Do your homework

[Bob S.]

So, I just spoke with someone that says he has cash buyers for rentals. I asked my normal questions, what net cap they are seeking, cash budget and how much is your fee. Well, like all investors, 10%ish net, but his fee is 25k!! I said that's insane, the avg SF is 110kish so 25k is ridiculous, talk about greed!! He said, well we provide " white glove service" HMM, all they are doing is finding the buyer. They do not PM or take care of repairs or tenants So what white glove service are they providing?  All the " heavy lifting" is done by the guy who found it, ran the reno, delt with inspectors and the city, THATS the hard work. So, when someone tells you they have a turn-key prop, ask, did they do the reno, and are they the owner? If not well, all they are doing is dealing with the guy who DID all the work, and you are paying 20% more then you need to. Kiss your equity goodby. Ask the questions, it will save you a lot,

All the best