All Forum Posts by: Mark Whittlesey

He has owned it 10 years but the loan is only 2 years old. I would refi it.

@Account Closed  Absolute gold. I have been doing rentals a long time. Can't come close to that tenant.

What makes you say "a computer" doesn't know the comps? How do you think realtors do CMAs?

Comps are easily and 100% quantifiable. You really think Zillow cannot know what homes have sold for how much in the past X months within .X miles and what the square footage of those homes was? What do you think the ZEstimate is anyway?

The better points about Zillow's inaccuracies are the less quantifiable and less obvious additions/subtractions of value:  view, condition etc.

As for inaccuacies from Zillow.. this is sometimes an issue of garbage in, garbage out. And realtors pull from the same garbage for their MLS listing. Square footage is a prime example (eg non-permitted addition or county screw up on a permitted one).

If not, then why do realtors always put in their disclosure that figures are to the best of the realtor's knowledge and buyer should berify everything?

One more thought... Zillow is really bad on non-homogonous properties eg. rural property. Realtors have the same problem. I dont know how many times I have had an agent tell me, "There just aren't many comps for this property..." (Their implied conclusion is: I have little or no idea what this property is really worth.)

lol. No.  Not in Cali at least.

So escrow cannot be replaced? If 9/10 realtors are terribad, what does that mean for the same 9/10 escrow companies?

As has been hinted at... Section 8 is a Federal program, but it is administered LOCALLY.

I would call the city your house is in and talk to some of the caseworkers there. Or get a feel from other other local Section 8 landlords what the housing authority is like.

If you have a bad housing authority, it is not worth it even getting into the program. There is one city I will not consider Section 8 specifically because of the local office. 

Yes, the agent found him the property. And he got PAID for finding it. He earned AND received the commission when the investor closes on the purchase of the property.

Also remember that the sales costs add to the basis. If they use a realtor that could be in the range of 70K.

EVERY single property sells "as is"? I have NEVER heard of this.

Are they using the standard realtor contract where inspections and inspection periods are boilerplate?

@Chester Transo @Victor Menasce 

I get the "take all the down payment" out of the deal. But that isn't the end of the story, right? (We are taking all our money in the event that X happens. What if X DOES happen?)

If worse comes to worst then what??? Are we walking away?

That would keep us out of the mortgage market for a while.  Maybe no big deal?

But it seems that the days of all commercial mortgages being non-recourse are gone. I am seeing more and more commercial financing that does require a personal guarantee.

So this strategy may not be the panacea that it was in times past.