All Forum Posts by: Tiffany Plovie

The lease most likely followed the property. However, sometimes there are legal loopholes. My advice would be to obtain a copy of the lease and review it with an attorney.

@Lilly Kane

I agree with the others. Have you shown him that you are serious? Do you have a pre-approval letter or some sort of proof of funds? I may be jumping ahead of myself a bit, but I know what he is thinking... Here is another new, inexperienced buyer who has been watching too many episodes of HGTV's Rehab shows.

In order to differentiate yourself from other buyers with grand dreams of quick cash, you will have to show that you are serious. And that means proof of funds or lending viability.

Also, a comp is a comp, is a comp. Instead of looking solely for properties that have been rehabbed, include similar properties around each home. They will most likely have different upgrades and differentiating features. Did the home with granite countertops and stainless steel appliances sell for significantly more than the home with slightly less expensive finishes? Where is the value coming from in the market you have chosen? And are these expenses that you are ready and willing to make?

Comps are about a lot more than seemingly projected profit. It is about understanding the marketplace you are in, what is selling for the most and why, and the best way for you to leverage your money for maximum ROI.

My advice to you is:

1. Show proof that you are serious.

2. Ask for comps of sold AND for-sale homes that match the homes you are thinking of purchasing. This will give you a basis for projected list price vs. what price the home will most likely sell at when your rehab is done.

3. Your agent most likely will not be able to search for bank-owned homes. Browse sites like Homepath. Look at low-income housing sites and down-payment assistance sites in your area. Sometimes they have links to government owned properties. I have found a lot of good deals through this method.

4. Sit down and peruse sites like Redfin, Trulia and Zillow. This time looking at the homes available for sale in the markets you are considering. Look at the number of days on the market and previous sales history. Try to figure out why and how some houses are selling faster than others. Is it their finishes? Location? Staging? Research and learn, because as much as you think it is your agent's job, it will be you left holding the bag at the end of the deal.

Finally, I want to congratulate you on stepping out on a limb and taking on real estate as an investment! That is huge. I look forward to hearing more from you in the future! :)

@Justin Schmitz

It is funny that you should post this! I just had a client tell me today that he had heard that the next real estate market crash will be worse than the 2008 crash, and asked my advice.

I am not a soothsayer, nor can I predict the future, but what I can predict is people. I can say with 100% confidence that people are notoriously unpredictable (and thus, are predictable in their unpredictability), and because of this the economy will always contain a certain amount of volatility.

There will be ups and downs, this is a given.

I could go into a long analytical breakdown of the article and why the author may or may not be right. However, I am not interested. Why? Because all I see are ways to make money.

My client's question today is what divides the average homeowner from an investor. He is worried about the potential devaluation of his property and loss of unrealized income. While I am thrilled at the idea of being the only bidder on a great deal in a fabulous part of town.

It is all a matter of perspective and planning.

Welcome! I wish you much success!

@Nick R.

I am sorry you have to deal with unscrupulous buyers. Unfortunately, you have little recourse. I have been in a similar situation, and all the mortgage lender has to do is draft a letter saying that the property did not meet their requirements. Frankly, the mortgage company is more interested in maintaining their client than returning your EM (as they have no vested interest in you).

My best advice mirrors those above, focus on the positive. You have improved the property and increased it's value. Find a buyer and don't let grass grow under your feet.

It is easy to lose sight of the forest through the trees when someone does us wrong. In the meantime, you are wasting valuable time and energy in a battle that most likely will not be won, no matter how much you were in the right.

Just my humble advice.

I am already looking forward to the transformation and the numbers! Great job!

Welcome @Michael Lee !

@Rory Boone

@Gerald K.

@Jon Russell

@Tony K.

Seattle is the biggest small city that I know! I am looking forward to meeting many of my local Seattle-ites, both virtually and in person. We have a unique market in many ways. I look forward to learning from you.

I want to thank everyone for the warm welcome!

Although I have been watching from afar, part of the reason why I love this community is that a group of like-minded individuals who treat each other well and with respect. I hope to add to that equation!

Thanks to @Tony K. and @Brandon Turner for helping me out with the mentions feature! I got it nailed!

@Angelique Tinney Thank you so much for inviting me. Unfortunately, I already have other plans for tonight. However, I do wish I could be there as it will undoubtedly be an educational night of do's and don'ts. I am sad to miss it. I would love to attend next month's meeting. Do you have an idea as to what the topic will be yet? I am looking forward to meeting you in person.

Hi Jason,

Welcome! There is such a wealth of information here, I am sure that you will find your way!

I would also check out HomePath, which is investor friendly and with a low down-payment of 5%.