All Forum Posts by: Michael Bennett

Anyone a GC or know of one in the Gilbert AZ area? Thanks!

I think it makes a lot of sense for investors to hold a real estate license. I saved $24,000 in commission last summer when we sold a duplex, and am set to make $17,000 in commission on a property we will close on later this week. That $17k is going straight to a 3 point permanent rate buy down putting us in the mid 5s.

I am interested in learning more about the medium term rental strategy. I recently listened to a BP podcast with an investor primary renting medium term with great results. We have a home in Gilbert AZ that will long term rental just fine, but if the returns are justified we would completely furnish the house and try 3-6 month rentals. The home is very close to the Banner Medical Center (maybe traveling or relocating doctors/nurses?), has been completely remodeled, and has a stunning resort style backyard. Anyone in the Gilbert or surrounding areas using this strategy successfully? Thanks!

Hi everyone, I am looking for a real estate agent in the San Juan Bautista, CA area to help sell my parents house. The house is in great condition, has incredible views, and sits on about 5 acres. If you know someone, please reach out! 

Thanks 

-Mike

James, what market are you in?

What @Jeff Shumway said. I've actually done this personally after 6 months. The key is having a great lender, even better is a lender that owns investment property. Depending on your life situation they can coach you on what to say/do as your explanation will have to be approved by the underwriter (who is not your loan officer). 

Hi Paulino! your question takes me back to my first property search and more importantly the search for the right agent. I talked to maybe half a dozen and narrowed it down to two. One asked me to sign an exclusive buyer agency agreement, and the other one never mentioned signing anything and ultimately brought me an off market duplex which I purchased. I also got a much better vibe from the one who didn't ask me to sign anything. To me that showed a mindset of abundance not scarcity, something I've brought into my own business as an agent. I've never once asked a buyer to sign an agreement with me. It just feels forced. If you want to work with me because I have knowledge to share and we connect well on a personality level that is great. Let's shake hands and find you a property. So that is number one for me. I just wouldn't sign any agreements. There are cases where maybe it makes sense, but in general I don't think it helps you much.

Number two, if you find a good agent you probably won't want to work with anyone else. If I have an investor who comes to me to see what "deals" I have for them but is clearly working with other agents I just put them at the bottom of my list. Simple as that. My time is valuable and there are lots of people out there that want to buy investment properties. But if you are clearly committed to working with me and buying a property I will put a lot of effort into you. 

You're free of course to work with as many agents as you want, but I think you will find more success if you find an agent that you like and that has the knowledge and experience that you want for yourself. They will put more time and effort into your deal and you will probably end up with a better investment. 

I live in AZ and the most successful STRs in my opinion have pools. Community pool at minimum. Just bought a primary with a pool so we'd have strong STR potential when we rent it out a year from now. I'm sure FL is similar with the heat and humidity. I know this is an older post. Curious, what did the extra insurance cost you?

As an FHA buyer you are required to move into the property within 60 days. If the current owner cannot remove the tenant you should not proceed with the deal and your earnest money should be returned to you. If the owner still thinks they can remove the tenant it is fine to stay in escrow as long as your earnest money is safe, but I would be looking at other options. If you end up going under contract on a different property you'll need to terminate the other deal.

$150k for $1300 in rent sounds like a pretty good deal to me. You won't find that in our market - unless the HOA is $500+ a month! We're selling 5 caps all day long and this is a better deal than that. Provided it doesn't need $50k in updates.