.

Just my .02

Looks great. I would not worry about the open house too much. When it comes to selling the house, open houses are overrated. As an agent when I do an open house I am looking for client but I very seldom sell the house I am holding open to someone that I meet at the open house.

Good Luck