28 November 2014 | 10 replies
We snagged the foreclosure for 90 (thinking upgrades/rehab will total around 10).On a side note, has anyone had any experience with the Flat Fee MLS by FSBO?
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24 October 2014 | 2 replies
I'm not willing to just flat out offer the full amount of what I would have escalated to.C) Tell them they have my best and highest offer, and that I need a response by 5 PM today or I'm pulling the offer.I feel like option C could pressure them to make a decision immediately rather than wait for other offers (potentially higher than mine) to come in.
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27 November 2014 | 13 replies
I come up with a flat amount of money that i pay either one or two people per day.
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24 October 2014 | 7 replies
I just wanted to make sure you didn't assume your costs will be flat if a larger claim is filed.
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27 November 2014 | 5 replies
We both appraise property the rest of the day.When a project is complete and its time to sell he will oversee our staff running internet and web ads, we put it in the MLS after a couple weeks with a flat rate listing, and he will put out the signs, etc. and show the property to any non-represented buyers.
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12 November 2014 | 44 replies
So I went from trying to convince the tenants to sign to putting my foot down with the bank as I truly believe by making them sign those I would have allowed the bank to modify their lease currently in place.I basically told them flat out, I can get them signed, most likely with those clauses crossed out, which makes the estoppel equivalent to the ones I already submitted.
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2 November 2014 | 4 replies
For Multifamily, here is how I break down my underwriting pro-forma and the expense cost rules of thumb I use:Annual Income:+Gross Potential Rents (Market Rate x Units x 12 months)- Concessions (depends on the market, but I try to limit to 3% GPR)- Economic Vacancy (physical vacancy + bad debt + loss to lease)= Total Rental Income+ Utility Income (based on past RUBs history or the per door flat fees)+ Other Income Items (Laundry, revenue share contracts, late fees, app fees, etc.)= Total IncomeAnnual Expenses:+ RE Taxes (usually use 3% increase over last tax bill, but make sure your area won't reassess immediately upon the sale at the new price, which could drastically increase the taxes)+ Insurance (my rate is about $200/door....yours will be different, talk to your agent)+ Management Fee (3-5% depending on size and company used)+ Administrative costs ($150/door)+ Payroll ($900/door, but the smaller the complex, the higher this cost usually goes)+ Marketing ($125/door, again it depends on the property size and market)+ Utilities (usually do a 3-4% increase over the past 12 month total)+ Repairs/Turns/Contract Services/any maintenance (depends on the age, I buy late 60's to early 70's vintage stuff and usually spend $750-800/unit....this goes down as the property is newer or renovated)+ Reserves (this will depend on your financing, but I place it above the NOI line here because if the bank requires it, it is an upfront expense monthly....usually $250-350/door)= Total ExpensesNOI = Total Income - Total ExpensesThis generally works well for properties 20+, but might not work so well for smaller complexes.
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31 October 2014 | 8 replies
I've searched alot of homes on MLS in the 30-50k, and the compensation is outlined as either a percentage (usually 2.5-3% each) or a flat amount.As the BUYER, you won't typically pay your agents commission anyway.
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4 November 2014 | 22 replies
People that live in the flat lands have no clue how off the charts great it is on the east slope of the Cascades they just don't.
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1 November 2014 | 5 replies
I believe property managers usually take 10% of the gross and any expenses or vacancy fillings are extra; how did you negotiate them receiving a flat rate for all repairs, maintenance and insurance?