All Forum Posts by: Victor Patel

Sounds like me 30+ years ago....in my mid 20's.  I didn't make $500K/year but I saved every penny I got to invest in real estate.  I didn't take vacations and worked 12 hours a day, sometimes 7 days a week.  

Fast forward 30 years, my real estate investments pay me really well.  I don't have to wake up and go anywhere!

If I were you I would keep your job and save as much as you can to invest in real estate.  It is definitely worth the effort in the long term!

Been there, done that.  I would start with asking the fire marshall what is the minimum and get it in writing and ask him/her what is the timeline for completion.  Once you do that get several bids...bids will vary considerably.  

Once you decide on a contractor I would keep the fire marshall in the loop as to the scope of work and the timeframe for completion.  There are many good fire marshalls but also many over zealous ones.  They can make your life miserable.  

Hope all goes well.

Hey Jason,

I'm a real estate broker specializing in multi family property and also an investor.  From my experience you should expect a 10% to 15% of gross revenue for repairs/maintenance.  That does not include any capital expenses.  This figure is for C class properties.  

I'm also an investor and have brokered many, many deals.  10% to 15% seems to be the right figure for my properties and for the clients I have represented.  

Reach out if you have any other questions.

Looks like the tenant needs some money and is looking at you for it.  I wouldn't worry about it.  I don't believe he has a case since you already sent him/her an itemized list of deductions.  Also, legal action may cost him/her more than the deposit itself.

I have tried the BP lead generation over the last year or so with no luck.  Like you, I focus on the sell side but decided to try the buy side with BP lead generation.  I had lots of leads but none were serious buyers or the leads were from people wanting to sell me other services.  I've been a solo broker for well over 20 years and can spot a serious buyer/seller very quickly.  These leads were very unresponsive and may pan out over a longer period of time but the time involved is just not worth the effort.  

I spoke to a few other brokers at the BP conference in Cancun about the same thing and they agreed.  Perhaps a better vetting of the buyers on the BP side will enable better quality leads?

Quote from @Jay Hinrichs:

Quote from @James Wise:

Quote from @Jay Hinrichs:

Quote from @Josh Holley:

Quote from @Jay Hinrichs:

Quote from @Josh Holley:

Quote from @James Wise:

Here you go @Josh Holley

If you're going to come on here and make false accusations in an attempt to defame me, you're going to be exposed as a lying fool. Here are the screenshots below of me asking the seller about your deposit as well as the email where I explained the same to your Realtor/Mom or whomever she is to you. You've really made yourself look like an idiot. While I do not care what happens with your deposit one way or the other, I do hope you've learned something about running your mouth with false accusations today.

___

 My point stands. Did you send him the mutual release? Doesn’t look like it from your email bubba. 

Josh its usually the buyers agent who sends the mutual release when the buyer wants to cancel not the listing agent.. Also who ever is representing you can just go direct to the title company and request they send out mutual release instructions ( which they do all the time) your not being represented very well by your agent. Not sure why you think its the listing agents responsibility to craft the release.. Now when your agent actually does the release then they send it to the listing agent and its is the listing agents responsibility to forward that doc to the sellers we do this all the time via docu sign or hello sign or whatever on line document system the local MLS uses.. somehow you seem to have this backwards.. Again why is your agent not handling this.. ??? Or did we miss the part were your agent did put together the mutual release and send it to the listing agent ? And the issue is you think the listing agent has not forwarded it to the seller.. I would find that to be pretty much not possible with a high volume listing agent.

Again, this was already sent to James several times by my agent. I have already signed it.

OK so your contention then is your mutual release and return of EM was sent by your agent to the listing agent and the listing agent is refusing to forward the release to the seller.. If you believe that to be true then simply ask the escrow officer to forward it to the Seller they will have sellers contact info and they are a neutral party.. Seller will either sign or not at that point. I know in my 50 years of being an RE Broker in Multiple states I have had to just go direct its usually frowned upon per ethics but if you think you need to nothing stopping your agent from doing that..

 Jay what you've got to understand about Josh is the fact he is simply lying. 

I learned this phrase about 50 years ago in my first year as an agent and its true today.

" Buyers are Liars"  And I guess the same can be said for sellers to when they do not divulge items they know.  When I started there were no disclosures. But its apparent now that the mutual release has somehow been delivered to the seller and if the dude wont sign nothing you can do about it.. Just paper your file accordingly and move on.. Lot of time and effort squabbling over 5k geesh..

 My first broker told me the same thing 20 years ago...."Buyers are Liars"

I've been a RE Broker in Ohio/KY for over 20 years.  This doesn't seem to be a seller's agent issue.  The seller's agent can only request and not force the seller to sign the release.  It is the seller's decision to sign or not.  

I would assume the purchase contract has a clause that states title is clean and there no encroachments. If there is a title issue or an encroachment then the buyer is entitled to a refund of the EMD.

I feel like there is a missing piece of the puzzle.  Regardless, this is now an issue between the seller and the buyer and not any of the agents.

You may have to wait 2 years to get your money back as per Ohio law.  Or you could negotiate a settlement between you and the seller and move on.

 Heat not working in the middle of winter is an emergency.  Tenant does not have to be onsite.  You as the landlord are allowed access anytime during an emergency.  You can dictate the day and time your contractor shows up to fix the emergency.  

Hello Bhakti,

I am a licensed broker in OH and KY as well as being an investor.  Initially I would become friends with several real estate agents that are familiar with the area you wish to invest in and who are also familiar with the ins and outs of a multi family property.  They would be able to find you the right deal in the right area based on your criteria.  They may also have access to off market deals or deals that may be coming to the market soon.

I would start there and see how it goes before getting licensed as an agent!

Property management is a tough job, especially for OOS.  The key would be to hire a reputable property management company.  Here in the Cincinnati, OH market there are many, many PM companies.  Most are horrible.  You have to find the right one by asking the right questions and getting references.  

I'm a real estate broker and specialized in Multi family for the last 15 years. I have also had my own properties managed by property management companies.  I have heard and personaly  experienced horror stories with PM companies.  

Finding the right PM company can be a game changer.  

My advice would be to take the time to vet the right PM company because that will be the difference between profit or loss.  Reach out if you need further help/advice.