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4 December 2024 | 3 replies
Hey Chris, If your agent is only using RCM, they might not be familiar with platforms like Costar or LoopNet (which honestly should not be the case), or they simply may not have the budget to cover the upfront listing fees, which can get pricey.I’d circle back with them, address the plausible elephant in the room, and try to figure out a game plan to get your property on these other platforms.
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9 December 2024 | 15 replies
I don’t believe a tenant can stay forever, and I can cover the extra payments and lawyer fees for up to two years for the tenant who will be harder to remove.
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5 December 2024 | 7 replies
Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.
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6 December 2024 | 4 replies
I initially intended to put down $50,000 to get a sellers concession where they would cover closing costs and a 2-1 buy down (we have to put down 10% or more down for the seller to be allowed to give us that that amount concession, around 5.8% off the purchase price of $484,500, seller concessions are capped at 6% with a 10% or more DP).
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4 December 2024 | 7 replies
Second, your lease should indicate what items are included/covered by the landlord.
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7 December 2024 | 8 replies
I didn't want the bugs to move to the other two units so I covered half of the expense and the tenant paid the rest.
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6 December 2024 | 9 replies
Listing it “as is” with a $25k rehab concession can attract these buyers.Consider these options:List on investor-focused platforms like Roofstock or BiggerPockets or Facebook Marketplaces, where you’ll find buyers who appreciate tenant-occupied properties.Network with local investors or REI groups in your area to find someone looking for a turnkey rental with upside potential.Hire a real estate agent experienced in selling tenant-occupied properties, but adjust your pricing to cover commissions if needed.Make sure to highlight the stable tenants and ADU potential—those could be big selling points!
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5 December 2024 | 12 replies
This usually covers contracts, promissory notes, deeds of trust, and other necessary legal paperwork.
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3 December 2024 | 5 replies
Also, if you're a serious end buyer and can cover the first part, that would save a step.
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3 December 2024 | 1 reply
Purchase price: $242,500 Sale price: $430,000 I used private lending to cover the down payment and closing costs, then paired it with a hard money loan to fund the project.