All Forum Posts by: StacyA McBain

Honesty and open dialog is indeed the best policy. It helps everyone set reasonable expectations. Also- all contracts are negotiable, including the representation agreement. You don't need 3 agents watching the MLS with you, but you may advise your agent that you would like any deals obtained through your wholesaler excluded from your representation agreement.

The flip side about dealing with listing agent directly, as Paul suggests, is that you don't have your own representative,  fully watching out for your best interest and helping you get the BEST deal. (The listing agent or a wholesaler is committed more strongly to you buying THEIR deal). The listing side pays the commission, which already has been negotiated with the Seller. There's no guarantee that a reduction in commission would occur or that it would translate into  Buyer savings, even if that agent is working on both sides of the transaction. 

The focus when shopping for agents easily shifts to commissions, however it's important to remember there is value, negotiating strength and expertise that a good agent will bring to Your side of the table - that can pay itself back quickly (especially if it's the seller paying the actual tab). 

Any agent who is not a strong resource and member of your power team isn't the right agent for you. That said, one agent you're loyal to could be a stronger member of your team than 4 other agents combined (in the same way that you'd be a better client for them than 4 non-loyal clients). 

Buyers often need instant or extra availability, knowledge, market expertise, rental market familiarity and help when a house of interest/good deal requires fast action, and on most days I can prioritize "dropping everything" for the folks who are truly loyal clients. Those clients also are the first who will hear about a deal from me, and will be top of mind as I monitor the market. With good deals being sparse, that's a decent position to play, at least from my perspective as an REI agent who started out as a very loyal client for my first ten deals.

Cash flow tends to be greater in mutlifamily properties here in Boise. True that number of tenants/tenant concerns are greater, but you also have less of a hit during vacancies, which are spread out. 

Being on payroll absolutely helps with loans - I recommend buying when employed so you can take advantage of the leverage that financing offers. 

Best of luck to you Joe!

Welcome Luke! 

My first house was an owner-occupied duplex. It's how I got started and it changed my life.

If you're your own landlord, you can keep any breed you want, and get help paying your mortgage.

You'll still need to save up some down payment. Talk to a lender or peruse posts here. 

StacyA

Hi @Rich Hupper, 

I recommend TitleOne for an Idaho intermediary referral. The specific contact could be dependent upon where you are, but I use Cameron McFadden in Boise. You can call TitleOne for contacts in other areas. 

@Chrystal Browning Yes -I sent it over this weekend - hopefully you received it.

Thanks for shooting me your email address.

Happy Investing!

Hi @Adrian Kutch

We met last night and we meet again June 20th. 

Shoot me your email address if you'd like an invitation and/or if you'd like help searching for exchange properties. 

Thanks, 

Stacy

@Chrystal Browing  - Thank you for your positive feedback. Yes - I'd be happy to email you the worksheet (PM or email me your email address - mine is on my profile).

Whether you're an avid investor or just getting started, below is a list of connections I recommend saving in your phone, if they're not there already. We not only shared this list at last month's AVID Investors meeting- An Idaho Real Estate Investor's Club - we also powered up our power teams and introduced some actual contacts.  

This month, AVID Investors meets Wednesday, May 18th and the topic is "The Most Important and Forgotten Element in Real Estate Investing." Based on the list below - you might derive the exact role we'll discuss! PM me if you'd like an invitation.

A Dozen Contacts Every Investor Can't (or Shouldn't) Live Without

1. Asset/business Manager

An often forgotten, but very important role

2. Lender

Commercial >4; residential <4; and possibly private (hard money)

3. Investment Specialist Agent, Brokerage and/or Team

Using an agent in the investment niche’ can have a large impact on the level of service, expertise and overall quality of investment you land. (Just ask our clients)

4. Title Company

We recommend TitleOne in Ada/Canyon County with extended coverage

5. Home Inspector

Ask about exclusions/recommended upgrades e.g. radon, chimney, engineering

6. Insurance Agent

7. Property Neighbor & Other Investors

The ng

8. Accountant

Find out if you’re getting write-offs, tax advantages and if you’re qualified to receive higher loss limits by spending 750 hours or 50% of your time self-managing.

9. Attorney

Are you buying in your name or an LLC's name, using trust or otherwise protected?

10. Local Utilities (for more than just utility service)

They also trim trees off power lines and check into gas smells. Continuous service agreements are a great idea for landlords.

11. Property Manager

Choose your manager wisely. Our "How to Choose a Property Manager” handout is available upon request from me, StacyA McBain, Kelly Turpin of Swope Investment Properties who presented on this topic at AVID.

12.Handyman /Contractor

DIY MANAGERS ALSO NEED CONTACTS THAT PROPERTY MANAGERS MAINTAIN:

Painter

Roofer

Cleaner - Tips and products: Don Aslett cleaning supplies

Concrete/Excavation

Carpet Cleaner - Pressure washer for exterior, full-service janitorial

Mold Remediation

Chimney

Pest Control

Appliance Repair

Flooring

Supplies

HVAC

Plumber

Electrician

Landscaper/sprinkler tech

Assessor’s office

Gutter cleaners

Hi @Marsha Layton,

AVID Investors meets in Boise - Meridian specifically. This month's meeting is Wednesday, and the info is below. As fabulous as the meetings are, they sound a bit far for you. 

In Idaho Falls, there's a club- Kaecee Reed is the contact

You're welcome to expound upon your needs for a short-term deal if you'd like. 

Happy investing!

Hi @Tony Davenport, 

I look forward to meeting you Wednesday - thanks for following up!

I received your RSVP email Saturday night (I enjoyed taking Sunday off this weekend) and have included you on my follow up invitation email. That email will go out tonight or tomorrow and include the final details and address (meetings are held in Meridian, Idaho near near the freeway.) In the meantime, yes, you're safe to put it on your calendar. 

Stacy