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18 October 2024 | 7 replies
All an agent should do for you is list the property to generate showings => to generate applications, that YOU then screen.Now, they may actually be asking you want screening criteria you want them to advertise, which is fine.Can't answer your question though, without knowing if this is a Class A, B, C or D property - as they will all have different criteria.Here's a sample of some of what we use in our Metro Detroit market:Class A Properties:Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties: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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21 October 2024 | 18 replies
Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)
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20 October 2024 | 14 replies
For example, if your property is a SFR and your target buyer is a family with younger children then you'll see more movement in the months where school is out so that the children wouldn't be changing districts mid-year (not that this doesn't happen though).
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17 October 2024 | 2 replies
I target small and midsize companies who care more about cost than larger companies because they may be more willing to work with another housing supplier if they're able to offer lower rates.
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19 October 2024 | 7 replies
On our last BRRRR deal we refinanced at 65% LTV... it's conservative but it's a string to pull to hit our COC target (about $150 per month) at that time.
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18 October 2024 | 2 replies
I have started doubling down on content strategy and targeted engagements and this is yielding results at a fraction of paid ads.
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20 October 2024 | 8 replies
**Reassess the Pricing Strategy:** - **Current Pricing**: You’ve already made a price cut from $259,900 to $249,900, and while there has been some activity, it hasn’t yielded offers near your target.
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18 October 2024 | 13 replies
There are lots of people operating illegally and you can find them advertising properties illegally all over the BP Marketplace.
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17 October 2024 | 5 replies
Then you have to understand MOTIVATED seller leads generation.Once you do, you will soon realize that it is not possible to target motivated sellers.Anything based on a list is not even random, it is worse than random.Fact 1:I rank #1 on Google for my market and thus I get a ton of organic actually and truly motivated seller leads.I rarely get foreclosures, absentee owners, probates, tax liens, divorces etc.
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22 October 2024 | 23 replies
They would start a new business or find some other high risk/high reward investment opportunity, but one advertised with a greater than 2-3% success rate.