All Forum Posts by: Arthur Banks

Thanks again all.  @Steve Babiakthanks for the articles. It seems like what I should've done is take the application, start processing but NOT run/have them run the credit report until needed. E.g. declined the applicant before them. I just had another applicant call to make arrangements to drop off their application. I'll take it, along with the app fee and hold it until I know whether I need to pull the report. Are many of you charging a processing fee on top of the cost of credit pulls?

@Brandon Siewert @Tonya Smith @Darren Budahn @Dawn Anastasi @Bob H.

 @Jason Churchill

Thanks all. My question really is should I have not let the 2nd applicant spend the money to complete the credit check until I gave 1st applicant the opportunity to give me the hold fee?  And if they didn't give the fee  by 'such and such' time, then run 2nd applicant. Or have everyone apply and if approved let them know that and give to whoever gets fee in first? Or approve based on a scale and offer in that order with a 'pay fee by such and such day' and go down the list?

I just hate to see someone lose their money if I knowingly have a qualified applicant (albeit one that hasn't paid the fee yet). 

If I should've waited, I'll suck it up and refund the fee out of my pocket and chalk it up as a learning experience. But if the proper way to conduct business is to have everyone interested apply until a fee is paid/lease signed, then I'm ok with that.

So should I have waited to have 2nd applicant apply?

I'm not sure of the proper procedures for processing (say that 3x's fast) applications. I received an app 5/30 and another today 6/3. The first applicant said she could have the hold fee 6/6. I still have to do my due diligence on the second. 

The question is, if second applicant checks out do I need to give first applicant 'first right of refusal' or offer to the better of the two per my requirements or advise both they are approved and 'whoever submits the hold fee first gets the unit?

On paper the 2nd tenant appears to be the better choice based on credit history. 1st appears better on ability to pay. Both have been on their job for quite some time.  My question is less about which to choice but more about the proper order of things.

Another question I just thought of... how do you handle applications when you have just one unit available? If you take an application and are currently reviewing, do you continue taking applications (not saying stop showings), thereby taking application/credit check fees? Or do you hold off on processing (or for those who have the applicant apply online, do you have them hold off until a decision is made on the current application)? 

@Brandon Turner Brandon, I entered the taxes as 6253. 

Thanks for your quick attention.

I've used the Rental calculator quite a few times and either I never noticed it or I've added something today and can't figure out what.  But there is an 'Other' expense of $100 that I can't figure out where it's coming from.

Looking at the Landlord-Paid Expenses field I have figures for Garbage, Insurance, Vacancy, Repairs, Cap Ex and PM.  What the heck am I missing???  It's probably something obvious and I'm just overlooking it in my haste to get these numbers.  The property came back on the market (just as I figured/hoped) and I'm unprepared. SMH

Also, I can't enter $0.00 for Estimated Repair Cost. There will be some paint and cleaning but out of curiosity I tried to enter $0 suggesting move in ready but the minimum I could enter was $1.  Anyone seen this?

EDIT: For grins I threw the numbers in the Wholesale calculator and no 'Other' expense. ???

@Patrick ConnellNo harm no foul. I didn't take it personally. Was just making my position clear. And you mentioned something that I believe will become a problem.  He currently has moved from full to part-time.  Today that doesn't affect me as much because I too am part-time.  But my goal is to go full time and a part-time realtor won't cut it.  Just looking ahead is all...  Thanks again.

@Jeff Joachim@Ed L.

 Great info!  That's the info I was looking for!

@James Wise I was thinking I should have more of what Jeff and Ed explained. More contact. More follow up. A little more than the only time I hear from him is when I reach out when I notice I hadn't received a listing in awhile. Or when I see something on the MLS I'd like to see. But yeah, "Hey something came up you may want to look at." would be good at some point. It wasn't a question of who the best deals go to. Obviously someone who has cash and can move quickly is going to be the winner. I just needed to know what kind of service I should be seeing. And of course those services should grow as I grow.

@Patrick Connell It wasn't about screwing anyone. My realtor is my grade school buddy. 30+ years of friendship.  And therein may lie the problem.  I'm all about fair. But I'm also about doing the work you're getting paid for. Whatever that is. 

Hey, I'm still figuring this out and I ask questions so I can know. I have/had no idea what a realtor does or should be doing.

Thanks all for the education.

@Shawn Mcenteer

Ok. Let me try this again... LOL! I realize I worded terribly.  The 'deal' was, whatever he brings that I buy, he also gets to sell.  Nothing new, right?  I was trying to say he's not bringing anything (other than the listings I get throughout the day). Much like the current rental I got from email of listings. So I'm saying what should I be expecting when it comes time to sell.  I'm looking for my first flip, so naturally I'm a bit nervous about holding onto a property.

Sorry. I mean on the sale.  I was trying to say the entire process from find to sell and poorly used the example of the last purchase.

I'm sitting here going through listings that my agent sent me. More accurately, going thru through the listings that are auto-generated. That led me to thinking... what exactly does my agent do to get 3% of my money? I know he only get's 1/2 of that but even saying that, what does the broker do? That's another topic... My current acquisition, I "found" on the listing that was generated to me. Other than get me in to see the property, I can't quite say what his duties were. I'm not saying he did nothing, but I don't know exactly what he did to help me find the deal. He hasn't brought me any deals. The things that he's done is gets me in to properties and set up the MLS criteria that I asked for on the listings. Should I be getting more services for my money? I'm not some big shot, doing multiple deals a week or anything, but I just want to get an idea of what I should be getting. I just feel some sort of way about giving up money for what doesn't seem like a lot.