All Forum Posts by: Tom ONeil

@Jerry Ellis I think I understand what you are saying now.  She made it seem like she was going to be your agent, then at the end of the encounter her offer was basically to open doors for you on properties that YOU found, as opposed to her doing her actual job if she was your agent and finding those properties for you to view.  I agree with you there.

@Jerry Ellis I don't really understand why you nearly lost it, it sounds to me from what you have posted about this encounter that you did not have an agent, were looking for an agent, and she was offering her services.  If she was not "your guy" then I don't see any obligation to actually let her know if you wanted to see anything additional, from the sound of it she didn't ask you to sign any sort of agency agreement.  

The one important thing I want to note though in this situation, you were a customer to her and not a client.  Her duty is to the seller if you are a customer and any information you give her on your own free will about your motivation or what kind of an offer you would be considering she has a duty to pass that information along to her seller.  For example, if you told had perhaps told her you needed to move soon or that you were offering one amount in order to negotiate back to another.

I agree, you definitely need to vet an agent you are going to work with ahead of time to make sure you feel you can trust them, that you are their top priority, and that they will always look out for your best interest.  There are a lot of agents out there who may not meet this criteria, either intentionally or unintentionally.

Something that agents will rarely tell you, your agency agreement is an employment contract with the brokerage, not that individual agent.  If you are unsatisfied with your agent, you can contact the broker in charge to get a new agent or a lot of times they will allow termination of that contract. 

@Thomas S. I agree, as a PM your obligation is to be professional, follow the law, and being consistent.

From a property owner side though, I am concerned about the condition of my property.  From your experience when a tenant is evicted do they typically leave the property in move in ready condition?  How often do you file, get the tenant to pay the back rent, and then withdraw the filing?  Tenants you do evict, how often do you collect?

I am not a property manager, I am a property owner.  I wouldn't call myself "soft hearted" about it, although I can see the perception there.  I am just concerned with the condition of my property after someone who does not have the ability to pay is booted out by the sheriff.

@Stephanie Howard @Maurice Nixon I am a realtor in the South Charlotte, Fort Mill area.  If you have any questions or need any assistance, don't hesitate to reach out to me.

@Atwan Kwan If you can come to an agreement between the tenant and your client you can hopefully create a mutually beneficial situation.  If you go to court the tenant might destroy the place.  Obviously they could be sued for those damages too, but if they can't pay the rent chances are they can't pay for those repairs.  

@Christopher Hopkins @Joey Hampton I have looked into Lima One pretty extensively, and even got a pre-approval from them. That was standard, they wanted to see all your financial documentation, but I haven't used them yet so I am not sure how they are with closings. They do have a fix to flip program where basically they give you a hard money loan to finance your flip and then roll it into a 30 year amortized loan for the rental property. There were a couple caveats to that program from what I remember though. If you wanted to refinance once the flip was done, they would only allow you to finance 80% of the total project cost. If you let the hard money loan season for 12 months, they would let you refinance at 70% LTV on the property.

I think their hard money rates start around 12% with 3.5 points and rentals rates were 6.5-7%

@Christopher Iafelice I would be interested in how this works out. When I spoke with my lender recently he told me for an investor to get an FHA 203K they would need to put 20% down. I didn't think an investor could get an FHA Loan.

@Account Closed

If the IRS would like to redeem the property, they will contact you so they can view the property and have you fill out a redemption cost form where you put your expenses. They will only pay you back for improvements that are required to not let the property fall into disrepair.

My understanding is that they usually do not redeem unless they have a buyer lined up on the other side.

This is my understanding, however I am not a lawyer.  If you have found a property you want to bid on, it may be worth contacting a lawyer in your area to confirm.  Better to pay a little bit before than lose out later.

$1,400 for SF in Charlotte, NC.  3 BR. 2 Bath, 1,250 Sq Ft.

@Kerwin Montilla You can offer $80k, worst thing that happens is they say no!