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5 March 2014 | 8 replies
I want to concentrate more on my own investing (buy/flip or buy/hold), and feel that a RE license may give me an advantage at this time.Reasons for getting my license:1) Run my own comps (MLS access) when looking at off market properties that I might want to purchase.2) Direct access (lockbox) for MLS properties that I want to look at.3) Collect referral fees for listings referred to other agents.4) List an occasional property or act as buyer's agent for people I know.Does anyone know any specific brokers in the Phoenix area that they would recommend?
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4 March 2014 | 4 replies
However, even with good screening habits, the occasional bad apple will inevitably slip through.
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11 March 2014 | 6 replies
I'll update the thread occasionally and certainly when the property reaches a deal with someone.
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5 September 2011 | 24 replies
Many investors on here want to buy some dump for 30,000.Okay even if the PM got 10% fee and it rented for say 600 a month.That's only 60 bucks a month and that's not including gas back and forth driving to the property,filing out reports and leases,taking calls from tenants,going to eviction hearing as an agent on behalf of the landlord,calling landlord for every little repair and have the landlord drop f bombs on you because their cash flow is affected and also if the agent is not a broker owner they have to give some to the brokerage.NOW a BPO report for 50.00 that takes 45 minutes is looking REALLY GOOD.I don't know what the solution is but I know the pay structure for PM's shows that simply the money isn't there for the time invested.Now a PM if they have volume will say occasionally the client will use them to sell a property etc. and that is an extra revenue generator.The bigger properties in multifamily have a small salary plus bonus factor.The small salary makes the PM just barely get by and it's not large enough to allow them to be lazy.This motivates them to deliver results but you have to make sure the bonus matches how much they perform.In any profession it's about the 2 sides agreeing to what do I get paid for what they expect.I don't really like out of state investors doing one off small houses.It's a recipe for disaster.Now if you are buying an apartment complex etc. then the money could be there for a PM.Use them for the sale and management but you are talking larger dollars.I get asked to help with little houses all the time.There is just no money in it and it would take away from my larger deals and my own investments.I wish some more PM's would chime in to give their input.
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15 October 2011 | 4 replies
(He didnt) Among other things, she now says that I must comply with ADA rules and (at my expense) install motion sensors in the open carport and install a ramp.She is somewhat disabled, but when I see her she moves just fine and is not in a wheelchair but using a cane occasionally.
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15 August 2018 | 50 replies
Just nod occasionally and smile a lot.
30 June 2014 | 8 replies
But occasionally there is actually someone living in the home.
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29 February 2012 | 21 replies
Outside of the occasional flip, we rent the properties out as long term buy and hold.This business plan has been pretty successive and we wish to continue working down this path but as we enter the next phase of our business we want to branch out to larger buy and hold buildings as well.The outside people that I know of don't want ANYTHING to do with doing rehab work or long term buy and hold properties.
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25 June 2019 | 8 replies
Never ignore the occasional beep from a smoke detector.
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13 May 2012 | 25 replies
2 main mistakes I see over and over with purchasers and property management.1.They buy a house either local or remote and put a manager in.With houses you run into this more than apartment complexes.You get brokers and agents that do management on the side to regular sales.They cut you A DEAL the turns out to be a nightmare.As soon as a sale comes along they drop watching your property for the small fee like a ton of bricks.Example you buy a 40k house for 500 rent and management gets 50 bucks a month at 10% of gross.I can't tell you how many calls I get when they use an inexperienced broker/agent to handle management to shave 1 or 2 %.Then when they get a bad tenant in they are hurting from their mistake.A full time manager has systems and checks in place to run it right.Just think about J Scott for example.Somebody that flips full time and has systems in place to have a positive outcome every time and minimize risk versus an occasional flipper that might do one a year and is winging it.The occasional flipper who was working for you or with you versus J Scott has the potential to make more mistakes.So you have to focus on what you get for what you are paying instead of just "this appears to be the cheapest!".