All Forum Posts by: Julie Falen

@Jim K. I'm sorry but you can get a ridiculous. As I recall the store there was no room at the end. Nobody said ever if family was charged for the space in the stable.

By the way I have not taken original question in terms of our rentals good or bad and I don't think too much that way. The question was the effect of STRs on markets. Truly a serious question, not a flippant one

@Joe Villeneuve I'm sorry Joe but I believe that that is sophistry. The one really doesn't have that much relevance to the other and it's not a good analogy. But I totally get what Robert is saying.

@John Burtle  Stick to your guns and work the numbers as they work for you.  AS so many others have said here, it is up to the seller to say yes or no, but ABSOLUTELY up to the agent to present your offer(s).  If the agent refuses, contact their broker and let them know.  While the agent you had clearly is a sale-based and commission-minded agent, he still has to follow rules that exist in every state I believe. (Disclosure: I am licensed but not an agent).  The sellers had already reduced the price. No one knows why without talking. perhaps they were looking for a really quick sale.  In making offers for my investing business I always want it to make sense to the seller why I am offering what I am.  And I usually give them 3 offer structures to choose from.

I agree wtih @Nicole Heasley Beitenman, find a good agent at a local REIA. One who is an investor and also really knows what an investor is looking for and wants to do multiple deals with you ! Or.......there is no law that requires yu to have any agent at all to represent you! but if you want to have one, ask the seller's agent. Then they will have an interest in presenting your offer as they will get a "double-pop" i.e. commission for both seller and buyer's agent. They like that a lot. Te seller's agent will also sometimes be willing to talk to you about the seller's reason for pricing it below what others may think the value is.

@Russell Brazil  you say "You dont invest by trying to force numbers onto a property, you find the properties that fit the numbers."  I agree you don't force numbers onto a property, but you DO as an investor CREATE a deal from the numbers and situations you are given.

The value of a property (or anything)  is what Someone is Willing to Pay For it, that the other person will accept.  I don't care whether it's your mother's sterling silver, a condo in Trump Tower, your car or a real estate investment property - and that is totally negotiated  between 2 people. In real estate then, as @Karen 

@Karen R. says, tht becomes your comparable value for the future for someone to start wtih.

I think in California you also need to check the law to see if you can legally turn down an otherwise qualified applicant just because they have an ESL.   If they have a true service animal, I think you cannot. But an ESL is something different

Yes I agree with @ Matt L Fiverr.com  is GREAT for finding a good quality reasonably priced person to help you create a Logo, a website, squeeze pages and all things marketing.    I have used people fro Upwork /Odesk in the past and not been very impressed with the work and it takes a much longer time to find someone and interview them and then get some work.  Fiverr people post samples of their work for you to look at before you even contact the person.  

Congrats @Raj Vachani!   I am pursuing the same strategies and have as a a goal that same kind of EPIC year and 500 units by the end of 2019.    Have you done a podcast about the deal or presented any info about it?   Do you use a CA syndication attorney or TX or CO?  I am always curious, especially for CA -based investors.  Keep it up you will be at 1000 by December!

Congrats on that first rental!  AS @SeanSnider said, look to your network of family and co-workers and friends and BP for funding, but if you want maximum leverage - and of course if the deal pencils out - seriously look at hard money of Non-prime loans which will let you buy another rental based on its potential cash-flow and value and all you need to come up with is 20-30% of the price plus closing costs.  It may be easier to get that 20-30% down payment money from a person in your network - maybe for a piece of the deal or as a loan or for part of the rent - than it could be for getting 50, 70 or 100% of the cost.   Or if it is a small deal in OH maybe you know someone who can use a credit card to help you purchase it, then rifinance it into a non-QM (i.e. semi-soft money) loan.  Lots of ways to use OPM to get into more deals and grow.  Good luck!

I had a rental property that I sold to an investor Subject-to my existing HELOC which is a 1st mortgage. My buyer then sold and Assigned the contract to another buyer who assumed the terms. The balloon is due in August, the taxes are delinquent and the buyer is not paying them and my bank is threatening to call the loan, and of course they do not know I no longer own the property. I make the monthly payments on time even when my buyer is late/delinquent on his monthly fixed payments. The property is titled and recorded in the buyer's name.

This end buyer is now asking for a copy of My Original Note and Lien, which was never a part of the discussion with the 1st buyer nor is it in the contract.   Am I required to provide it to him?   Also is there any point as his purchase agreement clearly states he must pay the total balance of the purchase price on or before August 5, 2018?   

All advice is welcome!  Thanks

In Los Angeles in my experience, the agent cannot legally split the loan commission, any more than the lender can split the selling or Listing agent's commission.   It is a whole different thing than a RE Broker paying/splitting the commission with one of the Broker's Agents.  The lender makes his or her money on a commission basis just like the agent does, and each one plays a role.  A referral or marketing fee is possible sometimes.  Check with a RE broker or the BRE so you don't get into trouble.  

If the buyer wants to pay an additional fee to you for setting up a lender, that is between you and them.  But if I as  hard money lender or broker make my living doing a loan, why would I want to give up all my commission anyway?  It would not be worth doing the loan.

@Michael Plaks

@Dave Foster

Thanks fior the info  and where can I educate myself abkut DSTs?  never heard of them.

@Frank Chin - that is an excellent suggestion.thank you!