James McGovern
Is the Only Way to Negotiate a Lower Price with Builders...
25 August 2024 | 10 replies
If you want to negotiate prior to contract, most builders are going to do everything in their power to avoid dropping the price...this could mean paying closing costs, pre-paying HOA dues, buying down your rate, giving options/upgrades at no cost, etc...basically anything that is going to allow them to keep the recorded price elevated.Even in down markets we are still trying to show price INCREASES phase over phase, even if that means giving away more in concessions on a case-by-case basis to get deals done.
James McGovern
How do you identfy an agent that has successfully negotiated steep discounts on New..
26 August 2024 | 15 replies
I like to keep in mind all these builders that are doing new builds for rental property buyers they cant put anymore into the homes and make the numbers work than they are doing basically they have to build to minimum UBC codes and beat the crap out of sub pricing so you get what you pay for no doubt..
Annie Yeh
Repair for Water damage
24 August 2024 | 6 replies
I have already got paid by the insurance .now it comes to signing the contract with this restoration company ( the same company that dry the house ) , and their contract was very basic .. it didn’t list in detail of what they were going to do .. for example 1.initial material ___$upfront 2.drywall / paint _____ $upon completion 3.Cabinet completion _____ $upon completion 4.Flooring _____ $ upon completion 5.
Levi Siegel
Seeking Investor Insights on Off-Market Deals in Nashville
23 August 2024 | 1 reply
Lots with little challenges basically.
Alan Asriants
Buyer will now have to sign contracts before touring homes - PA
27 August 2024 | 19 replies
Very common to be a 20 to 40 mile dirt road one way and then you basically needed to be VERY good with maps to even find them.. this was Pre google earth or GPS..
Karolina Powell
Last minute lending nightmares
26 August 2024 | 17 replies
Seller basically said that the sale had closed and he was not paying anything (forget about what is right).
Ryan Millsap
STR regulations for City of Jacksonville, Florida
25 August 2024 | 21 replies
Basically any residential property not in a historic district, at the beaches, or in an HOA.
Robert Rixer
Creative Ways to Boost NOI
23 August 2024 | 4 replies
@Robert Rixer, I don't know how creative these are, as many are common plays:Valet TrashFencing in first floor yardsProviding washer and dryers for added rentReserved, Covered parkingTech PackagesInternet and Cable contracts, with reimbursementsPayment Plan rents, with small service charge (i.e. bill 1/4 rent each week)Reserved Rental cabanas at poolPrivate pool party rental optionGolf Simulator in clubhouse - fee basedOn site, self serve car wash (quarter feeder style)Charged group fitness/personal training servicesGame room in clubhouse with monthly subscription for tenants (Xbox, Playstation, etc)Changing out high maintenance grass for astro turf or lower maintenance/lower water use shrubberyBut ultimately, I think a lot of NOI increases come from deep dive into understanding EVERY expense and finding ways to minimize them, and/or no outsource them.Train maintenance team on basic HVAC and appliance repairs (find way to get them licensed as needed)Buy paint sprayers for faster, easier turns versus having to hire a contract painter, and possibly repaint whole unit each timeStandardize all finishes, so you can buy in bulk, everything from hinges and door knobs to cabinets, paint colors, and light fixtures.Potentially get leasing people onto lower base salary with higher bonus potentialBulk/bundled insurance across portfolio (even better at scale is to self insure)Regularly test sprinkler systems for leaks.Non-NOI, but benefit to you: partner with insurance agency to get referral kickbacks from your tenant base for renter insurance.
Gerard Scranton
I have equity but no cash to rehab. How can I move forward?
24 August 2024 | 9 replies
This is all pretty basic stuff, that you can read about here on BP if you spend a bit of time looking.So, tough question for you - how are you going to succeed at RE investing, if you keep putting in little to no effort on research and just ask strangers for help?